Invenomic Capital Management LP Sells 1,158,076 Shares of Nomad Foods Limited $NOMD

Key Points

• Invenomic Capital Management LP reduced its stake in Nomad Foods Limited by 84.6%, selling over 1.15 million shares, leaving them with 210,687 shares valued at approximately $4.14 million.
• Nomad Foods reported $0.45 earnings per share for the recent quarter, exceeding expectations, while revenue was $879.27 million, slightly below the forecast.
• The company declared a quarterly dividend of $0.17 per share, yielding 4.6%, with a payout ratio of 46.58%.

Invenomic Capital Management LP trimmed its stake in shares of Nomad Foods Limited (NYSE:NOMD - Free Report) by 84.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 210,687 shares of the company's stock after selling 1,158,076 shares during the period. Invenomic Capital Management LP owned approximately 0.14% of Nomad Foods worth $4,140,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Summit Securities Group LLC purchased a new position in shares of Nomad Foods during the first quarter valued at approximately $32,000. Tower Research Capital LLC TRC raised its holdings in shares of Nomad Foods by 13,508.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 6,396 shares of the company's stock valued at $107,000 after purchasing an additional 6,349 shares during the last quarter. Lazard Asset Management LLC purchased a new position in shares of Nomad Foods during the fourth quarter valued at approximately $134,000. State of Wyoming raised its holdings in shares of Nomad Foods by 56.6% during the first quarter. State of Wyoming now owns 9,466 shares of the company's stock valued at $186,000 after purchasing an additional 3,421 shares during the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of Nomad Foods during the first quarter valued at approximately $196,000. 75.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NOMD has been the subject of several recent research reports. Barclays cut their target price on shares of Nomad Foods from $20.00 to $18.00 and set an "overweight" rating for the company in a research report on Friday, August 8th. Mizuho reduced their target price on shares of Nomad Foods from $23.00 to $20.00 and set an "outperform" rating for the company in a report on Tuesday, August 12th. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $20.33.

Nomad Foods Price Performance

Shares of NOMD traded down $0.18 during mid-day trading on Monday, reaching $14.53. The stock had a trading volume of 1,138,741 shares, compared to its average volume of 970,009. The firm has a market cap of $2.23 billion, a price-to-earnings ratio of 9.95 and a beta of 0.70. Nomad Foods Limited has a 12 month low of $14.46 and a 12 month high of $20.81. The business has a fifty day moving average of $16.38 and a 200 day moving average of $17.90. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.63 and a current ratio of 1.02.

Nomad Foods (NYSE:NOMD - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.45 earnings per share for the quarter, topping analysts' consensus estimates of $0.44 by $0.01. The business had revenue of $879.27 million during the quarter, compared to analyst estimates of $762.81 million. Nomad Foods had a net margin of 6.93% and a return on equity of 10.26%. The company's revenue was down .8% on a year-over-year basis. During the same period in the prior year, the business posted $0.44 earnings per share. Equities analysts predict that Nomad Foods Limited will post 1.82 EPS for the current year.

Nomad Foods Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Monday, August 11th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date was Monday, August 11th. Nomad Foods's dividend payout ratio is presently 46.58%.

Nomad Foods Profile

Nomad Foods Limited, together with its subsidiaries, manufactures, markets, and distributes a range of frozen food products in the United Kingdom and internationally. The company offers frozen fish products, including fish fingers, coated fish, and natural fish; ready-to-cook vegetable products, such as peas and spinach; and frozen poultry and meat products comprising nuggets, grills, and burgers.