Nomad Foods Limited $NOMD Shares Sold by Polaris Capital Management LLC

Key Points

• Polaris Capital Management cut its stake in Nomad Foods by 32.3% in Q4, selling 1,112,300 shares and now holding 2,329,600 shares (about 1.52% of the company, roughly $29.1M).
• Nomad recently paid a quarterly dividend of $0.17 (paid Feb 26), which annualizes to $0.68 and represents a 7.1% yield with a payout ratio of 66.67%.
• Analyst sentiment is mixed after several price-target cuts, leaving a consensus rating of "Hold" with a $12.50 target; the stock trades near $9.53 with a $1.35B market cap and a 12‑month range of $9.43–$20.29.

Polaris Capital Management LLC decreased its stake in shares of Nomad Foods Limited (NYSE:NOMD - Free Report) by 32.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,329,600 shares of the company's stock after selling 1,112,300 shares during the quarter. Nomad Foods comprises 2.4% of Polaris Capital Management LLC's holdings, making the stock its 16th biggest position. Polaris Capital Management LLC owned approximately 1.52% of Nomad Foods worth $29,143,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the stock. Alliancebernstein L.P. increased its stake in Nomad Foods by 0.4% during the 2nd quarter. Alliancebernstein L.P. now owns 7,330,537 shares of the company's stock valued at $124,546,000 after purchasing an additional 27,177 shares in the last quarter. Royce & Associates LP increased its stake in Nomad Foods by 45.4% during the 3rd quarter. Royce & Associates LP now owns 2,451,806 shares of the company's stock valued at $32,241,000 after purchasing an additional 765,690 shares in the last quarter. Ruffer LLP acquired a new position in Nomad Foods during the 4th quarter valued at approximately $26,823,000. Wellington Management Group LLP increased its stake in Nomad Foods by 7.3% during the 3rd quarter. Wellington Management Group LLP now owns 1,713,601 shares of the company's stock valued at $22,534,000 after purchasing an additional 117,089 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its stake in Nomad Foods by 18.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,412,060 shares of the company's stock valued at $18,569,000 after purchasing an additional 216,527 shares in the last quarter. Institutional investors and hedge funds own 75.26% of the company's stock.

Nomad Foods Stock Performance

NYSE:NOMD opened at $9.53 on Friday. The company's 50-day moving average price is $10.36 and its 200-day moving average price is $11.56. The company has a current ratio of 1.07, a quick ratio of 0.66 and a debt-to-equity ratio of 0.90. The company has a market cap of $1.35 billion, a P/E ratio of 9.34 and a beta of 0.74. Nomad Foods Limited has a twelve month low of $9.43 and a twelve month high of $20.29.

Nomad Foods Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Wednesday, February 11th were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Wednesday, February 11th. This represents a $0.68 dividend on an annualized basis and a yield of 7.1%. Nomad Foods's payout ratio is 66.67%.

Analyst Ratings Changes

NOMD has been the topic of a number of research reports. Barclays cut their price objective on shares of Nomad Foods from $13.00 to $12.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 14th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $10.00 price objective (down from $15.00) on shares of Nomad Foods in a research note on Monday, March 30th. Zacks Research lowered shares of Nomad Foods from a "hold" rating to a "strong sell" rating in a research report on Monday, March 2nd. Mizuho dropped their price target on shares of Nomad Foods from $15.00 to $13.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 3rd. Finally, BTIG Research dropped their price target on shares of Nomad Foods from $18.00 to $15.00 and set a "buy" rating on the stock in a research report on Monday, March 2nd. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $12.50.

Nomad Foods Company Profile

Nomad Foods Limited is a leading frozen foods company headquartered in the United Kingdom, operating under the ticker symbol NOMD on the New York Stock Exchange. The company's portfolio comprises well-known consumer brands such as Birds Eye, iglo, Findus, Goodfella's and Aunt Bessie's, covering a wide range of categories including vegetables, seafood, ready meals, pizzas and desserts. Nomad Foods focuses on delivering convenient, high-quality frozen products designed to meet evolving consumer preferences for taste, nutrition and ease of preparation.

Formed in 2015 through the acquisition of Iglo Group by investment firms Permira and Goldman Sachs Asset Management, Nomad Foods was created with the strategy of building Europe's largest frozen foods platform.

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