Nomad Foods Limited $NOMD Stake Cut by Oak Ridge Investments LLC

Key Points

• Oak Ridge Investments LLC has reduced its holdings in Nomad Foods Limited by 50.7% during the first quarter, now owning just 0.09% of the company's stock, worth approximately $2.76 million.
• Nomad Foods recently announced a quarterly dividend of $0.17 per share, translating to a 4.4% dividend yield, with the payment date set for August 26th.
• The stock was downgraded from a "buy" to a "hold" rating by Wall Street Zen, with Barclays lowering its target price from $20.00 to $18.00 in recent analyst reports.

Oak Ridge Investments LLC lowered its holdings in Nomad Foods Limited (NYSE:NOMD - Free Report) by 50.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 140,333 shares of the company's stock after selling 144,366 shares during the quarter. Oak Ridge Investments LLC owned 0.09% of Nomad Foods worth $2,758,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Johnson Financial Group Inc. purchased a new stake in shares of Nomad Foods during the 4th quarter worth $62,000. Tower Research Capital LLC TRC boosted its position in shares of Nomad Foods by 13,508.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 6,396 shares of the company's stock worth $107,000 after purchasing an additional 6,349 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in shares of Nomad Foods during the 4th quarter worth $134,000. Quarry LP boosted its position in shares of Nomad Foods by 964.8% during the 4th quarter. Quarry LP now owns 8,646 shares of the company's stock worth $145,000 after purchasing an additional 7,834 shares in the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new stake in shares of Nomad Foods during the 1st quarter worth $196,000. 75.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on NOMD shares. Wall Street Zen lowered shares of Nomad Foods from a "buy" rating to a "hold" rating in a research report on Friday, May 9th. Barclays decreased their target price on shares of Nomad Foods from $20.00 to $18.00 and set an "overweight" rating on the stock in a research report on Friday, August 8th. Finally, Mizuho decreased their price objective on shares of Nomad Foods from $23.00 to $20.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 12th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $20.33.

Nomad Foods Stock Up 2.3%

NYSE NOMD traded up $0.34 on Tuesday, reaching $15.08. The company had a trading volume of 499,470 shares, compared to its average volume of 827,589. The firm has a market capitalization of $2.31 billion, a PE ratio of 10.33 and a beta of 0.72. Nomad Foods Limited has a 1 year low of $14.72 and a 1 year high of $20.81. The firm has a 50-day moving average of $16.95 and a 200-day moving average of $18.18. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.02 and a quick ratio of 0.63.

Nomad Foods (NYSE:NOMD - Get Free Report) last released 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 firm had revenue of $879.27 million during the quarter, compared to analysts' expectations of $762.81 million. Nomad Foods had a return on equity of 10.26% and a net margin of 6.93%.Nomad Foods's quarterly revenue was down .8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.44 EPS. On average, equities research analysts anticipate that Nomad Foods Limited will post 1.82 EPS for the current fiscal year.

Nomad Foods Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Monday, August 11th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 4.5%. The ex-dividend date is Monday, August 11th. Nomad Foods's dividend payout ratio is 46.58%.

About Nomad Foods

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.