Nomad Foods Limited (NYSE:NOMD) Short Interest Down 17.9% in April

Key Points

• Short interest fell 17.9% in April to 1,714,552 shares (about 1.5% of shares outstanding) with a days-to-cover ratio of 1.6.
• Nomad declared a quarterly dividend of $0.17 (annualized $0.68), implying a 7.0% yield; the ex-dividend date is May 11 and payment is June 1.
• Analyst sentiment is mixed—MarketBeat shows an average rating of "Hold" with a consensus price target of $12.50 after several recent price-target cuts.

Nomad Foods Limited (NYSE:NOMD - Get Free Report) was the recipient of a significant drop in short interest during the month of April. As of April 15th, there was short interest totaling 1,714,552 shares, a drop of 17.9% from the March 31st total of 2,088,769 shares. Based on an average daily trading volume, of 1,042,495 shares, the days-to-cover ratio is presently 1.6 days. Currently, 1.5% of the company's shares are sold short.

Nomad Foods Trading Up 1.4%

Shares of Nomad Foods stock traded up $0.14 during trading on Thursday, reaching $9.71. 888,765 shares of the stock were exchanged, compared to its average volume of 949,219. The company has a quick ratio of 0.66, a current ratio of 1.07 and a debt-to-equity ratio of 0.90. The stock's fifty day moving average is $10.11 and its 200 day moving average is $11.48. The firm has a market cap of $1.38 billion, a price-to-earnings ratio of 5.06 and a beta of 0.74. Nomad Foods has a 1 year low of $9.43 and a 1 year high of $20.29.

Nomad Foods Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Tuesday, May 12th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 7.0%. The ex-dividend date is Monday, May 11th. Nomad Foods's dividend payout ratio is currently 66.67%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Mizuho reduced their price objective on Nomad Foods from $15.00 to $13.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 3rd. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $10.00 price objective (down from $15.00) on shares of Nomad Foods in a research note on Monday, March 30th. Weiss Ratings cut Nomad Foods from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Monday, March 2nd. BTIG Research reduced their price objective on Nomad Foods from $18.00 to $15.00 and set a "buy" rating on the stock in a research note on Monday, March 2nd. Finally, Barclays reduced their price objective on Nomad Foods from $13.00 to $12.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 14th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Nomad Foods has an average rating of "Hold" and a consensus price target of $12.50.

Institutional Trading of Nomad Foods

Institutional investors have recently modified their holdings of the company. WealthCollab LLC boosted its holdings in shares of Nomad Foods by 242.0% during the fourth quarter. WealthCollab LLC now owns 2,052 shares of the company's stock worth $26,000 after purchasing an additional 1,452 shares during the period. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Nomad Foods by 3,231.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,332 shares of the company's stock worth $29,000 after purchasing an additional 2,262 shares during the period. SBI Securities Co. Ltd. boosted its holdings in shares of Nomad Foods by 469.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 2,421 shares of the company's stock worth $30,000 after purchasing an additional 1,996 shares during the period. Johnson Financial Group Inc. purchased a new stake in Nomad Foods in the third quarter worth about $43,000. Finally, Mondrian Investment Partners LTD purchased a new stake in Nomad Foods in the third quarter worth about $44,000. 75.26% of the stock is currently owned by hedge funds and other institutional investors.

About Nomad Foods

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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