Nomad Foods (NYSE:NOMD) Sets New 52-Week Low - Here's Why

Key Points

• Nomad Foods' shares hit a new 52-week low, trading at $15.37, and faced a significant drop from a previous close of $16.71.
• Analysts have downgraded the stock, with Barclays reducing its price target from $23.00 to $20.00 and Wall Street Zen moving from a "buy" to a "hold" rating.
• The company recently announced a quarterly dividend of $0.17 per share, representing a yield of 4.3%, with a dividend payout ratio of 45.33%.

Nomad Foods Limited (NYSE:NOMD - Get Free Report) reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $15.37 and last traded at $15.80, with a volume of 563003 shares traded. The stock had previously closed at $16.71.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. 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 reduced their price objective on shares of Nomad Foods from $20.00 to $18.00 and set an "overweight" rating for the company in a report on Friday. Finally, Mizuho reduced their price objective on shares of Nomad Foods from $26.00 to $23.00 and set an "outperform" rating for the company in a report on Monday, July 28th.

Nomad Foods Stock Up 2.4%

The business's fifty day moving average price is $17.20 and its 200 day moving average price is $18.27. The company has a market capitalization of $2.48 billion, a P/E ratio of 8.64 and a beta of 0.72. The company has a current ratio of 1.02, a quick ratio of 0.63 and a debt-to-equity ratio of 0.81.

Nomad Foods (NYSE:NOMD - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.45 EPS for the quarter, topping analysts' consensus estimates of $0.44 by $0.01. Nomad Foods had a net margin of 6.93% and a return on equity of 10.26%. The company had revenue of $879.27 million during the quarter, compared to the consensus estimate of $762.81 million. During the same period last year, the firm earned $0.44 EPS. The firm's revenue for the quarter was down .8% compared to the same quarter last year. As a group, equities research analysts predict that Nomad Foods Limited will post 1.82 earnings per share for the current fiscal year.

Nomad Foods Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Monday, August 11th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Monday, August 11th. Nomad Foods's dividend payout ratio (DPR) is currently 46.58%.

Hedge Funds Weigh In On Nomad Foods

A number of institutional investors have recently modified their holdings of NOMD. Boston Partners raised its stake in shares of Nomad Foods by 39.4% in the second quarter. Boston Partners now owns 14,231,566 shares of the company's stock worth $241,715,000 after acquiring an additional 4,022,283 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Nomad Foods by 46.2% during the first quarter. Ameriprise Financial Inc. now owns 1,851,199 shares of the company's stock worth $36,376,000 after buying an additional 585,054 shares during the last quarter. Vident Advisory LLC bought a new stake in shares of Nomad Foods during the fourth quarter worth approximately $9,003,000. Hennessy Advisors Inc. bought a new stake in shares of Nomad Foods during the second quarter worth approximately $8,617,000. Finally, Brown Advisory Inc. raised its stake in shares of Nomad Foods by 5.2% during the fourth quarter. Brown Advisory Inc. now owns 8,376,162 shares of the company's stock worth $140,552,000 after buying an additional 410,455 shares during the last quarter. 75.26% of the stock is owned by institutional investors.

Nomad Foods Company 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.