Nomad Foods (NYSE:NOMD) Reaches New 52-Week Low - Here's What Happened

Key Points

• Nomad Foods Limited reached a new 52-week low of $13.96, closing at $14.07 with a trading volume of over 4.7 million shares.
• Recent analyst adjustments saw Barclays and Mizuho lower their target prices to $18.00 and $20.00 respectively, while the stock maintains a consensus rating of "Buy" with a target of $20.33.
• The company reported earnings of $0.45 per share, exceeding expectations, along with a quarterly dividend of $0.17 per share, yielding approximately 4.8% annually.

Nomad Foods Limited (NYSE:NOMD - Get Free Report) shares reached a new 52-week low during trading on Thursday . The stock traded as low as $13.96 and last traded at $14.07, with a volume of 4722142 shares. The stock had previously closed at $14.15.

Analysts Set New Price Targets

NOMD has been the topic of several research reports. Barclays reduced their price objective on Nomad Foods from $20.00 to $18.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Mizuho reduced their price objective on Nomad Foods from $23.00 to $20.00 and set an "outperform" rating on the stock in a report on Tuesday, August 12th. Three equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $20.33.

Nomad Foods Price Performance

The stock has a fifty day moving average price of $16.06 and a 200-day moving average price of $17.73. The firm has a market capitalization of $2.08 billion, a PE ratio of 9.32 and a beta of 0.70. 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 announced its earnings results on Wednesday, August 6th. The company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.01. Nomad Foods had a return on equity of 10.26% and a net margin of 6.93%.The firm had revenue of $879.27 million for the quarter, compared to the consensus estimate of $762.81 million. During the same period in the previous year, the business earned $0.44 EPS. The firm's revenue for the quarter was down .8% on a year-over-year basis. Sell-side analysts forecast that Nomad Foods Limited will post 1.82 EPS for the current fiscal year.

Nomad Foods Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Monday, August 11th were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 5.0%. The ex-dividend date was Monday, August 11th. Nomad Foods's payout ratio is 46.58%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Summit Securities Group LLC purchased a new stake in Nomad Foods during the 1st quarter valued at about $32,000. Osaic Holdings Inc. grew its stake in Nomad Foods by 87.4% during the 2nd quarter. Osaic Holdings Inc. now owns 2,658 shares of the company's stock valued at $45,000 after purchasing an additional 1,240 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in Nomad Foods during the 4th quarter valued at about $134,000. State of Wyoming grew its stake in Nomad Foods by 56.6% during the 1st 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 stake in Nomad Foods during the 1st quarter valued at about $196,000. 75.26% of the stock is currently owned by hedge funds and other 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.