Nomad Foods (NYSE:NOMD) Lowered to Strong Sell Rating by Zacks Research

Zacks Research lowered shares of Nomad Foods (NYSE:NOMD) from a hold rating to a strong sell rating in a research note published on Monday morning,Zacks.com reports.

Several other research firms have also issued reports on NOMD. Mizuho lowered their target price on shares of Nomad Foods from $15.00 to $13.00 and set an “outperform” rating for the company in a report on Tuesday. BTIG Research reduced their price objective on Nomad Foods from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Monday. Weiss Ratings downgraded Nomad Foods from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday. Finally, Barclays cut their target price on Nomad Foods from $15.00 to $13.00 and set an “overweight” rating on the stock in a research note on Monday. Three equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $13.67.

Nomad Foods Stock Down 1.5%

NYSE:NOMD opened at $10.53 on Monday. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.02 and a quick ratio of 0.59. The firm’s 50-day moving average price is $12.29 and its 200-day moving average price is $12.72. The company has a market capitalization of $1.61 billion, a PE ratio of 10.32 and a beta of 0.74. Nomad Foods has a 1-year low of $10.50 and a 1-year high of $20.81.

Nomad Foods Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Wednesday, February 11th were given a $0.17 dividend. 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 6.5%. Nomad Foods’s payout ratio is 66.67%.

Institutional Trading of Nomad Foods

Institutional investors have recently made changes to their positions in the stock. WealthCollab LLC lifted its position in Nomad Foods by 242.0% during the fourth quarter. WealthCollab LLC now owns 2,052 shares of the company’s stock valued at $26,000 after purchasing an additional 1,452 shares during the period. Caitong International Asset Management Co. Ltd boosted its stake in shares of Nomad Foods by 3,231.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,332 shares of the company’s stock worth $29,000 after buying an additional 2,262 shares during the last quarter. SBI Securities Co. Ltd. grew its holdings in shares of Nomad Foods by 469.6% in the fourth quarter. SBI Securities Co. Ltd. now owns 2,421 shares of the company’s stock worth $30,000 after acquiring an additional 1,996 shares during the period. Johnson Financial Group Inc. bought a new stake in shares of Nomad Foods in the third quarter worth $43,000. Finally, Mondrian Investment Partners LTD bought a new position in Nomad Foods in the third quarter valued at about $44,000. Hedge funds and other institutional investors own 75.26% of the company’s stock.

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.