Meritage Portfolio Management Invests $6.60 Million in Nomad Foods Limited $NOMD

Meritage Portfolio Management purchased a new position in Nomad Foods Limited (NYSE:NOMD) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 388,430 shares of the company’s stock, valued at approximately $6,599,000.

A number of other large investors have also recently made changes to their positions in NOMD. Summit Securities Group LLC bought a new stake in shares of Nomad Foods in the first quarter worth approximately $32,000. State of Wyoming grew its stake in shares of Nomad Foods by 56.6% in the first quarter. State of Wyoming now owns 9,466 shares of the company’s stock worth $186,000 after acquiring an additional 3,421 shares during the period. Sequoia Financial Advisors LLC purchased a new position in shares of Nomad Foods in the first quarter worth approximately $196,000. Sciencast Management LP purchased a new position in shares of Nomad Foods in the first quarter worth approximately $196,000. Finally, First Bank & Trust purchased a new position in shares of Nomad Foods in the first quarter worth approximately $219,000. 75.26% of the stock is currently owned by institutional investors.

Nomad Foods Price Performance

Shares of NYSE:NOMD opened at $12.16 on Friday. 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 Limited has a 1-year low of $12.11 and a 1-year high of $20.81. The company has a market capitalization of $1.86 billion, a P/E ratio of 8.33 and a beta of 0.70. The firm’s 50 day simple moving average is $14.39 and its two-hundred day simple moving average is $16.85.

Nomad Foods (NYSE:NOMD) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.01. Nomad Foods had a net margin of 6.93% and a return on equity of 10.26%. The business had revenue of $879.27 million for the quarter, compared to the consensus estimate of $762.81 million. During the same quarter in the previous year, the firm earned $0.44 earnings per share. The company’s revenue for the quarter was down .8% on a year-over-year basis. Research analysts expect that Nomad Foods Limited will post 1.82 EPS for the current fiscal year.

Nomad Foods Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Monday, August 11th were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $0.68 annualized dividend and a yield of 5.6%. Nomad Foods’s payout ratio is currently 46.58%.

Wall Street Analyst Weigh In

NOMD has been the topic of a number of research reports. Zacks Research downgraded shares of Nomad Foods from a “hold” rating to a “strong sell” rating in a report on Monday, September 29th. Barclays dropped their price objective on shares of Nomad Foods from $20.00 to $18.00 and set an “overweight” rating on the stock in a report on Friday, August 8th. Mizuho dropped their price objective on shares of Nomad Foods from $23.00 to $20.00 and set an “outperform” rating on the stock in a report on Tuesday, August 12th. BTIG Research dropped their price objective on shares of Nomad Foods from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 17th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Nomad Foods in a report on Wednesday. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.75.

Nomad Foods 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.