Nomad Foods (NYSE:NOMD) Shares Gap Up – Still a Buy?

Nomad Foods Limited (NYSE:NOMD) shares gapped up prior to trading on Thursday . The stock had previously closed at $16.25, but opened at $17.48. Nomad Foods shares last traded at $17.44, with a volume of 29,899 shares changing hands.

Analysts Set New Price Targets

NOMD has been the topic of a number of research analyst reports. Barclays lowered their price target on Nomad Foods from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Friday, July 19th. Deutsche Bank Aktiengesellschaft lowered their target price on Nomad Foods from $25.00 to $23.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Finally, StockNews.com lowered shares of Nomad Foods from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th.

Nomad Foods Stock Performance

The firm has a 50-day simple moving average of $18.18 and a two-hundred day simple moving average of $17.98. The company has a current ratio of 1.17, a quick ratio of 0.73 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of 12.19 and a beta of 0.79.

Nomad Foods Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 26th. Investors of record on Friday, November 8th will be issued a $0.15 dividend. The ex-dividend date is Friday, November 8th. This represents a $0.60 dividend on an annualized basis and a yield of 3.65%. Nomad Foods’s dividend payout ratio is currently 44.44%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NOMD. Blue Trust Inc. boosted its holdings in Nomad Foods by 133.2% in the second quarter. Blue Trust Inc. now owns 1,635 shares of the company’s stock worth $27,000 after purchasing an additional 934 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its position in shares of Nomad Foods by 61.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 2,100 shares of the company’s stock worth $40,000 after buying an additional 800 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Nomad Foods during the 2nd quarter worth about $42,000. National Bank of Canada FI boosted its stake in shares of Nomad Foods by 378.4% during the 2nd quarter. National Bank of Canada FI now owns 2,775 shares of the company’s stock worth $46,000 after acquiring an additional 2,195 shares in the last quarter. Finally, Quarry LP increased its holdings in shares of Nomad Foods by 366.5% during the 2nd quarter. Quarry LP now owns 3,004 shares of the company’s stock valued at $50,000 after acquiring an additional 2,360 shares during the last quarter. Institutional investors own 75.26% of the company’s stock.

About Nomad Foods

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.