Russell Investments Group Ltd. Has $18.10 Million Position in Nomad Foods Limited (NYSE:NOMD)

Russell Investments Group Ltd. boosted its stake in Nomad Foods Limited (NYSE:NOMD) by 61.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,282,736 shares of the company’s stock after buying an additional 487,240 shares during the period. Russell Investments Group Ltd. owned 0.70% of Nomad Foods Limited worth $18,097,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Kohlberg Kravis Roberts & Co. L.P. purchased a new position in Nomad Foods Limited during the first quarter valued at approximately $9,790,000. Legato Capital Management LLC bought a new position in Nomad Foods Limited during the second quarter worth about $2,552,000. Clearbridge Investments LLC bought a new position in Nomad Foods Limited during the first quarter worth about $1,605,000. Finally, Fox Run Management L.L.C. bought a new position in Nomad Foods Limited during the second quarter worth about $377,000. Institutional investors and hedge funds own 84.36% of the company’s stock.

Nomad Foods Limited (NYSE:NOMD) traded up 1.21% on Friday, reaching $15.10. The company had a trading volume of 1,127,588 shares. Nomad Foods Limited has a 52-week low of $9.00 and a 52-week high of $15.12. The firm has a market capitalization of $2.75 billion and a price-to-earnings ratio of 55.72. The stock’s 50-day moving average price is $14.28 and its 200 day moving average price is $12.56.

Nomad Foods Limited (NYSE:NOMD) last announced its quarterly earnings results on Thursday, May 25th. The company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.01. Nomad Foods Limited had a net margin of 2.13% and a return on equity of 7.56%. The firm had revenue of $531.30 million during the quarter, compared to analysts’ expectations of $534.03 million. During the same period in the prior year, the company earned $0.29 EPS. The firm’s revenue was down 2.9% on a year-over-year basis. On average, equities analysts anticipate that Nomad Foods Limited will post $1.03 earnings per share for the current fiscal year.

Nomad Foods Limited declared that its board has authorized a share repurchase plan on Monday, June 12th that permits the company to repurchase $105.10 million in shares. This repurchase authorization permits the company to purchase shares of its stock through a private placement purchase. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

A number of research analysts recently issued reports on NOMD shares. ValuEngine lowered Nomad Foods Limited from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Zacks Investment Research lowered Nomad Foods Limited from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Finally, UBS AG reiterated a “buy” rating and issued a $17.00 target price on shares of Nomad Foods Limited in a report on Tuesday, June 13th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Nomad Foods Limited currently has a consensus rating of “Buy” and an average price target of $15.25.

About Nomad Foods Limited

Nomad Foods Limited manufactures and distributes frozen foods primarily in the United Kingdom, Italy, Germany, Sweden, France, and Norway. The company’s frozen food products include fish, vegetables, poultry products, and ready meals. It sells its products directly or through distribution arrangements to supermarkets and large food retail chains under the Birdseye, Findus, and Iglo brands.