Zacks Research Upgrades Nomad Foods (NYSE:NOMD) to Hold

Nomad Foods (NYSE:NOMD) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

Several other equities analysts also recently commented on NOMD. BTIG Research reissued a “buy” rating and issued a $18.00 price objective on shares of Nomad Foods in a research note on Monday, November 10th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Nomad Foods in a report on Friday, October 31st. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Nomad Foods has an average rating of “Moderate Buy” and an average price target of $18.67.

Nomad Foods Price Performance

Shares of NOMD stock opened at $11.66 on Tuesday. The business has a fifty day simple moving average of $12.16 and a 200 day simple moving average of $14.02. The company has a market cap of $1.79 billion, a P/E ratio of 8.09 and a beta of 0.71. The company has a quick ratio of 0.59, a current ratio of 1.02 and a debt-to-equity ratio of 0.81. Nomad Foods has a twelve month low of $11.04 and a twelve month high of $20.81.

Nomad Foods (NYSE:NOMD) last issued its earnings results on Thursday, November 6th. The company reported $0.57 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.01). The business had revenue of $881.94 million for the quarter, compared to analyst estimates of $760.75 million. Nomad Foods had a return on equity of 9.73% and a net margin of 6.56%.The firm’s revenue was down 2.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.55 EPS. On average, sell-side analysts forecast that Nomad Foods will post 1.82 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Boston Partners increased its position in shares of Nomad Foods by 40.3% during the second quarter. Boston Partners now owns 14,323,433 shares of the company’s stock worth $243,276,000 after buying an additional 4,114,150 shares during the period. Polaris Capital Management LLC lifted its holdings in Nomad Foods by 138.8% in the third quarter. Polaris Capital Management LLC now owns 3,441,900 shares of the company’s stock valued at $45,261,000 after buying an additional 2,000,400 shares during the period. Norges Bank bought a new stake in Nomad Foods during the second quarter valued at $15,603,000. Royce & Associates LP boosted its position in Nomad Foods by 45.4% during the third quarter. Royce & Associates LP now owns 2,451,806 shares of the company’s stock valued at $32,241,000 after acquiring an additional 765,690 shares during the last quarter. Finally, Qube Research & Technologies Ltd grew its holdings in Nomad Foods by 164.1% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,195,533 shares of the company’s stock worth $20,312,000 after acquiring an additional 742,813 shares during the period. 75.26% of the stock is owned by institutional investors and hedge funds.

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.