Nomad Foods (NYSE:NOMD) Stock Rating Upgraded by Zacks Research

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

A number of other research analysts also recently commented on NOMD. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Nomad Foods in a research note on Friday, October 31st. BTIG Research restated a “buy” rating and issued a $18.00 target price on shares of Nomad Foods in a research report on Monday, November 10th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.67.

Nomad Foods Trading Down 2.5%

Shares of NOMD stock opened at $11.66 on Tuesday. The stock has a market cap of $1.79 billion, a P/E ratio of 8.09 and a beta of 0.71. Nomad Foods has a 1 year low of $11.04 and a 1 year high of $20.81. The company has a current ratio of 1.02, a quick ratio of 0.59 and a debt-to-equity ratio of 0.81. The stock has a 50 day simple moving average of $12.16 and a 200 day simple moving average of $14.02.

Nomad Foods (NYSE:NOMD) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.01). The company had revenue of $881.94 million during the quarter, compared to analyst estimates of $760.75 million. Nomad Foods had a net margin of 6.56% and a return on equity of 9.73%. Nomad Foods’s revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.55 earnings per share. On average, research analysts predict that Nomad Foods will post 1.82 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Osaic Holdings Inc. boosted its stake in shares of Nomad Foods by 87.4% in the 2nd quarter. Osaic Holdings Inc. now owns 2,658 shares of the company’s stock valued at $45,000 after purchasing an additional 1,240 shares in the last quarter. Johnson Financial Group Inc. bought a new position in Nomad Foods in the 3rd quarter valued at approximately $43,000. Mondrian Investment Partners LTD acquired a new stake in Nomad Foods in the third quarter valued at approximately $44,000. Arizona PSPRS Trust acquired a new stake in Nomad Foods in the third quarter valued at approximately $121,000. Finally, Virtu Financial LLC bought a new stake in shares of Nomad Foods during the third quarter worth $144,000. Institutional investors own 75.26% of the company’s stock.

Nomad Foods Company Profile

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.