Nomad Foods (NOMD) Downgraded to Strong Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Nomad Foods (NYSE:NOMD) from a hold rating to a strong sell rating in a research report report published on Thursday morning.

According to Zacks, “Nomad Foods Ltd. manufactures and distributes frozen foods primarily in the United Kingdom, Italy, Germany, Sweden, France and Norway. The Company’s portfolio of frozen food brands includes Birds Eye, Iglo and Findus. Nomad Foods Ltd. is headquartered in Feltham, the United Kingdom. “

Several other equities research analysts have also weighed in on NOMD. Credit Suisse Group started coverage on Nomad Foods in a research report on Tuesday, July 17th. They set an outperform rating and a $24.00 price target on the stock. Wells Fargo & Co lifted their price target on Nomad Foods from $23.00 to $25.00 and gave the company a buy rating in a research report on Friday, August 10th. UBS Group lifted their price target on Nomad Foods from $21.00 to $23.00 and gave the company a buy rating in a research report on Friday, August 10th. Barclays started coverage on Nomad Foods in a research report on Friday, October 5th. They set an overweight rating on the stock. Finally, TheStreet upgraded Nomad Foods from a d rating to a c rating in a research report on Tuesday, October 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $22.17.

Shares of NOMD traded up $0.01 during mid-day trading on Thursday, hitting $20.51. 1,245,927 shares of the company’s stock traded hands, compared to its average volume of 1,126,559. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.90 and a current ratio of 1.36. Nomad Foods has a 1 year low of $14.32 and a 1 year high of $21.45. The stock has a market capitalization of $3.30 billion, a PE ratio of 18.15, a price-to-earnings-growth ratio of 0.98 and a beta of 0.89.

Nomad Foods (NYSE:NOMD) last posted its earnings results on Thursday, November 8th. The company reported $0.27 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.01. Nomad Foods had a return on equity of 10.44% and a net margin of 8.19%. The firm had revenue of $531.00 million for the quarter, compared to analysts’ expectations of $514.37 million. During the same period in the previous year, the firm earned $0.22 earnings per share. The business’s revenue was up 15.7% compared to the same quarter last year. Research analysts forecast that Nomad Foods will post 1.35 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NOMD. CIBC World Markets Inc. bought a new stake in Nomad Foods in the third quarter worth $553,000. BlackRock Inc. boosted its holdings in Nomad Foods by 409.0% in the third quarter. BlackRock Inc. now owns 188,446 shares of the company’s stock worth $3,819,000 after acquiring an additional 151,422 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Nomad Foods by 29.5% in the third quarter. Bank of New York Mellon Corp now owns 467,763 shares of the company’s stock worth $9,477,000 after acquiring an additional 106,433 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in Nomad Foods by 12.0% in the third quarter. Alliancebernstein L.P. now owns 5,775,469 shares of the company’s stock worth $117,011,000 after acquiring an additional 618,570 shares in the last quarter. Finally, Keybank National Association OH bought a new stake in Nomad Foods in the third quarter worth $287,000. Institutional investors own 73.16% of the company’s stock.

Nomad Foods Company Profile

Nomad Foods Limited manufactures and distributes frozen foods in Western Europe. The company offers fish products, including fish fingers, coated fish, and natural fish; vegetables, such as peas and spinach; and poultry and meat products comprising nuggets, grills, and burgers. It also provides meals products that include ready to cook noodles, pasta, lasagne, pancakes, and other ready-made meals; and other products, such as soups, pizzas, and bakery goods.

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