Nomad Foods (NYSE:NOMD) Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Nomad Foods (NYSE:NOMD) from a hold rating to a sell rating in a report published on Wednesday, Zacks.com reports.

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. “

NOMD has been the topic of a number of other research reports. Barclays set a $25.00 target price on Nomad Foods and gave the stock a buy rating in a report on Friday, August 9th. ValuEngine downgraded Nomad Foods from a buy rating to a hold rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $24.83.

NOMD traded up $0.07 during midday trading on Wednesday, reaching $20.53. 575,194 shares of the company’s stock traded hands, compared to its average volume of 1,124,791. The firm has a fifty day moving average of $19.86 and a two-hundred day moving average of $20.93. The stock has a market capitalization of $3.98 billion, a price-to-earnings ratio of 14.56, a P/E/G ratio of 1.67 and a beta of 1.00. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.70 and a quick ratio of 1.21. Nomad Foods has a 52 week low of $15.87 and a 52 week high of $23.06.

Nomad Foods (NYSE:NOMD) last posted its earnings results on Thursday, November 7th. The company reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. Nomad Foods had a return on equity of 9.50% and a net margin of 6.43%. The firm had revenue of $540.00 million for the quarter, compared to the consensus estimate of $543.51 million. During the same quarter in the prior year, the business earned $0.26 EPS. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. Sell-side analysts forecast that Nomad Foods will post 1.36 EPS for the current year.

Several hedge funds have recently bought and sold shares of the business. BBVA USA Bancshares Inc. purchased a new position in shares of Nomad Foods during the 3rd quarter worth approximately $334,000. Massachusetts Financial Services Co. MA grew its stake in shares of Nomad Foods by 51.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,863,559 shares of the company’s stock worth $38,203,000 after buying an additional 631,979 shares during the last quarter. Monarch Partners Asset Management LLC grew its stake in shares of Nomad Foods by 13.5% in the 3rd quarter. Monarch Partners Asset Management LLC now owns 569,264 shares of the company’s stock worth $11,670,000 after buying an additional 67,509 shares during the last quarter. Keybank National Association OH grew its stake in shares of Nomad Foods by 18.7% in the 3rd quarter. Keybank National Association OH now owns 20,257 shares of the company’s stock worth $415,000 after buying an additional 3,187 shares during the last quarter. Finally, Gabelli Funds LLC grew its stake in shares of Nomad Foods by 1.3% in the 3rd quarter. Gabelli Funds LLC now owns 80,000 shares of the company’s stock worth $1,640,000 after buying an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 77.88% of the company’s stock.

About Nomad Foods

Nomad Foods Limited, together with its subsidiaries, produces, markets, and distributes frozen foods in the United Kingdom, Italy, Germany, Sweden, France, Norway, Austria, Spain, and rest of 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.

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