Nomad Foods (NYSE:NOMD) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Saturday, March 17th. The firm currently has a $19.00 target price on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 21.56% from the company’s current price.
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. “
Other research analysts also recently issued reports about the stock. ValuEngine raised shares of Nomad Foods from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. SunTrust Banks raised their price objective on shares of Nomad Foods to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, November 29th. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $18.50.
Nomad Foods stock traded up $0.19 during midday trading on Friday, hitting $15.63. 873,754 shares of the company’s stock were exchanged, compared to its average volume of 1,243,124. Nomad Foods has a 12-month low of $11.22 and a 12-month high of $17.32. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.63 and a current ratio of 1.07. The company has a market capitalization of $2,736.98, a P/E ratio of 13.66 and a beta of 0.79.
Nomad Foods (NYSE:NOMD) last issued its quarterly earnings data on Thursday, March 22nd. The company reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.01. Nomad Foods had a net margin of 6.96% and a return on equity of 9.43%. The company had revenue of $508.20 million for the quarter, compared to the consensus estimate of $503.84 million. During the same period last year, the firm posted $0.13 EPS. Nomad Foods’s revenue for the quarter was up 4.7% on a year-over-year basis. equities analysts expect that Nomad Foods will post 1.38 earnings per share for the current year.
Several hedge funds have recently added to or reduced their stakes in the company. Westwood Holdings Group Inc. lifted its stake in shares of Nomad Foods by 227.1% in the 4th quarter. Westwood Holdings Group Inc. now owns 2,187,932 shares of the company’s stock worth $36,998,000 after acquiring an additional 1,518,985 shares during the period. Macquarie Group Ltd. lifted its stake in shares of Nomad Foods by 391.0% in the 4th quarter. Macquarie Group Ltd. now owns 164,000 shares of the company’s stock worth $2,773,000 after acquiring an additional 130,600 shares during the period. Zeke Capital Advisors LLC lifted its stake in shares of Nomad Foods by 144.4% in the 4th quarter. Zeke Capital Advisors LLC now owns 109,191 shares of the company’s stock worth $1,846,000 after acquiring an additional 64,522 shares during the period. Raymond James & Associates acquired a new stake in shares of Nomad Foods in the 4th quarter worth $2,997,000. Finally, Goldentree Asset Management LP acquired a new stake in shares of Nomad Foods in the 4th quarter worth $15,395,000. Institutional investors own 74.19% of the company’s stock.
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About Nomad Foods
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.
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