Nomad Foods (NOMD) Sets New 1-Year High After Earnings Beat

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Nomad Foods Ltd (NYSE:NOMD)’s share price hit a new 52-week high on Thursday following a better than expected earnings announcement. The stock traded as high as $21.45 and last traded at $20.32, with a volume of 88746 shares changing hands. The stock had previously closed at $19.29.

The company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.01. Nomad Foods had a net margin of 8.19% and a return on equity of 10.44%. The firm had revenue of $531.00 million during the quarter, compared to analyst estimates of $514.37 million. During the same period last year, the firm posted $0.22 earnings per share. Nomad Foods’s revenue for the quarter was up 15.7% compared to the same quarter last year.

A number of research analysts recently weighed in on NOMD shares. Zacks Investment Research lowered shares of Nomad Foods from a “hold” rating to a “sell” rating in a report on Tuesday, September 25th. Barclays started coverage on shares of Nomad Foods in a report on Friday, October 5th. They issued an “overweight” rating for the company. Credit Suisse Group began coverage on shares of Nomad Foods in a report on Tuesday, July 17th. They issued an “outperform” rating and a $24.00 target price for the company. UBS Group raised their price target on Nomad Foods from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, August 10th. Finally, Wells Fargo & Co raised their price target on Nomad Foods from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, August 10th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $22.17.

Institutional investors and hedge funds have recently modified their holdings of the stock. Fort L.P. bought a new stake in Nomad Foods in the second quarter worth $126,000. Toronto Dominion Bank bought a new stake in shares of Nomad Foods during the second quarter worth $158,000. Carlson Capital Management bought a new stake in shares of Nomad Foods during the third quarter worth $203,000. First Mercantile Trust Co. lifted its position in shares of Nomad Foods by 48.4% during the second quarter. First Mercantile Trust Co. now owns 11,190 shares of the company’s stock worth $215,000 after purchasing an additional 3,650 shares during the last quarter. Finally, Sanders Morris Harris LLC bought a new stake in shares of Nomad Foods during the third quarter worth $227,000. Institutional investors own 73.16% of the company’s stock.

The stock has a market capitalization of $3.36 billion, a price-to-earnings ratio of 18.15, a price-to-earnings-growth ratio of 0.95 and a beta of 0.89. The company has a quick ratio of 0.90, a current ratio of 1.36 and a debt-to-equity ratio of 0.90.

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About Nomad Foods (NYSE:NOMD)

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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