Nomad Foods (NYSE:NOMD) Downgraded by StockNews.com

Posted by on Apr 11th, 2023

Nomad Foods (NYSE:NOMD – Get Rating) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report released on Tuesday.

Other equities analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft reduced their price objective on Nomad Foods from $24.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, February 24th. The Goldman Sachs Group raised Nomad Foods from a “neutral” rating to a “buy” rating and set a $21.00 price target for the company in a research note on Sunday, February 26th. Finally, Credit Suisse Group restated a “neutral” rating and set a $20.00 price objective on shares of Nomad Foods in a research note on Monday, February 27th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.20.

Nomad Foods Trading Down 1.8 %

NYSE:NOMD opened at $18.90 on Tuesday. The firm has a market capitalization of $3.29 billion, a P/E ratio of 12.60 and a beta of 0.74. The business has a 50 day simple moving average of $17.99 and a 200 day simple moving average of $16.78. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.19 and a quick ratio of 0.70. Nomad Foods has a 12-month low of $12.50 and a 12-month high of $22.32.

Nomad Foods (NYSE:NOMD – Get Rating) last announced its quarterly earnings results on Thursday, February 23rd. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.03). Nomad Foods had a net margin of 8.49% and a return on equity of 11.77%. The firm had revenue of $766.03 million for the quarter, compared to analyst estimates of $788.13 million. Equities research analysts predict that Nomad Foods will post 1.62 EPS for the current year.

Institutional Trading of Nomad Foods

Institutional investors have recently modified their holdings of the company. Wellington Management Group LLP grew its position in Nomad Foods by 10.7% in the first quarter. Wellington Management Group LLP now owns 15,574,393 shares of the company’s stock worth $351,670,000 after buying an additional 1,501,225 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its holdings in shares of Nomad Foods by 32.4% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 5,841,886 shares of the company’s stock worth $100,714,000 after acquiring an additional 1,428,088 shares during the last quarter. Norges Bank acquired a new stake in shares of Nomad Foods during the fourth quarter worth $22,913,000. State Street Corp lifted its holdings in shares of Nomad Foods by 595.3% during the first quarter. State Street Corp now owns 876,307 shares of the company’s stock valued at $19,787,000 after purchasing an additional 750,281 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. purchased a new stake in shares of Nomad Foods during the fourth quarter valued at $12,179,000. Institutional investors and hedge funds own 78.54% of the company’s stock.

About Nomad Foods

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Nomad Foods Ltd. operates as a holding company, which manufactures and sells frozen foods for human consumption. The firm offers its products under the brands LUTOSA, la Cocinera, Birds Eye, Iglo, and Findus. The company was founded by Noam Gottesman and Sir Martin E. Franklin on April 1, 2014 and is headquartered in Middlesex, the United Kingdom.

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