Nomad Foods (NYSE:NOMD) Upgraded to Hold at Zacks Investment Research

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

Several other brokerages also recently issued reports on NOMD. Goldman Sachs Group assumed coverage on Tricida in a report on Wednesday, June 26th. They set a buy rating and a $48.00 price target for the company. ValuEngine cut Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. Citigroup cut Barrick Gold to a neutral rating in a research report on Thursday, May 23rd. DA Davidson assumed coverage on Nomad Foods in a research report on Wednesday, June 19th. They set a buy rating and a $26.00 price objective on the stock. Finally, TheStreet cut Twin Disc from a b- rating to a c+ rating in a research report on Tuesday, June 11th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $24.14.

Shares of Nomad Foods stock opened at $22.51 on Wednesday. The firm’s fifty day simple moving average is $21.22. Nomad Foods has a 1 year low of $15.87 and a 1 year high of $22.67. The firm has a market cap of $4.38 billion, a P/E ratio of 16.43, a price-to-earnings-growth ratio of 1.81 and a beta of 0.96. The company has a quick ratio of 1.15, a current ratio of 1.54 and a debt-to-equity ratio of 0.76.

Nomad Foods (NYSE:NOMD) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.09. Nomad Foods had a return on equity of 9.84% and a net margin of 5.83%. The business had revenue of $617.80 million during the quarter, compared to the consensus estimate of $613.77 million. During the same quarter last year, the firm posted $0.35 EPS. The company’s quarterly revenue was up 14.6% on a year-over-year basis. As a group, sell-side analysts expect that Nomad Foods will post 1.38 EPS for the current year.

A number of hedge funds have recently bought and sold shares of the business. Legal & General Group Plc increased its position in Nomad Foods by 0.9% during the 4th quarter. Legal & General Group Plc now owns 64,746 shares of the company’s stock worth $1,083,000 after buying an additional 577 shares during the period. First Mercantile Trust Co. increased its position in shares of Nomad Foods by 13.5% in the first quarter. First Mercantile Trust Co. now owns 13,113 shares of the company’s stock worth $268,000 after purchasing an additional 1,563 shares during the period. Avalon Advisors LLC increased its position in shares of Nomad Foods by 0.9% in the first quarter. Avalon Advisors LLC now owns 192,662 shares of the company’s stock worth $3,940,000 after purchasing an additional 1,674 shares during the period. Investors Research Corp bought a new position in shares of Nomad Foods in the first quarter worth $41,000. Finally, Advisor Group Inc. increased its position in shares of Nomad Foods by 87.1% in the fourth quarter. Advisor Group Inc. now owns 4,338 shares of the company’s stock worth $72,000 after purchasing an additional 2,020 shares during the period. Hedge funds and other institutional investors own 77.55% of the company’s stock.

Nomad Foods Company Profile

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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