Nomad Foods (NYSE:NOMD) Stock Rating Lowered by Zacks Research

Nomad Foods (NYSE:NOMD) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Monday,Zacks.com reports.

NOMD has been the topic of several other reports. Barclays reduced their target price on Nomad Foods from $15.00 to $13.00 and set an “overweight” rating on the stock in a report on Monday. Mizuho lowered their price target on Nomad Foods from $15.00 to $13.00 and set an “outperform” rating for the company in a report on Tuesday. Weiss Ratings cut Nomad Foods from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday. Finally, BTIG Research dropped their target price on shares of Nomad Foods from $18.00 to $15.00 and set a “buy” rating for the company in a report on Monday. Three investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Nomad Foods currently has an average rating of “Hold” and a consensus price target of $13.67.

Nomad Foods Stock Performance

NYSE NOMD opened at $10.53 on Monday. The firm has a 50-day moving average price of $12.29 and a two-hundred day moving average price of $12.72. Nomad Foods has a 12-month low of $10.50 and a 12-month high of $20.81. The company has a market capitalization of $1.61 billion, a P/E ratio of 10.32 and a beta of 0.74. The company has a quick ratio of 0.59, a current ratio of 1.02 and a debt-to-equity ratio of 0.81.

Institutional Investors Weigh In On Nomad Foods

Hedge funds and other institutional investors have recently modified their holdings of the company. Boston Partners raised its position in shares of Nomad Foods by 40.3% during the second quarter. Boston Partners now owns 14,323,433 shares of the company’s stock worth $243,276,000 after purchasing an additional 4,114,150 shares during the period. Ruffer LLP bought a new position in Nomad Foods in the 4th quarter valued at about $26,823,000. Polaris Capital Management LLC boosted its stake in Nomad Foods by 138.8% during the 3rd quarter. Polaris Capital Management LLC now owns 3,441,900 shares of the company’s stock valued at $45,261,000 after purchasing an additional 2,000,400 shares during the last quarter. Norges Bank bought a new stake in Nomad Foods during the 2nd quarter worth approximately $15,603,000. Finally, Lombard Odier Asset Management Europe Ltd purchased a new stake in shares of Nomad Foods in the fourth quarter worth approximately $11,147,000. Institutional investors own 75.26% of the company’s stock.

Nomad Foods Company Profile

Nomad Foods Limited is a leading frozen foods company headquartered in the United Kingdom, operating under the ticker symbol NOMD on the New York Stock Exchange. The company’s portfolio comprises well-known consumer brands such as Birds Eye, iglo, Findus, Goodfella’s and Aunt Bessie’s, covering a wide range of categories including vegetables, seafood, ready meals, pizzas and desserts. Nomad Foods focuses on delivering convenient, high-quality frozen products designed to meet evolving consumer preferences for taste, nutrition and ease of preparation.

Formed in 2015 through the acquisition of Iglo Group by investment firms Permira and Goldman Sachs Asset Management, Nomad Foods was created with the strategy of building Europe’s largest frozen foods platform.