StockNews.com Downgrades Nomad Foods (NYSE:NOMD) to Hold

Nomad Foods (NYSE:NOMD) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

NOMD has been the subject of several other research reports. Barclays reduced their target price on shares of Nomad Foods from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Friday, July 19th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Nomad Foods from $25.00 to $23.00 and set a “buy” rating for the company in a research report on Monday, November 4th.

Nomad Foods Stock Performance

Shares of NOMD opened at $17.46 on Thursday. The firm has a market capitalization of $2.85 billion, a P/E ratio of 12.93 and a beta of 0.79. Nomad Foods has a 52 week low of $14.54 and a 52 week high of $20.05. The stock has a 50 day moving average price of $18.39 and a two-hundred day moving average price of $18.04. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.73 and a current ratio of 1.17.

Nomad Foods (NYSE:NOMD) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.47 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.47. The business had revenue of $810.64 million during the quarter, compared to the consensus estimate of $822.21 million. Nomad Foods had a return on equity of 9.78% and a net margin of 6.79%. Equities analysts forecast that Nomad Foods will post 1.93 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Boston Partners raised its holdings in shares of Nomad Foods by 18.8% in the 1st quarter. Boston Partners now owns 8,563,043 shares of the company’s stock worth $167,241,000 after purchasing an additional 1,356,159 shares during the period. Vanguard Group Inc. raised its stake in shares of Nomad Foods by 628.5% in the first quarter. Vanguard Group Inc. now owns 889,467 shares of the company’s stock valued at $17,398,000 after buying an additional 767,366 shares during the period. Swedbank AB purchased a new position in shares of Nomad Foods during the 1st quarter valued at $10,425,000. Renaissance Technologies LLC grew its stake in shares of Nomad Foods by 8.3% during the 2nd quarter. Renaissance Technologies LLC now owns 4,179,679 shares of the company’s stock worth $68,881,000 after acquiring an additional 320,900 shares during the period. Finally, Assenagon Asset Management S.A. increased its holdings in Nomad Foods by 123.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 548,738 shares of the company’s stock worth $9,043,000 after acquiring an additional 302,913 shares during the last quarter. 75.26% of the stock is currently owned by hedge funds and other institutional investors.

About Nomad Foods

Nomad Foods Limited, together with its subsidiaries, manufactures, markets, and distributes a range of frozen food products in the United Kingdom and internationally. The company offers frozen fish products, including fish fingers, coated fish, and natural fish; ready-to-cook vegetable products, such as peas and spinach; and frozen poultry and meat products comprising nuggets, grills, and burgers.