Nomad Foods (NYSE:NOMD) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Nomad Foods (NYSE:NOMD) from a hold rating to a buy rating in a research report released on Friday, Zacks.com reports. Zacks Investment Research currently has $32.00 price target on the stock.

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. “

NOMD has been the topic of a number of other reports. Credit Suisse Group raised their target price on shares of Nomad Foods from $31.00 to $32.00 and gave the company an outperform rating in a research note on Tuesday, March 30th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Nomad Foods from $32.00 to $35.00 and gave the company a buy rating in a research note on Tuesday, March 30th. Finally, Barclays raised their target price on shares of Nomad Foods from $28.00 to $31.00 and gave the company an overweight rating in a research note on Thursday, February 18th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $29.67.

NOMD stock opened at $28.95 on Friday. The firm has a 50 day moving average of $28.71 and a 200-day moving average of $26.05. The company has a current ratio of 1.27, a quick ratio of 0.87 and a debt-to-equity ratio of 0.82. Nomad Foods has a 12 month low of $20.21 and a 12 month high of $29.66. The firm has a market capitalization of $4.98 billion, a P/E ratio of 24.13 and a beta of 0.71.

Nomad Foods (NYSE:NOMD) last released its quarterly earnings data on Thursday, May 6th. The company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.08. Nomad Foods had a net margin of 8.56% and a return on equity of 10.37%. The company had revenue of $707.40 million during the quarter, compared to analyst estimates of $701.67 million. During the same period last year, the business earned $0.33 earnings per share. Nomad Foods’s revenue was up 3.6% compared to the same quarter last year. Sell-side analysts predict that Nomad Foods will post 1.61 EPS for the current year.

Several hedge funds have recently bought and sold shares of NOMD. Sowell Financial Services LLC raised its stake in shares of Nomad Foods by 476.2% during the first quarter. Sowell Financial Services LLC now owns 1,210 shares of the company’s stock worth $35,000 after acquiring an additional 1,000 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in shares of Nomad Foods by 35.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,603 shares of the company’s stock worth $41,000 after buying an additional 422 shares during the period. Perigon Wealth Management LLC purchased a new position in shares of Nomad Foods in the fourth quarter worth $76,000. First Bank & Trust increased its stake in shares of Nomad Foods by 22.9% in the first quarter. First Bank & Trust now owns 5,210 shares of the company’s stock worth $143,000 after buying an additional 970 shares during the period. Finally, Cowa LLC purchased a new position in shares of Nomad Foods in the fourth quarter worth $177,000. 67.78% of the stock is currently owned by hedge funds and other institutional investors.

Nomad Foods Company Profile

Nomad Foods Limited 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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