Nomad Foods (NYSE:NOMD) Downgraded to “Strong Sell” Rating by Zacks Research

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

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

Nomad Foods Stock Performance

NOMD opened at $10.53 on Monday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.59 and a current ratio of 1.02. Nomad Foods has a 52-week low of $10.50 and a 52-week high of $20.81. The firm has a market cap of $1.61 billion, a P/E ratio of 10.32 and a beta of 0.74. The business’s fifty day moving average is $12.29 and its 200-day moving average is $12.72.

Institutional Trading of Nomad Foods

Hedge funds and other institutional investors have recently modified their holdings of the stock. WealthCollab LLC lifted its stake in shares of Nomad Foods by 242.0% in the 4th quarter. WealthCollab LLC now owns 2,052 shares of the company’s stock valued at $26,000 after acquiring an additional 1,452 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its position in Nomad Foods by 3,231.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,332 shares of the company’s stock worth $29,000 after acquiring an additional 2,262 shares during the last quarter. SBI Securities Co. Ltd. increased its holdings in Nomad Foods by 469.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 2,421 shares of the company’s stock worth $30,000 after purchasing an additional 1,996 shares in the last quarter. Johnson Financial Group Inc. bought a new position in Nomad Foods in the third quarter valued at about $43,000. Finally, Mondrian Investment Partners LTD bought a new position in Nomad Foods in the third quarter valued at about $44,000. Institutional investors own 75.26% of the company’s stock.

About Nomad Foods

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.