Nomad Foods (NYSE:NOMD) Issues Q3 Earnings Guidance

Nomad Foods (NYSE:NOMD) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided EPS guidance of EUR0.37-0.39 for the period, compared to the consensus EPS estimate of $0.40. The company issued revenue guidance of EUR750-755 million, compared to the consensus revenue estimate of $771.02 million. Nomad Foods also updated its FY23 guidance to EUR1.54-1.57 EPS.

Wall Street Analysts Forecast Growth

NOMD has been the topic of several recent analyst reports. StockNews.com raised Nomad Foods from a hold rating to a buy rating in a research note on Wednesday, August 16th. Citigroup reduced their price target on shares of Nomad Foods from $25.00 to $23.00 and set a buy rating for the company in a research note on Thursday, August 10th. Deutsche Bank Aktiengesellschaft boosted their target price on Nomad Foods from $21.00 to $24.00 in a report on Thursday, May 11th. Finally, Barclays increased their price target on Nomad Foods from $21.00 to $22.00 in a research note on Friday, May 12th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Nomad Foods presently has an average rating of Moderate Buy and a consensus target price of $22.00.

Nomad Foods Stock Performance

NOMD opened at $16.72 on Thursday. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 0.81. The firm has a market cap of $2.92 billion, a PE ratio of 13.38 and a beta of 0.72. The business has a fifty day simple moving average of $17.83 and a 200-day simple moving average of $18.01. Nomad Foods has a fifty-two week low of $12.50 and a fifty-two week high of $19.76.

Nomad Foods (NYSE:NOMD) last issued its quarterly earnings results on Wednesday, August 9th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. Nomad Foods had a return on equity of 11.21% and a net margin of 6.88%. The firm had revenue of $811.11 million for the quarter, compared to analysts’ expectations of $815.57 million. As a group, equities analysts predict that Nomad Foods will post 1.7 EPS for the current fiscal year.

Institutional Trading of Nomad Foods

Several hedge funds and other institutional investors have recently modified their holdings of NOMD. Quarry LP purchased a new stake in Nomad Foods in the 2nd quarter worth about $30,000. Lazard Asset Management LLC grew its position in Nomad Foods by 117.5% during the fourth quarter. Lazard Asset Management LLC now owns 1,897 shares of the company’s stock valued at $32,000 after purchasing an additional 1,025 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Nomad Foods by 2,753.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,623 shares of the company’s stock valued at $81,000 after buying an additional 4,461 shares during the period. State of Wyoming grew its holdings in shares of Nomad Foods by 18.0% during the 4th quarter. State of Wyoming now owns 9,221 shares of the company’s stock valued at $159,000 after acquiring an additional 1,404 shares in the last quarter. Finally, American Trust acquired a new position in shares of Nomad Foods in the fourth quarter worth $191,000. Institutional investors and hedge funds own 74.44% of the company’s stock.

About Nomad Foods

Nomad Foods Limited manufactures, markets, and distributes a range of frozen food products in the United Kingdom, Italy, Germany, France, Sweden, Austria, Norway, Spain, Serbia, Croatia, Switzerland, and rest of Europe. 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.