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

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

Several other equities analysts also recently issued reports on NOMD. Deutsche Bank Aktiengesellschaft upped their target price on Nomad Foods from $23.00 to $24.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Barclays cut their price objective on Nomad Foods from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Friday, July 19th.

Nomad Foods Stock Down 2.6 %

Nomad Foods stock traded down $0.49 during midday trading on Tuesday, reaching $18.57. The company’s stock had a trading volume of 534,007 shares, compared to its average volume of 603,485. Nomad Foods has a 52-week low of $13.56 and a 52-week high of $20.05. The stock has a market capitalization of $3.03 billion, a P/E ratio of 15.48 and a beta of 0.78. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.17 and a quick ratio of 0.73. The stock’s 50-day simple moving average is $18.78 and its 200-day simple moving average is $18.30.

Nomad Foods (NYSE:NOMD) last released its earnings results on Wednesday, August 7th. The company reported $0.47 EPS for the quarter, hitting analysts’ consensus estimates of $0.47. Nomad Foods had a net margin of 6.79% and a return on equity of 9.78%. The company had revenue of $810.64 million during the quarter, compared to analysts’ expectations of $822.21 million. On average, sell-side analysts expect that Nomad Foods will post 1.96 EPS for the current year.

Hedge Funds Weigh In On Nomad Foods

Institutional investors and hedge funds have recently modified their holdings of the stock. Blue Trust Inc. grew its holdings in Nomad Foods by 133.2% during the second quarter. Blue Trust Inc. now owns 1,635 shares of the company’s stock worth $27,000 after acquiring an additional 934 shares during the period. Headlands Technologies LLC purchased a new stake in Nomad Foods in the 2nd quarter worth approximately $42,000. National Bank of Canada FI grew its stake in shares of Nomad Foods by 378.4% during the 2nd quarter. National Bank of Canada FI now owns 2,775 shares of the company’s stock worth $46,000 after purchasing an additional 2,195 shares during the period. Quarry LP increased its holdings in shares of Nomad Foods by 366.5% during the 2nd quarter. Quarry LP now owns 3,004 shares of the company’s stock valued at $50,000 after purchasing an additional 2,360 shares in the last quarter. Finally, nVerses Capital LLC acquired a new position in shares of Nomad Foods in the 2nd quarter valued at $120,000. Institutional investors and hedge funds own 75.26% of the company’s stock.

Nomad Foods Company Profile

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.