Zacks Investment Research downgraded shares of Nomad Foods Limited (NYSE:NOMD) from a strong-buy rating to a hold rating in a research report report published on Tuesday.
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 subject of a number of other reports. ValuEngine downgraded shares of Nomad Foods Limited from a buy rating to a hold rating in a report on Friday, June 2nd. UBS AG reiterated a buy rating and set a $16.00 price target (up from $14.00) on shares of Nomad Foods Limited in a report on Tuesday, May 30th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Nomad Foods Limited has a consensus rating of Buy and an average price target of $15.25.
Nomad Foods Limited (NOMD) opened at 14.83 on Tuesday. Nomad Foods Limited has a 12-month low of $9.00 and a 12-month high of $14.94. The firm has a market capitalization of $2.70 billion and a price-to-earnings ratio of 54.72. The firm has a 50-day moving average of $14.19 and a 200 day moving average of $12.49.
Nomad Foods Limited (NYSE:NOMD) last issued its quarterly earnings results on Thursday, May 25th. The company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.01. The business had revenue of $531.30 million during the quarter, compared to the consensus estimate of $534.03 million. Nomad Foods Limited had a net margin of 2.13% and a return on equity of 7.56%. The company’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.29 earnings per share. On average, equities analysts predict that Nomad Foods Limited will post $1.04 EPS for the current year.
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Nomad Foods Limited announced that its Board of Directors has approved a share repurchase program on Monday, June 12th that permits the company to buyback $105.10 million in shares. This buyback authorization permits the company to purchase shares of its stock through a private placement purchase. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Several large investors have recently modified their holdings of NOMD. Capital Fund Management S.A. purchased a new stake in shares of Nomad Foods Limited during the second quarter worth approximately $145,000. Balter Liquid Alternatives LLC purchased a new stake in shares of Nomad Foods Limited during the second quarter worth approximately $172,000. Pacad Investment Ltd. increased its stake in shares of Nomad Foods Limited by 16.1% in the second quarter. Pacad Investment Ltd. now owns 14,100 shares of the company’s stock worth $199,000 after buying an additional 1,959 shares during the period. Trexquant Investment LP purchased a new stake in shares of Nomad Foods Limited during the second quarter worth approximately $208,000. Finally, Oppenheimer Asset Management Inc. increased its stake in shares of Nomad Foods Limited by 133.1% in the second quarter. Oppenheimer Asset Management Inc. now owns 19,119 shares of the company’s stock worth $269,000 after buying an additional 10,917 shares during the period. Institutional investors and hedge funds own 84.36% of the company’s stock.
Nomad Foods Limited Company Profile
Nomad Foods Limited manufactures and distributes frozen foods primarily in the United Kingdom, Italy, Germany, Sweden, France, and Norway. The companys frozen food products include fish, vegetables, poultry products, and ready meals. It sells its products directly or through distribution arrangements to supermarkets and large food retail chains under the Birdseye, Findus, and Iglo brands.
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