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

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

A number of other analysts also recently weighed in on NOMD. BTIG Research decreased their price objective on Nomad Foods from $18.00 to $15.00 and set a “buy” rating for the company in a report on Monday. Weiss Ratings downgraded Nomad Foods from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday. Barclays decreased their price target on Nomad Foods from $15.00 to $13.00 and set an “overweight” rating for the company in a research note on Monday. Finally, Mizuho lowered their price objective on Nomad Foods from $15.00 to $13.00 and set an “outperform” rating for the company in a research report on Tuesday. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $13.67.

Nomad Foods Trading Down 1.5%

Shares of NYSE 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 50 day moving average price of $12.29 and a two-hundred day moving average price of $12.72. The stock has a market cap of $1.61 billion, a P/E ratio of 10.32 and a beta of 0.74.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Boston Partners lifted its stake in shares of Nomad Foods by 40.3% in the 2nd quarter. Boston Partners now owns 14,323,433 shares of the company’s stock valued at $243,276,000 after purchasing an additional 4,114,150 shares during the period. Alliancebernstein L.P. increased its holdings in Nomad Foods by 0.4% in the second quarter. Alliancebernstein L.P. now owns 7,330,537 shares of the company’s stock worth $124,546,000 after purchasing an additional 27,177 shares in the last quarter. Polaris Capital Management LLC lifted its stake in Nomad Foods by 138.8% in the third quarter. Polaris Capital Management LLC now owns 3,441,900 shares of the company’s stock valued at $45,261,000 after buying an additional 2,000,400 shares during the period. Royce & Associates LP boosted its holdings in shares of Nomad Foods by 1.3% during the 4th quarter. Royce & Associates LP now owns 2,484,858 shares of the company’s stock worth $31,086,000 after buying an additional 33,052 shares in the last quarter. Finally, Ruffer LLP bought a new position in shares of Nomad Foods during the 4th quarter worth approximately $26,823,000. 75.26% of the stock is owned by institutional investors.

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.