BTIG Research Issues Pessimistic Forecast for Nomad Foods (NYSE:NOMD) Stock Price

Nomad Foods (NYSE:NOMD) had its target price reduced by equities researchers at BTIG Research from $18.00 to $15.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. BTIG Research’s price target would indicate a potential upside of 36.67% from the company’s previous close.

A number of other brokerages have also issued reports on NOMD. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Nomad Foods in a research note on Wednesday, January 28th. Zacks Research upgraded Nomad Foods from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 6th. Finally, Mizuho dropped their target price on shares of Nomad Foods from $17.00 to $15.00 and set an “outperform” rating for the company in a report on Thursday, January 8th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $16.00.

Nomad Foods Trading Down 2.5%

Shares of Nomad Foods stock opened at $10.98 on Monday. The company has a current ratio of 1.02, a quick ratio of 0.59 and a debt-to-equity ratio of 0.81. Nomad Foods has a twelve month low of $10.66 and a twelve month high of $20.81. The firm has a market capitalization of $1.68 billion, a PE ratio of 10.76 and a beta of 0.74. The firm’s 50-day moving average price is $12.37 and its 200 day moving average price is $12.78.

Institutional Investors Weigh In On Nomad Foods

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Polaris Capital Management LLC boosted its position in Nomad Foods by 138.8% in the 3rd 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. Moody Aldrich Partners LLC raised its stake in shares of Nomad Foods by 188.1% in the third quarter. Moody Aldrich Partners LLC now owns 247,558 shares of the company’s stock valued at $3,255,000 after acquiring an additional 161,623 shares in the last quarter. Norges Bank purchased a new position in Nomad Foods in the second quarter valued at $15,603,000. American Assets Inc. acquired a new position in Nomad Foods during the 3rd quarter worth $526,000. Finally, ABN AMRO Bank N.V. acquired a new position in Nomad Foods during the 2nd quarter worth $6,056,000. Hedge funds and other 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.