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

Nomad Foods (NYSE:NOMD) had its price objective cut by investment analysts at BTIG Research from $18.00 to $15.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. BTIG Research’s price objective points to a potential upside of 42.52% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Nomad Foods in a report on Wednesday, January 28th. Mizuho reduced their target price on shares of Nomad Foods from $17.00 to $15.00 and set an “outperform” rating on the stock in a research report on Thursday, January 8th. Finally, Zacks Research raised shares of Nomad Foods from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 6th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $13.67.

Nomad Foods Stock Down 1.5%

NOMD stock opened at $10.53 on Monday. Nomad Foods has a fifty-two week low of $10.50 and a fifty-two week high of $20.81. The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of 10.32 and a beta of 0.74. The business’s 50 day moving average price is $12.29 and its two-hundred day moving average price is $12.72. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.59 and a current ratio of 1.02.

Institutional Investors Weigh In On Nomad Foods

A number of institutional investors have recently made changes to their positions in NOMD. Royal Bank of Canada increased its position in shares of Nomad Foods by 9.2% during the first quarter. Royal Bank of Canada now owns 143,968 shares of the company’s stock valued at $2,829,000 after acquiring an additional 12,131 shares in the last quarter. Millennium Management LLC boosted its stake in Nomad Foods by 81.3% during the 1st quarter. Millennium Management LLC now owns 656,686 shares of the company’s stock valued at $12,904,000 after purchasing an additional 294,386 shares during the last quarter. Jane Street Group LLC boosted its stake in Nomad Foods by 50.2% during the 1st quarter. Jane Street Group LLC now owns 75,847 shares of the company’s stock valued at $1,490,000 after purchasing an additional 25,358 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Nomad Foods by 1.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 808,332 shares of the company’s stock worth $13,734,000 after purchasing an additional 8,453 shares in the last quarter. Finally, Acadian Asset Management LLC raised its stake in shares of Nomad Foods by 261.9% in the second quarter. Acadian Asset Management LLC now owns 285,675 shares of the company’s stock worth $4,846,000 after purchasing an additional 206,728 shares during the last quarter. 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.