Nomad Foods (NOMD) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Nomad Foods (NYSE:NOMD) from a hold rating to a buy rating in a report released on Saturday. They currently have $18.00 price target on the stock.

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. “

Other equities research analysts have also issued reports about the company. SunTrust Banks upped their price target on Nomad Foods to $20.00 and gave the company a buy rating in a research report on Wednesday, November 29th. ValuEngine upgraded Nomad Foods from a hold rating to a buy rating in a report on Thursday, November 16th. Finally, Berenberg Bank assumed coverage on Nomad Foods in a report on Thursday, November 16th. They issued a buy rating and a $18.00 price objective on the stock. Six equities research analysts have rated the stock with a buy rating, Nomad Foods has an average rating of Buy and a consensus target price of $17.20.

Shares of Nomad Foods (NYSE NOMD) opened at $16.59 on Friday. Nomad Foods has a 52 week low of $9.15 and a 52 week high of $16.90. The company has a current ratio of 1.03, a quick ratio of 0.56 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $2,864.54 and a P/E ratio of 17.50.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NOMD. Boston Partners lifted its stake in Nomad Foods by 28.9% during the third quarter. Boston Partners now owns 8,252,928 shares of the company’s stock worth $120,245,000 after purchasing an additional 1,852,022 shares in the last quarter. Brown Advisory Inc. acquired a new stake in shares of Nomad Foods in the third quarter valued at $60,398,000. Investec Asset Management LTD acquired a new stake in shares of Nomad Foods in the third quarter valued at $59,739,000. Janus Henderson Group PLC raised its stake in shares of Nomad Foods by 45.5% in the third quarter. Janus Henderson Group PLC now owns 3,960,204 shares of the company’s stock valued at $57,700,000 after acquiring an additional 1,238,607 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Nomad Foods by 5.7% in the third quarter. Victory Capital Management Inc. now owns 3,387,760 shares of the company’s stock valued at $49,359,000 after acquiring an additional 181,730 shares in the last quarter. Hedge funds and other institutional investors own 72.83% of the company’s stock.

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About Nomad Foods

Nomad Foods Limited manufactures and distributes frozen foods primarily in the United Kingdom, Italy, Germany, Sweden, France, and Norway. The company’s 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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