Zacks Investment Research Upgrades Nomad Foods (NYSE:NOMD) to “Buy”

Zacks Investment Research upgraded shares of Nomad Foods (NYSE:NOMD) from a hold rating to a buy rating in a research note released on Saturday, December 2nd. The brokerage currently has $18.00 price objective 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. “

Several other research analysts have also issued reports on NOMD. Berenberg Bank began coverage on shares of Nomad Foods in a research report on Thursday, November 16th. They issued a buy rating and a $18.00 price target for the company. ValuEngine raised shares of Nomad Foods from a hold rating to a buy rating in a report on Thursday, November 16th. Finally, SunTrust Banks increased their price target on shares of Nomad Foods to $20.00 and gave the company a buy rating in a research note on Wednesday, November 29th. Six equities research analysts have rated the stock with a buy rating, The stock presently has an average rating of Buy and an average target price of $17.20.

Shares of Nomad Foods (NOMD) opened at $16.62 on Friday. The company has a current ratio of 1.03, a quick ratio of 0.56 and a debt-to-equity ratio of 0.77. Nomad Foods has a fifty-two week low of $9.15 and a fifty-two week high of $16.90. The stock has a market cap of $2,859.37 and a PE ratio of 17.46.

Hedge funds have recently modified their holdings of the business. Scoggin Management LP bought a new stake in Nomad Foods in the 3rd quarter valued at about $18,213,000. Neuberger Berman Group LLC bought a new stake in Nomad Foods in the 3rd quarter valued at about $14,312,000. California Public Employees Retirement System bought a new stake in Nomad Foods in the 3rd quarter valued at about $1,613,000. Highbridge Capital Management LLC bought a new stake in Nomad Foods in the 3rd quarter valued at about $447,000. Finally, Janus Henderson Group PLC boosted its holdings in Nomad Foods by 45.5% in the 3rd quarter. Janus Henderson Group PLC now owns 3,960,204 shares of the company’s stock valued at $57,700,000 after purchasing an additional 1,238,607 shares during the period. 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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