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

Key Points

• Barclays has lowered its price target for Nomad Foods from $20.00 to $18.00, maintaining an "overweight" rating that suggests a potential upside of 12.54% from the current stock price.
• Other analysts, including Wall Street Zen and Mizuho, have also adjusted their ratings and price targets for Nomad Foods, with Wall Street Zen reducing its rating to "hold" and Mizuho lowering its target from $26.00 to $23.00.
• Nomad Foods reported earnings of $0.45 per share for the last quarter, which beat analysts' expectations and included revenue of $879.27 million, higher than the forecasted $762.81 million.

Nomad Foods (NYSE:NOMD - Get Free Report) had its price target dropped by research analysts at Barclays from $20.00 to $18.00 in a report released on Friday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Barclays's target price indicates a potential upside of 11.38% from the stock's current price.

A number of other brokerages have also weighed in on NOMD. Wall Street Zen lowered shares of Nomad Foods from a "buy" rating to a "hold" rating in a research note on Friday, May 9th. Mizuho reduced their price target on shares of Nomad Foods from $26.00 to $23.00 and set an "outperform" rating for the company in a research note on Monday, July 28th.

Nomad Foods Stock Performance

Shares of NYSE NOMD traded up $0.38 during midday trading on Friday, hitting $16.16. 1,003,600 shares of the company's stock were exchanged, compared to its average volume of 1,068,602. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.02 and a quick ratio of 0.66. The stock's 50 day moving average price is $17.20 and its 200-day moving average price is $18.26. The firm has a market cap of $2.48 billion, a P/E ratio of 11.07 and a beta of 0.72. Nomad Foods has a twelve month low of $14.87 and a twelve month high of $20.81.

Nomad Foods (NYSE:NOMD - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.45 earnings per share for the quarter, topping analysts' consensus estimates of $0.44 by $0.01. The company had revenue of $879.27 million during the quarter, compared to analyst estimates of $762.81 million. Nomad Foods had a net margin of 6.93% and a return on equity of 10.26%. The business's revenue for the quarter was down .8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.44 EPS. Equities research analysts anticipate that Nomad Foods will post 1.82 EPS for the current year.

Institutional Trading of Nomad Foods

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cetera Investment Advisers acquired a new stake in Nomad Foods during the second quarter valued at approximately $221,000. SG Americas Securities LLC lifted its position in shares of Nomad Foods by 150.5% in the 2nd quarter. SG Americas Securities LLC now owns 67,543 shares of the company's stock valued at $1,148,000 after acquiring an additional 40,575 shares in the last quarter. Boston Partners lifted its position in shares of Nomad Foods by 39.4% in the 2nd quarter. Boston Partners now owns 14,231,566 shares of the company's stock valued at $241,715,000 after acquiring an additional 4,022,283 shares in the last quarter. Vise Technologies Inc. purchased a new stake in shares of Nomad Foods in the 2nd quarter valued at approximately $241,000. Finally, Acadian Asset Management LLC lifted its position in shares of Nomad Foods by 261.9% in the 2nd quarter. Acadian Asset Management LLC now owns 285,675 shares of the company's stock valued at $4,846,000 after acquiring an additional 206,728 shares in the last quarter. 75.26% of the stock is owned by institutional investors and hedge funds.

Nomad Foods Company Profile

Nomad Foods Limited, together with its subsidiaries, manufactures, markets, and distributes a range of frozen food products in the United Kingdom and internationally. The company offers frozen fish products, including fish fingers, coated fish, and natural fish; ready-to-cook vegetable products, such as peas and spinach; and frozen poultry and meat products comprising nuggets, grills, and burgers.