Nomad Foods (NYSE:NOMD) Price Target Cut to $23.00 by Analysts at Mizuho

Key Points

• Mizuho has lowered its target price for Nomad Foods from $26.00 to $23.00, maintaining an "outperform" rating that suggests a potential upside of 27.88% from the stock's previous close.
• Other analysts have also downgraded Nomad Foods, with Wall Street Zen changing its rating from "buy" to "hold" and Barclays reducing their target price to $20.00 while retaining an "overweight" rating.
• Nomad Foods reported earnings of $0.37 per share, missing analysts' expectations of $0.41, with revenue decreasing by 3.0% year-over-year despite exceeding analyst estimates.

Nomad Foods (NYSE:NOMD - Get Free Report) had its price objective decreased by stock analysts at Mizuho from $26.00 to $23.00 in a research note issued on Monday, MarketBeat reports. The firm presently has an "outperform" rating on the stock. Mizuho's target price suggests a potential upside of 35.45% from the stock's current price.

Other research analysts have also recently issued research reports about the company. Barclays decreased their price target on Nomad Foods from $23.00 to $20.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Wall Street Zen cut Nomad Foods from a "buy" rating to a "hold" rating in a research note on Friday, May 9th.

Nomad Foods Trading Up 0.8%

NOMD traded up $0.14 during midday trading on Monday, hitting $16.98. The company's stock had a trading volume of 435,422 shares, compared to its average volume of 587,366. The company has a current ratio of 1.06, a quick ratio of 0.66 and a debt-to-equity ratio of 0.81. The firm has a market cap of $2.60 billion, a P/E ratio of 11.32 and a beta of 0.72. The firm has a 50-day moving average price of $17.34 and a two-hundred day moving average price of $18.27. Nomad Foods has a 52-week low of $15.43 and a 52-week high of $20.81.

Nomad Foods (NYSE:NOMD - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.04). The firm had revenue of $822.31 million for the quarter, compared to analysts' expectations of $769.39 million. Nomad Foods had a return on equity of 10.60% and a net margin of 7.35%. The firm's revenue for the quarter was down 3.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.37 EPS. On average, research analysts anticipate that Nomad Foods will post 1.82 earnings per share for the current year.

Hedge Funds Weigh In On Nomad Foods

Several institutional investors have recently bought and sold shares of the business. Summit Securities Group LLC bought a new stake in Nomad Foods in the first quarter valued at about $32,000. Johnson Financial Group Inc. bought a new stake in Nomad Foods in the fourth quarter valued at about $62,000. Headlands Technologies LLC bought a new stake in Nomad Foods in the fourth quarter valued at about $76,000. Tower Research Capital LLC TRC increased its holdings in Nomad Foods by 13,508.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 6,396 shares of the company's stock valued at $107,000 after purchasing an additional 6,349 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new stake in Nomad Foods in the fourth quarter valued at about $134,000. Institutional investors own 75.26% of the company's stock.

About Nomad Foods

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.