Nomad Foods Ltd. (NOMD) shares advanced 4.6% to $12.35 in midday trading on Wednesday, extending gains after the frozen-foods group's chief financial officer made an open-market purchase of 28,290 shares at roughly $11.85 each.
The CFO, Ruben Baldew, acquired the shares on August 19, according to a Form 4 filing submitted on August 21. The transaction increased his direct holdings to 367,172 shares. Baldew's purchase follows a pattern of open-market buying by other executives, including CEO Dominic Brisby, company co-founders and director Ian Ashken.
The stock's advance comes as Nomad Foods reported second-quarter results that topped analyst expectations. Adjusted earnings per share reached $0.39, exceeding the consensus estimate, while revenue totaled $724 million, ahead of forecasts. The company trimmed its full-year EPS guidance, citing higher refinancing costs.
Nomad Foods' shares remain well below their 52-week high of $15.91. The broader market showed mixed performance, with the S&P 500 and Nasdaq in negative territory, while the Dow Jones Industrial Average posted modest gains.
Zacks Research downgraded Nomad Foods to a Strong Sell on the same day, providing a contrasting view to the insider buying activity.
