B&G Foods (NYSE:BGS) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of B&G Foods (NYSE:BGS) from a sell rating to a hold rating in a research note published on Thursday.

Other research analysts also recently issued research reports about the stock. Evercore ISI raised shares of B&G Foods to a hold rating in a research report on Wednesday, August 7th. Royal Bank of Canada reissued a sector perform rating and set a $10.00 price objective on shares of B&G Foods in a report on Wednesday, August 7th. Piper Sandler reduced their price objective on shares of B&G Foods from $9.00 to $8.00 and set a neutral rating for the company in a research note on Thursday, July 11th. Finally, Barclays dropped their target price on B&G Foods from $10.00 to $8.00 and set an equal weight rating on the stock in a research report on Friday, July 19th. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, B&G Foods presently has a consensus rating of Hold and a consensus target price of $8.67.

B&G Foods Trading Up 0.5 %

Shares of NYSE BGS opened at $9.34 on Thursday. The business’s 50 day moving average price is $8.59 and its 200-day moving average price is $9.31. B&G Foods has a fifty-two week low of $7.20 and a fifty-two week high of $11.97. The company has a debt-to-equity ratio of 2.33, a quick ratio of 0.48 and a current ratio of 1.63. The company has a market cap of $738.34 million, a price-to-earnings ratio of -6.49 and a beta of 0.60.

B&G Foods (NYSE:BGS) last issued its earnings results on Tuesday, August 6th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.08. The firm had revenue of $444.60 million during the quarter, compared to analyst estimates of $435.83 million. B&G Foods had a negative net margin of 5.82% and a positive return on equity of 8.07%. The business’s revenue was down 5.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.15 earnings per share. On average, sell-side analysts expect that B&G Foods will post 0.74 earnings per share for the current year.

B&G Foods Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 30th. Investors of record on Monday, September 30th will be given a dividend of $0.19 per share. The ex-dividend date is Monday, September 30th. This represents a $0.76 dividend on an annualized basis and a yield of 8.14%. B&G Foods’s payout ratio is -52.78%.

Insider Buying and Selling at B&G Foods

In other news, EVP Jordan E. Greenberg sold 8,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total transaction of $66,640.00. Following the transaction, the executive vice president now directly owns 66,095 shares of the company’s stock, valued at $550,571.35. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 3.20% of the stock is owned by insiders.

Institutional Trading of B&G Foods

Institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. raised its holdings in shares of B&G Foods by 5.0% in the fourth quarter. Principal Financial Group Inc. now owns 408,915 shares of the company’s stock worth $4,294,000 after buying an additional 19,613 shares during the last quarter. Vanguard Personalized Indexing Management LLC purchased a new stake in B&G Foods during the 4th quarter valued at about $124,000. US Bancorp DE increased its holdings in shares of B&G Foods by 4.4% in the fourth quarter. US Bancorp DE now owns 74,693 shares of the company’s stock valued at $784,000 after purchasing an additional 3,176 shares during the period. Allianz Asset Management GmbH increased its holdings in shares of B&G Foods by 11.2% in the fourth quarter. Allianz Asset Management GmbH now owns 130,204 shares of the company’s stock valued at $1,367,000 after purchasing an additional 13,113 shares during the period. Finally, Cladis Investment Advisory LLC raised its stake in shares of B&G Foods by 24.3% in the fourth quarter. Cladis Investment Advisory LLC now owns 46,000 shares of the company’s stock worth $483,000 after purchasing an additional 9,000 shares during the last quarter. 66.15% of the stock is currently owned by institutional investors and hedge funds.

B&G Foods Company Profile

B&G Foods, Inc manufactures, sells, and distributes a portfolio of shelf-stable and frozen foods, and household products in the United States, Canada, and Puerto Rico. The company's products include frozen and canned vegetables, vegetables, canola and other cooking oils, vegetable shortening, cooking sprays, oatmeal and other hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegar, maple syrups, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, crackers, baking powder and soda, corn starch, nut clusters, and other specialty products.