TD Cowen Has Lowered Expectations for B&G Foods (NYSE:BGS) Stock Price

B&G Foods (NYSE:BGS) had its price target dropped by TD Cowen from $8.00 to $7.50 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “sell” rating on the stock. TD Cowen’s price objective points to a potential upside of 3.59% from the company’s previous close.

A number of other equities analysts also recently commented on BGS. Evercore ISI decreased their price objective on shares of B&G Foods from $10.00 to $9.00 and set an “in-line” rating for the company in a report on Wednesday. Piper Sandler decreased 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 report on Thursday, July 11th. StockNews.com raised shares of B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. Barclays decreased their price objective on shares of B&G Foods from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Friday, July 19th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $10.00 target price on shares of B&G Foods in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $8.50.

B&G Foods Stock Down 17.9 %

Shares of BGS traded down $1.58 during mid-day trading on Wednesday, reaching $7.24. 3,426,876 shares of the stock traded hands, compared to its average volume of 1,020,758. The firm has a market cap of $573.12 million, a price-to-earnings ratio of -4.70 and a beta of 0.61. The stock has a fifty day simple moving average of $8.61 and a 200 day simple moving average of $8.83. B&G Foods has a 12-month low of $7.20 and a 12-month high of $11.97. The company has a quick ratio of 0.48, a current ratio of 1.63 and a debt-to-equity ratio of 2.33.

B&G Foods (NYSE:BGS) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). The firm had revenue of $461.10 million for the quarter, compared to analysts’ expectations of $473.82 million. B&G Foods had a negative net margin of 5.82% and a positive return on equity of 8.07%. The company’s revenue for the quarter was down 8.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.27 EPS. Sell-side analysts expect that B&G Foods will post 0.74 EPS for the current fiscal year.

Insiders Place Their Bets

In other B&G Foods 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 owns 66,095 shares of the company’s stock, valued at approximately $550,571.35. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.20% of the company’s stock.

Institutional Trading of B&G Foods

Several institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its position in shares of B&G Foods by 33.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,918,418 shares of the company’s stock valued at $15,501,000 after buying an additional 485,714 shares in the last quarter. American Century Companies Inc. increased its position in shares of B&G Foods by 71.3% in the 2nd quarter. American Century Companies Inc. now owns 1,640,354 shares of the company’s stock valued at $13,254,000 after buying an additional 682,688 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of B&G Foods by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,200,039 shares of the company’s stock valued at $9,696,000 after buying an additional 5,842 shares in the last quarter. Dana Investment Advisors Inc. increased its position in shares of B&G Foods by 23.5% in the 2nd quarter. Dana Investment Advisors Inc. now owns 710,244 shares of the company’s stock valued at $5,739,000 after buying an additional 134,937 shares in the last quarter. Finally, Gilman Hill Asset Management LLC increased its position in shares of B&G Foods by 5.8% in the 3rd quarter. Gilman Hill Asset Management LLC now owns 636,506 shares of the company’s stock valued at $5,652,000 after buying an additional 34,768 shares in the last quarter. Institutional investors own 66.15% of the company’s stock.

About B&G Foods

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.