Evercore ISI Cuts B&G Foods (NYSE:BGS) Price Target to $9.00

B&G Foods (NYSE:BGS) had its target price trimmed by Evercore ISI from $10.00 to $9.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has an in-line rating on the stock.

Several other analysts also recently commented on the company. Barclays reduced their price objective on B&G Foods from $10.00 to $8.00 and set an “equal weight” rating for the company in a research note on Friday, July 19th. 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 report on Thursday, July 11th. Royal Bank of Canada reiterated a “sector perform” rating and set a $10.00 target price on shares of B&G Foods in a research report on Wednesday, August 7th. Finally, StockNews.com raised B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat.com, B&G Foods has a consensus rating of “Hold” and an average price target of $8.30.

B&G Foods Price Performance

Shares of NYSE BGS opened at $6.50 on Wednesday. The stock has a market cap of $514.17 million, a P/E ratio of -19.10 and a beta of 0.61. B&G Foods has a twelve month low of $6.46 and a twelve month high of $11.97. The stock has a 50 day moving average of $8.51 and a two-hundred day moving average of $8.77. The company has a current ratio of 1.63, a quick ratio of 0.48 and a debt-to-equity ratio of 2.33.

B&G Foods (NYSE:BGS) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.07). The business had revenue of $461.10 million during 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 firm’s revenue for the quarter was down 8.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.27 EPS. On average, research analysts forecast that B&G Foods will post 0.74 earnings per share for the current year.

B&G Foods Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Tuesday, December 31st will be issued a $0.19 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.76 dividend on an annualized basis and a yield of 11.70%. B&G Foods’s dividend payout ratio (DPR) is presently -223.53%.

Insider Transactions at B&G Foods

In related news, EVP Jordan E. Greenberg sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total value of $66,640.00. Following the completion of the transaction, the executive vice president now directly owns 66,095 shares of the company’s stock, valued at $550,571.35. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other B&G Foods news, Director Stephen Sherrill purchased 70,000 shares of the stock in a transaction dated Friday, November 8th. The shares were acquired at an average cost of $6.63 per share, for a total transaction of $464,100.00. Following the completion of the transaction, the director now directly owns 353,084 shares of the company’s stock, valued at $2,340,946.92. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Jordan E. Greenberg sold 8,000 shares of the firm’s stock in a transaction that occurred 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 approximately $550,571.35. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On B&G Foods

A number of large investors have recently bought and sold shares of BGS. Innealta Capital LLC purchased a new stake in shares of B&G Foods in the second quarter valued at $33,000. nVerses Capital LLC acquired a new position in shares of B&G Foods in the second quarter valued at approximately $33,000. Russell Investments Group Ltd. raised its holdings in B&G Foods by 1,556.9% in the 1st quarter. Russell Investments Group Ltd. now owns 4,921 shares of the company’s stock valued at $56,000 after acquiring an additional 4,624 shares during the last quarter. LRI Investments LLC acquired a new position in B&G Foods in the first quarter valued at $60,000. Finally, Versant Capital Management Inc increased its stake in B&G Foods by 36.9% in the second quarter. Versant Capital Management Inc now owns 5,768 shares of the company’s stock valued at $47,000 after purchasing an additional 1,555 shares during the last quarter. Institutional investors and hedge funds own 66.15% of the company’s stock.

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.