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

StockNews.com upgraded shares of B&G Foods (NYSE:BGSFree Report) from a sell rating to a hold rating in a report published on Thursday morning.

Several other equities research analysts have also recently commented on BGS. Piper Sandler cut their price objective on shares of B&G Foods from $9.00 to $8.00 and set a neutral rating on the stock in a research report on Thursday, July 11th. Barclays cut their price objective on shares of 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. Finally, Royal Bank of Canada reiterated a sector perform rating and issued a $10.00 price target on shares of B&G Foods in a research note on Wednesday. One analyst has rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $8.88.

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B&G Foods Trading Down 4.9 %

Shares of NYSE BGS traded down $0.43 during midday trading on Thursday, reaching $8.24. 1,171,533 shares of the stock were exchanged, compared to its average volume of 1,085,647. The business has a 50-day simple moving average of $8.43 and a two-hundred day simple moving average of $9.74. The company has a market capitalization of $650.98 million, a price-to-earnings ratio of -5.72 and a beta of 0.61. B&G Foods has a 12 month low of $7.20 and a 12 month high of $13.15. The company has a debt-to-equity ratio of 2.58, a current ratio of 3.22 and a quick ratio of 0.92.

B&G Foods (NYSE:BGSGet Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. The business had revenue of $444.60 million for the quarter, compared to analysts’ expectations of $435.83 million. B&G Foods had a negative net margin of 5.42% and a positive return on equity of 8.33%. The firm’s revenue was down 5.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.15 EPS. As a group, equities research analysts expect that B&G Foods will post 0.77 EPS for the current year.

B&G Foods Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 30th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.19 per share. The ex-dividend date is Monday, September 30th. This represents a $0.76 annualized dividend and a dividend yield of 9.23%. B&G Foods’s dividend payout ratio is presently -52.78%.

Insider Transactions at B&G Foods

In other news, EVP Scott E. Lerner acquired 11,755 shares of the stock in a transaction dated Monday, May 13th. The shares were bought at an average cost of $8.51 per share, for a total transaction of $100,035.05. Following the purchase, the executive vice president now directly owns 189,144 shares of the company’s stock, valued at $1,609,615.44. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Scott E. Lerner acquired 11,755 shares of the stock in a transaction dated Monday, May 13th. The shares were bought at an average cost of $8.51 per share, for a total transaction of $100,035.05. Following the purchase, the executive vice president now directly owns 189,144 shares of the company’s stock, valued at $1,609,615.44. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Bruce C. Wacha acquired 5,200 shares of the stock in a transaction dated Monday, May 13th. The shares were purchased at an average price of $8.59 per share, for a total transaction of $44,668.00. Following the completion of the purchase, the chief financial officer now directly owns 91,328 shares in the company, valued at $784,507.52. The disclosure for this purchase can be found here. Insiders have bought 141,955 shares of company stock worth $1,218,453 in the last ninety days. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Innealta Capital LLC bought a new stake in B&G Foods in the 2nd quarter valued at about $33,000. nVerses Capital LLC bought a new stake in B&G Foods in the 2nd quarter valued at about $33,000. Versant Capital Management Inc boosted its holdings in B&G Foods by 36.9% in the 2nd 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 period. Russell Investments Group Ltd. boosted 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 purchasing an additional 4,624 shares during the period. Finally, LRI Investments LLC bought a new stake in B&G Foods in the 1st quarter valued at about $60,000. Institutional investors and hedge funds own 66.15% of the company’s stock.

About B&G Foods

(Get Free Report)

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.

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Analyst Recommendations for B&G Foods (NYSE:BGS)

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