Barclays Lowers B&G Foods (NYSE:BGS) Price Target to $7.00

B&G Foods (NYSE:BGS) had its price target trimmed by Barclays from $8.00 to $7.00 in a report published on Thursday,Benzinga reports. The firm currently has an equal weight rating on the stock.

A number of other brokerages have also commented on BGS. Evercore ISI decreased their price objective on B&G Foods from $10.00 to $9.00 and set an “in-line” rating on the stock in a research report on Wednesday. StockNews.com upgraded B&G Foods from a “sell” rating to a “hold” rating in a research report on Thursday, September 26th. Piper Sandler reduced their target price on B&G Foods from $9.00 to $8.00 and set a “neutral” rating on the stock in a 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 report on Wednesday, August 7th. Finally, TD Cowen dropped their price target on B&G Foods from $8.00 to $7.50 and set a “sell” rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $8.30.

B&G Foods Price Performance

Shares of NYSE:BGS opened at $6.49 on Thursday. The business has a 50 day moving average price of $8.51 and a 200 day moving average price of $8.75. B&G Foods has a twelve month low of $6.46 and a twelve month high of $11.97. The company has a market cap of $513.75 million, a price-to-earnings ratio of -19.09 and a beta of 0.61. The company has a quick ratio of 0.48, a current ratio of 1.64 and a debt-to-equity ratio of 2.40.

B&G Foods (NYSE:BGS) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). B&G Foods had a positive return on equity of 6.97% and a negative net margin of 1.34%. The firm had revenue of $461.10 million during the quarter, compared to the consensus estimate of $473.82 million. During the same quarter in the prior year, the business posted $0.27 EPS. B&G Foods’s revenue was down 8.3% compared to the same quarter last year. Research analysts predict that B&G Foods will post 0.73 earnings per share for the current year.

B&G Foods Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.76 annualized dividend and a yield of 11.71%. B&G Foods’s dividend payout ratio is currently -223.52%.

Insider Transactions at B&G Foods

In related news, EVP Jordan E. Greenberg sold 8,000 shares of the stock in a transaction 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 sale, the executive vice president now directly owns 66,095 shares in the company, valued at $550,571.35. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other B&G Foods news, EVP Scott E. Lerner acquired 7,611 shares of the stock in a transaction dated Friday, November 8th. The stock was purchased at an average cost of $6.57 per share, with a total value of $50,004.27. Following the transaction, the executive vice president now owns 196,755 shares in the company, valued at approximately $1,292,680.35. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Jordan E. Greenberg sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $8.33, for a total value of $66,640.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On B&G Foods

A number of hedge funds have recently added to or reduced their stakes in BGS. BNP Paribas Financial Markets raised its holdings in shares of B&G Foods by 97.9% in the 1st quarter. BNP Paribas Financial Markets now owns 38,965 shares of the company’s stock worth $446,000 after purchasing an additional 19,277 shares during the period. Janney Montgomery Scott LLC grew its position in B&G Foods by 6.4% in the first quarter. Janney Montgomery Scott LLC now owns 261,106 shares of the company’s stock worth $2,987,000 after acquiring an additional 15,672 shares in the last quarter. Texas Permanent School Fund Corp grew its position in B&G Foods by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 68,433 shares of the company’s stock worth $783,000 after acquiring an additional 960 shares in the last quarter. Empowered Funds LLC boosted its position in B&G Foods by 52.4% during the first quarter. Empowered Funds LLC now owns 277,940 shares of the company’s stock valued at $3,180,000 after buying an additional 95,580 shares during the period. Finally, SG Americas Securities LLC boosted its position in B&G Foods by 36.7% during the first quarter. SG Americas Securities LLC now owns 17,231 shares of the company’s stock valued at $197,000 after buying an additional 4,623 shares during the period. 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.