Brokerages Set B&G Foods, Inc. (NYSE:BGS) Price Target at $8.67

Shares of B&G Foods, Inc. (NYSE:BGS) have received an average rating of “Hold” from the four research firms that are covering the company, MarketBeat reports. Four analysts have rated the stock with a hold rating. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $8.67.

A number of research analysts have commented on BGS shares. Piper Sandler dropped 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 note on Thursday, July 11th. Evercore ISI raised B&G Foods to a “hold” rating in a research note on Wednesday, August 7th. 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. Barclays cut their price target 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. Finally, StockNews.com upgraded shares of B&G Foods from a “sell” rating to a “hold” rating in a research report on Thursday, September 26th.

B&G Foods Stock Down 1.3 %

BGS opened at $8.79 on Thursday. B&G Foods has a one year low of $7.20 and a one year 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 stock has a market capitalization of $694.86 million, a P/E ratio of -6.10 and a beta of 0.60. The business’s 50-day simple moving average is $8.62 and its 200-day simple moving average is $9.28.

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

B&G Foods Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 30th. Stockholders of record on Monday, September 30th will be issued a $0.19 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.76 annualized dividend and a dividend yield of 8.65%. B&G Foods’s dividend payout ratio is currently -52.78%.

Insider Buying and Selling

In other news, EVP Jordan E. Greenberg sold 8,000 shares of B&G Foods stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $8.33, for a total transaction 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 approximately $550,571.35. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Innealta Capital LLC purchased a new position in B&G Foods during the 2nd quarter valued at about $33,000. nVerses Capital LLC purchased a new position in shares of B&G Foods during the 2nd quarter worth approximately $33,000. Versant Capital Management Inc raised its position in shares of B&G Foods by 36.9% during the 2nd quarter. Versant Capital Management Inc now owns 5,768 shares of the company’s stock worth $47,000 after purchasing an additional 1,555 shares during the last quarter. Russell Investments Group Ltd. lifted its stake 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 buying an additional 4,624 shares in the last quarter. Finally, LRI Investments LLC acquired a new stake in B&G Foods during the 1st quarter valued at $60,000. 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.