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

B&G Foods (NYSE:BGS) had its price target reduced by Evercore ISI from $10.00 to $9.00 in a research note released on Wednesday,Benzinga reports. They currently have an in-line rating on the stock.

Several other equities analysts have also issued reports on BGS. Royal Bank of Canada reissued a “sector perform” rating and issued a $10.00 price target on shares of B&G Foods in a report on Wednesday, August 7th. Piper Sandler cut their price target 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. Barclays dropped 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 report on Friday, July 19th. Finally, StockNews.com upgraded B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to data from MarketBeat, B&G Foods presently has an average rating of “Hold” and an average target price of $8.30.

B&G Foods Trading Down 4.1 %

BGS stock traded down $0.29 during midday trading on Wednesday, reaching $6.78. The company’s stock had a trading volume of 1,831,612 shares, compared to its average volume of 1,037,571. The business’s 50-day simple moving average is $8.58 and its 200-day simple moving average is $8.82. The stock has a market cap of $536.70 million, a PE ratio of -4.71 and a beta of 0.61. B&G Foods has a 52 week low of $6.75 and a 52 week 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 released 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 negative net margin of 5.82% and a positive return on equity of 8.07%. The company 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 company posted $0.27 EPS. The company’s revenue for the quarter was down 8.3% compared to the same quarter last year. As a group, sell-side analysts expect that B&G Foods will post 0.74 EPS for the current year.

B&G Foods Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Tuesday, December 31st will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 11.21%. The ex-dividend date of this dividend is Tuesday, December 31st. B&G Foods’s payout ratio is presently -49.35%.

Insider Buying and Selling

In other news, EVP Jordan E. Greenberg sold 8,000 shares of B&G Foods 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 transaction, the executive vice president now 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 sale was disclosed in a legal filing with the SEC, which is available at this link. 3.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On B&G Foods

A number of large investors have recently added to or reduced their stakes in BGS. Innealta Capital LLC acquired a new position in shares of B&G Foods in the second quarter valued at $33,000. nVerses Capital LLC bought a new position in B&G Foods in the 2nd quarter valued at about $33,000. Russell Investments Group Ltd. lifted its position in B&G Foods by 1,556.9% during the first quarter. Russell Investments Group Ltd. now owns 4,921 shares of the company’s stock worth $56,000 after acquiring an additional 4,624 shares during the last quarter. LRI Investments LLC acquired a new stake in B&G Foods during the first quarter worth approximately $60,000. Finally, Versant Capital Management Inc boosted its holdings in shares of B&G Foods by 36.9% during the second quarter. Versant Capital Management Inc now owns 5,768 shares of the company’s stock worth $47,000 after acquiring an additional 1,555 shares during the period. Institutional investors 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.