B&G Foods, Inc. (NYSE:BGS) Receives Consensus Recommendation of “Reduce” from Brokerages

B&G Foods, Inc. (NYSE:BGS) has earned an average recommendation of “Reduce” from the five research firms that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and four have given a hold recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $8.88.

Several research firms recently weighed in on BGS. Barclays reduced their price objective on shares of B&G Foods from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Friday, July 19th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $10.00 price objective on shares of B&G Foods in a report on Wednesday, August 7th. Evercore ISI raised B&G Foods to a “hold” rating in a report on Wednesday, August 7th. Piper Sandler decreased their price target on B&G Foods from $9.00 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, July 11th. Finally, StockNews.com raised B&G Foods from a “sell” rating to a “hold” rating in a research note on Saturday, August 17th.

Institutional Investors Weigh In On B&G Foods

Large investors have recently made changes to their positions in the company. Texas Permanent School Fund Corp grew its holdings in B&G Foods by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 68,433 shares of the company’s stock valued at $783,000 after purchasing an additional 960 shares during the last quarter. Versant Capital Management Inc boosted its holdings in shares of B&G Foods by 36.9% in the 2nd 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 in the last quarter. Rhumbline Advisers lifted its position in shares of B&G Foods by 0.7% during the second quarter. Rhumbline Advisers now owns 248,716 shares of the company’s stock worth $2,010,000 after purchasing an additional 1,625 shares in the last quarter. SummerHaven Investment Management LLC boosted its holdings in B&G Foods by 3.0% in the second quarter. SummerHaven Investment Management LLC now owns 55,725 shares of the company’s stock valued at $450,000 after acquiring an additional 1,636 shares during the last quarter. Finally, SeaCrest Wealth Management LLC grew its position in shares of B&G Foods by 12.6% during the 1st quarter. SeaCrest Wealth Management LLC now owns 15,170 shares of the company’s stock worth $174,000 after buying an additional 1,700 shares during the period. Institutional investors and hedge funds own 66.15% of the company’s stock.

B&G Foods Stock Performance

NYSE:BGS opened at $8.47 on Friday. B&G Foods has a 12-month low of $7.20 and a 12-month high of $13.15. The firm has a market capitalization of $669.56 million, a P/E ratio of -5.88 and a beta of 0.61. The company has a debt-to-equity ratio of 2.58, a current ratio of 3.22 and a quick ratio of 0.92. The business has a 50 day simple moving average of $8.26 and a 200 day simple moving average of $9.55.

B&G Foods (NYSE:BGS) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.08. B&G Foods had a positive return on equity of 8.33% and a negative net margin of 5.42%. The business had revenue of $444.60 million during the quarter, compared to the consensus estimate of $435.83 million. During the same period in the previous year, the firm posted $0.15 earnings per share. The business’s revenue was down 5.3% on a year-over-year basis. Equities research analysts predict that B&G Foods will post 0.77 EPS for the current year.

B&G Foods Dividend Announcement

The business 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. This represents a $0.76 annualized dividend and a dividend yield of 8.97%. The ex-dividend date of this dividend is Monday, September 30th. B&G Foods’s dividend payout ratio is presently -52.78%.

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.