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

B&G Foods (NYSE:BGS) was upgraded by stock analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

A number of other brokerages also recently issued reports on BGS. Royal Bank of Canada restated a “sector perform” rating and issued a $10.00 price target on shares of B&G Foods in a research report on Wednesday, August 7th. Evercore ISI raised shares of B&G Foods to a “hold” rating in a report on Wednesday, August 7th. Barclays decreased their price target on 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, Piper Sandler reduced 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 report on Thursday, July 11th. Five analysts have rated the stock with a hold rating, According to MarketBeat, B&G Foods currently has an average rating of “Hold” and an average price target of $8.67.

B&G Foods Price Performance

Shares of BGS stock traded up $0.43 during trading hours on Thursday, reaching $9.30. 793,473 shares of the company were exchanged, compared to its average volume of 1,031,718. The company has a debt-to-equity ratio of 2.33, a current ratio of 1.63 and a quick ratio of 0.48. The company has a market cap of $734.78 million, a price-to-earnings ratio of -6.45 and a beta of 0.60. The stock’s fifty day moving average is $8.56 and its two-hundred day moving average is $9.35. B&G Foods has a fifty-two week low of $7.20 and a fifty-two week high of $11.97.

B&G Foods (NYSE:BGS) last announced its earnings results on Tuesday, August 6th. The company reported $0.08 EPS for the quarter, hitting the consensus estimate of $0.08. The business had revenue of $444.60 million during the quarter, compared to analysts’ expectations of $435.83 million. B&G Foods had a negative net margin of 5.82% and a positive return on equity of 8.07%. The firm’s revenue was down 5.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.15 earnings per share. Sell-side analysts forecast that B&G Foods will post 0.74 earnings per share for the current fiscal year.

Insider Activity at B&G Foods

In other 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 transaction of $66,640.00. Following the transaction, the executive vice president now owns 66,095 shares of the company’s stock, valued at approximately $550,571.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.20% of the stock is currently owned by insiders.

Institutional Trading of B&G Foods

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of B&G Foods by 13.4% in the 4th quarter. Vanguard Group Inc. now owns 10,043,164 shares of the company’s stock valued at $105,453,000 after buying an additional 1,190,116 shares during the period. American Century Companies Inc. boosted its position in shares of B&G Foods by 71.3% in the 2nd quarter. American Century Companies Inc. now owns 1,640,354 shares of the company’s stock valued at $13,254,000 after purchasing an additional 682,688 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of B&G Foods by 33.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,918,418 shares of the company’s stock valued at $15,501,000 after purchasing an additional 485,714 shares during the period. AQR Capital Management LLC raised its stake in B&G Foods by 154.0% during the 2nd quarter. AQR Capital Management LLC now owns 626,807 shares of the company’s stock valued at $5,065,000 after acquiring an additional 380,054 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in B&G Foods during the 1st quarter valued at approximately $2,835,000. 66.15% of the stock is owned by institutional investors and hedge funds.

About B&G Foods

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.