B&G Foods (NYSE:BGS) Price Target Cut to $8.00

B&G Foods (NYSE:BGS) had its price objective reduced by equities researchers at Piper Sandler from $9.00 to $8.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s price target indicates a potential upside of 1.52% from the company’s current price.

Separately, StockNews.com lowered shares of B&G Foods from a “hold” rating to a “sell” rating in a research note on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. Based on data from MarketBeat, B&G Foods currently has an average rating of “Hold” and an average target price of $9.17.

B&G Foods Stock Performance

NYSE:BGS opened at $7.88 on Thursday. The company has a fifty day moving average of $8.87 and a 200-day moving average of $10.01. The firm has a market capitalization of $622.92 million, a P/E ratio of -5.47 and a beta of 0.61. The company has a quick ratio of 0.92, a current ratio of 3.22 and a debt-to-equity ratio of 2.58. B&G Foods has a twelve month low of $7.20 and a twelve month high of $15.15.

B&G Foods (NYSE:BGS) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.02). The business had revenue of $475.22 million for the quarter, compared to the consensus estimate of $480.93 million. B&G Foods had a negative net margin of 5.42% and a positive return on equity of 8.33%. The business’s revenue for the quarter was down 7.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.27 EPS. As a group, sell-side analysts anticipate that B&G Foods will post 0.79 EPS for the current year.

Insider Transactions at B&G Foods

In other news, CFO Bruce C. Wacha bought 5,200 shares of B&G Foods stock in a transaction dated Monday, May 13th. The stock was purchased at an average price of $8.59 per share, for a total transaction of $44,668.00. Following the purchase, the chief financial officer now directly owns 91,328 shares in the company, valued at approximately $784,507.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, EVP Scott E. Lerner purchased 11,755 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were bought at an average cost of $8.51 per share, with a total value of $100,035.05. Following the acquisition, the executive vice president now owns 189,144 shares of the company’s stock, valued at $1,609,615.44. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Bruce C. Wacha purchased 5,200 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was bought at an average cost of $8.59 per share, for a total transaction of $44,668.00. Following the completion of the acquisition, the chief financial officer now directly owns 91,328 shares in the company, valued at approximately $784,507.52. The disclosure for this purchase can be found here. Insiders bought a total of 141,955 shares of company stock worth $1,218,453 in the last quarter. 3.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On B&G Foods

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Texas Permanent School Fund Corp boosted its holdings in shares of B&G Foods by 1.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 68,433 shares of the company’s stock worth $783,000 after buying an additional 960 shares during the last quarter. SummerHaven Investment Management LLC boosted its holdings in shares of B&G Foods by 1.9% in the 4th quarter. SummerHaven Investment Management LLC now owns 53,151 shares of the company’s stock worth $558,000 after buying an additional 1,007 shares during the last quarter. Mutual of America Capital Management LLC boosted its holdings in shares of B&G Foods by 8.6% in the 4th quarter. Mutual of America Capital Management LLC now owns 13,761 shares of the company’s stock worth $144,000 after buying an additional 1,090 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 buying an additional 1,555 shares during the last quarter. Finally, SeaCrest Wealth Management LLC boosted its holdings in shares of B&G Foods by 12.6% in 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 last quarter. 66.15% of the stock is owned by hedge funds and other institutional investors.

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.