B&G Foods’ (BGS) Sector Perform Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of B&G Foods (NYSE:BGS) in a research report released on Wednesday morning, Benzinga reports. They currently have a $10.00 target price on the stock.

BGS has been the subject of several other research reports. StockNews.com downgraded shares of B&G Foods from a hold rating to a sell rating in a report on Friday, May 10th. Piper Sandler dropped their target price on shares of B&G Foods from $9.00 to $8.00 and set a neutral rating for the company in a report on Thursday, July 11th. Finally, Barclays dropped their target price 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. One analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat.com, B&G Foods presently has a consensus rating of Hold and a consensus price target of $8.88.

B&G Foods Stock Performance

Shares of BGS stock traded down $0.42 during mid-day trading on Wednesday, reaching $8.24. 1,171,838 shares of the company’s stock traded hands, compared to its average volume of 1,085,647. B&G Foods has a 12 month low of $7.20 and a 12 month high of $13.15. The firm has a 50 day moving average price of $8.43 and a two-hundred day moving average price of $9.74. The company has a debt-to-equity ratio of 2.58, a quick ratio of 0.92 and a current ratio of 3.22. The firm has a market capitalization of $651.38 million, a PE ratio of -5.72 and a beta of 0.61.

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, meeting analysts’ consensus estimates of $0.08. B&G Foods had a negative net margin of 5.42% and a positive return on equity of 8.33%. The firm had revenue of $444.60 million during the quarter, compared to the consensus estimate of $435.83 million. During the same quarter in the previous year, the firm posted $0.15 EPS. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. On average, research analysts forecast that B&G Foods will post 0.77 EPS for the current year.

B&G Foods Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 30th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 9.22%. The ex-dividend date of this dividend is Monday, September 30th. B&G Foods’s dividend payout ratio (DPR) is presently -52.78%.

Insider Buying and Selling at B&G Foods

In related news, EVP Scott E. Lerner acquired 11,755 shares of the company’s stock in a transaction on Monday, May 13th. The stock was acquired at an average price of $8.51 per share, with a total value of $100,035.05. Following the acquisition, the executive vice president now directly owns 189,144 shares of the company’s stock, valued at $1,609,615.44. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. In other B&G Foods news, Director Stephen Sherrill bought 125,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were purchased at an average cost of $8.59 per share, for a total transaction of $1,073,750.00. Following the transaction, the director now owns 270,136 shares of the company’s stock, valued at $2,320,468.24. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott E. Lerner bought 11,755 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were acquired at an average price of $8.51 per share, for a total transaction of $100,035.05. Following the completion of the transaction, the executive vice president now directly owns 189,144 shares in the company, valued at approximately $1,609,615.44. The disclosure for this purchase can be found here. Insiders purchased 141,955 shares of company stock valued at $1,218,453 in the last 90 days. Insiders own 3.20% of the company’s stock.

Institutional Trading of B&G Foods

Hedge funds have recently made changes to their positions in the business. Innealta Capital LLC purchased a new stake in shares of B&G Foods during the 2nd quarter valued at about $33,000. nVerses Capital LLC purchased a new stake in shares of B&G Foods during the 2nd quarter valued at about $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 valued at $47,000 after buying an additional 1,555 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of B&G Foods by 1,556.9% during 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 purchased a new stake in shares of B&G Foods during the 1st quarter valued at about $60,000. 66.15% of the stock is currently 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.