Evercore ISI Upgrades B&G Foods (NYSE:BGS) to “Hold”

Evercore ISI upgraded shares of B&G Foods (NYSE:BGS) to a hold rating in a research report report published on Wednesday, Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. Barclays reduced their target price on shares of B&G Foods from $10.00 to $8.00 and set an equal weight rating on the stock in a research note on Friday, July 19th. Piper Sandler dropped their price objective 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. StockNews.com raised shares of B&G Foods from a sell rating to a hold rating in a research report on Thursday. Finally, Royal Bank of Canada restated a sector perform rating and set a $10.00 target price on shares of B&G Foods in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $8.88.

B&G Foods Stock Down 4.8 %

Shares of NYSE:BGS opened at $8.24 on Wednesday. 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 stock’s 50-day moving average is $8.43 and its 200 day moving average is $9.73. The company has a market cap of $651.38 million, a PE ratio of -5.72 and a beta of 0.61. B&G Foods has a 1 year low of $7.20 and a 1 year high of $13.15.

B&G Foods (NYSE:BGS) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.08 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 for the quarter, compared to analysts’ expectations of $435.83 million. During the same quarter in the prior year, the company posted $0.15 earnings per share. The business’s revenue for the quarter was down 5.3% on a year-over-year basis. Sell-side analysts anticipate 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 given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 9.22%. The ex-dividend date is Monday, September 30th. B&G Foods’s dividend payout ratio is currently -52.78%.

Insider Buying and Selling

In related news, CFO Bruce C. Wacha bought 5,200 shares of the stock in a transaction on Monday, May 13th. The shares were bought at an average cost of $8.59 per share, for a total transaction of $44,668.00. Following the purchase, the chief financial officer now owns 91,328 shares of the company’s stock, valued at approximately $784,507.52. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other B&G Foods news, Director Stephen Sherrill acquired 125,000 shares of the stock in a transaction on Monday, May 13th. The stock was purchased at an average price of $8.59 per share, for a total transaction of $1,073,750.00. Following the purchase, the director now directly owns 270,136 shares in the company, valued at $2,320,468.24. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Bruce C. Wacha bought 5,200 shares of B&G Foods stock in a transaction on Monday, May 13th. The shares were purchased at an average cost of $8.59 per share, for a total transaction of $44,668.00. Following the acquisition, the chief financial officer now owns 91,328 shares in the company, valued at $784,507.52. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 141,955 shares of company stock worth $1,218,453. Company insiders own 3.20% of the company’s stock.

Institutional Trading of B&G Foods

Several hedge funds have recently made changes to their positions in BGS. SG Americas Securities LLC lifted its holdings in shares of B&G Foods by 19.6% in the fourth quarter. SG Americas Securities LLC now owns 12,608 shares of the company’s stock valued at $132,000 after buying an additional 2,065 shares during the period. Raymond James Financial Services Advisors Inc. raised its position in shares of B&G Foods by 138.9% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 69,470 shares of the company’s stock worth $729,000 after purchasing an additional 40,388 shares during the period. State of Alaska Department of Revenue grew its holdings in shares of B&G Foods by 7.4% during the fourth quarter. State of Alaska Department of Revenue now owns 48,369 shares of the company’s stock valued at $507,000 after buying an additional 3,318 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of B&G Foods by 113.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 76,840 shares of the company’s stock valued at $807,000 after buying an additional 40,861 shares in the last quarter. Finally, Mutual of America Capital Management LLC grew its holdings in shares of B&G Foods by 8.6% during the fourth quarter. Mutual of America Capital Management LLC now owns 13,761 shares of the company’s stock valued at $144,000 after buying an additional 1,090 shares in the last quarter. Institutional investors own 66.15% of the company’s stock.

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.