B&G Foods (NYSE:BGS) Price Target Cut to $7.00 by Analysts at Barclays

B&G Foods (NYSE:BGS) had its target price cut by Barclays from $8.00 to $7.00 in a report issued on Thursday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Other equities analysts have also issued research reports about the company. Evercore ISI decreased their price target on B&G Foods from $10.00 to $9.00 and set an “in-line” rating on the stock in a research note on Wednesday. StockNews.com raised shares of B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. Royal Bank of Canada reiterated a “sector perform” rating and set a $10.00 price objective on shares of B&G Foods in a research report on Wednesday, August 7th. Piper Sandler decreased their target price 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. Finally, TD Cowen dropped their price target on B&G Foods from $8.00 to $7.50 and set a “sell” rating for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $8.30.

B&G Foods Stock Performance

Shares of BGS stock traded down $0.11 on Thursday, hitting $6.49. The company’s stock had a trading volume of 2,494,910 shares, compared to its average volume of 1,057,094. The company has a market capitalization of $513.77 million, a PE ratio of -19.21 and a beta of 0.61. The company has a debt-to-equity ratio of 2.33, a quick ratio of 0.48 and a current ratio of 1.63. The stock’s 50 day moving average is $8.55 and its 200-day moving average is $8.80. B&G Foods has a fifty-two week low of $6.46 and a fifty-two week high of $11.97.

B&G Foods (NYSE:BGS) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.07). B&G Foods had a positive return on equity of 8.07% and a negative net margin of 5.82%. The firm had revenue of $461.10 million for the quarter, compared to the consensus estimate of $473.82 million. During the same period in the prior year, the company earned $0.27 EPS. The company’s revenue for the quarter was down 8.3% compared to the same quarter last year. Equities research analysts expect that B&G Foods will post 0.74 earnings per share for the current fiscal year.

B&G Foods Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Tuesday, December 31st will be paid a $0.19 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.76 annualized dividend and a yield of 11.71%. B&G Foods’s dividend payout ratio is currently -223.53%.

Insider Activity

In related news, EVP Jordan E. Greenberg sold 8,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total transaction of $66,640.00. Following the completion of the transaction, the executive vice president now directly owns 66,095 shares in the company, valued at $550,571.35. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On B&G Foods

Institutional investors have recently modified their holdings of the company. Empowered Funds LLC increased its stake in shares of B&G Foods by 5.4% in the third quarter. Empowered Funds LLC now owns 315,620 shares of the company’s stock worth $2,803,000 after buying an additional 16,080 shares during the period. Versor Investments LP lifted its stake in shares of B&G Foods by 13.4% in the 3rd quarter. Versor Investments LP now owns 24,300 shares of the company’s stock valued at $216,000 after purchasing an additional 2,862 shares during the period. Janney Montgomery Scott LLC lifted its position in B&G Foods by 1.7% during the third quarter. Janney Montgomery Scott LLC now owns 254,265 shares of the company’s stock valued at $2,258,000 after buying an additional 4,240 shares during the period. Nisa Investment Advisors LLC grew its position in shares of B&G Foods by 47.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 104,459 shares of the company’s stock worth $947,000 after buying an additional 33,712 shares during the period. Finally, PFG Investments LLC lifted its position in B&G Foods by 12.5% during the 3rd quarter. PFG Investments LLC now owns 18,045 shares of the company’s stock valued at $160,000 after acquiring an additional 2,008 shares during the period. 66.15% of the stock is currently owned by 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.