B&G Foods (NYSE:BGS) Price Target Cut to $9.00 by Analysts at Evercore ISI

B&G Foods (NYSE:BGS) had its price objective decreased by Evercore ISI from $10.00 to $9.00 in a research note released on Wednesday morning,Benzinga reports. Evercore ISI currently has an in-line rating on the stock.

Several other equities research analysts have also recently commented on BGS. 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 research report 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, September 26th. 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 research report on Friday, July 19th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $10.00 price target on shares of B&G Foods in a research report on Wednesday, August 7th. One research 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, the stock currently has an average rating of “Hold” and an average price target of $8.30.

B&G Foods Price Performance

Shares of B&G Foods stock opened at $6.49 on Wednesday. The firm has a market cap of $513.75 million, a PE ratio of -19.09 and a beta of 0.61. B&G Foods has a 12-month low of $6.46 and a 12-month high of $11.97. The company has a quick ratio of 0.48, a current ratio of 1.64 and a debt-to-equity ratio of 2.40. The company’s fifty day simple moving average is $8.51 and its two-hundred day simple moving average is $8.75.

B&G Foods (NYSE:BGS) last posted its earnings results on Tuesday, November 5th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.07). B&G Foods had a positive return on equity of 6.97% and a negative net margin of 1.34%. The company had revenue of $461.10 million during the quarter, compared to analysts’ expectations of $473.82 million. During the same period in the prior year, the business posted $0.27 earnings per share. The company’s revenue for the quarter was down 8.3% on a year-over-year basis. As a group, equities analysts expect that B&G Foods will post 0.73 EPS for the current year.

B&G Foods Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Tuesday, December 31st will be issued 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 (DPR) is presently -223.52%.

Insiders Place Their Bets

In other news, EVP Scott E. Lerner bought 7,611 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was acquired at an average cost of $6.57 per share, with a total value of $50,004.27. Following the completion of the acquisition, the executive vice president now owns 196,755 shares of the company’s stock, valued at approximately $1,292,680.35. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other B&G Foods news, EVP Jordan E. Greenberg sold 8,000 shares of B&G Foods stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $8.33, for a total value of $66,640.00. Following the completion of the transaction, the executive vice president now directly owns 66,095 shares of the company’s stock, valued at approximately $550,571.35. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott E. Lerner purchased 7,611 shares of B&G Foods stock in a transaction dated Friday, November 8th. The stock was bought at an average price of $6.57 per share, with a total value of $50,004.27. Following the completion of the purchase, the executive vice president now directly owns 196,755 shares of the company’s stock, valued at approximately $1,292,680.35. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of B&G Foods

Large investors have recently made changes to their positions in the stock. Empowered Funds LLC grew its stake in shares of B&G Foods by 52.4% in the first quarter. Empowered Funds LLC now owns 277,940 shares of the company’s stock worth $3,180,000 after acquiring an additional 95,580 shares during the period. Dana Investment Advisors Inc. grew its stake in shares of B&G Foods by 23.5% in the second quarter. Dana Investment Advisors Inc. now owns 710,244 shares of the company’s stock worth $5,739,000 after acquiring an additional 134,937 shares during the period. Mercer Global Advisors Inc. ADV bought a new stake in shares of B&G Foods in the second quarter worth approximately $958,000. SG Americas Securities LLC grew its stake in shares of B&G Foods by 36.7% in the first quarter. SG Americas Securities LLC now owns 17,231 shares of the company’s stock worth $197,000 after acquiring an additional 4,623 shares during the period. Finally, ProShare Advisors LLC grew its stake in shares of B&G Foods by 16.1% in the first quarter. ProShare Advisors LLC now owns 15,697 shares of the company’s stock worth $180,000 after acquiring an additional 2,180 shares during the period. 66.15% of the stock is currently owned by institutional investors.

B&G Foods Company Profile

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.