B&G Foods (NYSE:BGS) Rating Lowered to Sell at StockNews.com

StockNews.com lowered shares of B&G Foods (NYSE:BGS) from a hold rating to a sell rating in a research report report published on Monday.

Several other brokerages have also weighed in on BGS. Royal Bank of Canada reiterated a sector perform rating and set a $10.00 price objective on shares of B&G Foods in a report on Wednesday, August 7th. Barclays dropped their price objective on shares of B&G Foods from $10.00 to $8.00 and set an equal weight rating on the stock in a report 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 report on Thursday, July 11th. Finally, Evercore ISI raised shares of B&G Foods to a hold rating in a research report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to data from MarketBeat, B&G Foods presently has an average rating of Hold and an average price target of $8.88.

B&G Foods Price Performance

BGS stock opened at $9.24 on Monday. The firm has a market cap of $730.04 million, a price-to-earnings ratio of -6.41 and a beta of 0.60. The company has a quick ratio of 0.48, a current ratio of 1.63 and a debt-to-equity ratio of 2.33. B&G Foods has a 12-month low of $7.20 and a 12-month high of $11.97. The company’s fifty day simple moving average is $8.46 and its 200 day simple moving average is $9.43.

B&G Foods (NYSE:BGS) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.08 earnings per share for the quarter, meeting the consensus estimate of $0.08. B&G Foods had a negative net margin of 5.82% and a positive return on equity of 8.07%. The firm had revenue of $444.60 million for the quarter, compared to analyst estimates of $435.83 million. During the same quarter in the prior year, the business earned $0.15 earnings per share. The business’s quarterly revenue was down 5.3% compared to the same quarter last year. On average, analysts expect that B&G Foods will post 0.74 earnings per share for the current year.

B&G Foods Dividend Announcement

The firm also recently announced 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 annualized dividend and a dividend yield of 8.23%. The ex-dividend date is Monday, September 30th. B&G Foods’s payout ratio is presently -52.78%.

Insider Transactions at B&G Foods

In other B&G Foods news, EVP Jordan E. Greenberg sold 8,000 shares of the company’s 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 sale, the executive vice president now directly owns 66,095 shares of the company’s stock, valued at approximately $550,571.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On B&G Foods

A number of institutional investors have recently added to or reduced their stakes in the company. Dana Investment Advisors Inc. grew its position in B&G Foods by 23.5% in the 2nd quarter. Dana Investment Advisors Inc. now owns 710,244 shares of the company’s stock worth $5,739,000 after purchasing an additional 134,937 shares in the last quarter. Truist Financial Corp boosted its stake in B&G Foods by 4.7% in the second quarter. Truist Financial Corp now owns 84,534 shares of the company’s stock valued at $683,000 after acquiring an additional 3,798 shares during the last quarter. Algert Global LLC boosted its stake in B&G Foods by 280.2% in the second quarter. Algert Global LLC now owns 55,167 shares of the company’s stock valued at $446,000 after acquiring an additional 40,657 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in B&G Foods by 13.5% in the second quarter. The Manufacturers Life Insurance Company now owns 30,050 shares of the company’s stock valued at $243,000 after acquiring an additional 3,583 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in B&G Foods by 154.0% in the second quarter. AQR Capital Management LLC now owns 626,807 shares of the company’s stock valued at $5,065,000 after acquiring an additional 380,054 shares during the last quarter. 66.15% of the stock is 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.