Piper Sandler Issues Pessimistic Forecast for B&G Foods (NYSE:BGS) Stock Price

B&G Foods (NYSE:BGS) had its price target reduced by Piper Sandler from $8.00 to $7.00 in a report published on Wednesday,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

Other analysts have also issued reports about the company. Barclays dropped their price objective on B&G Foods from $8.00 to $7.00 and set an “equal weight” rating on the stock in a report on Thursday, November 7th. TD Cowen dropped their price objective on B&G Foods from $8.00 to $7.50 and set a “sell” rating on the stock in a report on Wednesday, November 6th. Finally, Evercore ISI dropped their price objective on B&G Foods from $10.00 to $9.00 and set an “in-line” rating on the stock in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. Based on data from MarketBeat.com, B&G Foods currently has an average rating of “Hold” and an average price target of $8.10.

B&G Foods Stock Down 3.5 %

Shares of BGS stock opened at $6.70 on Wednesday. The stock has a 50 day moving average of $6.58 and a 200 day moving average of $7.50. The company has a current ratio of 1.64, a quick ratio of 0.49 and a debt-to-equity ratio of 2.40. The stock has a market cap of $530.00 million, a P/E ratio of -19.69 and a beta of 0.50. B&G Foods has a twelve month low of $5.45 and a twelve month high of $11.97.

B&G Foods (NYSE:BGS) last announced its quarterly earnings results on Tuesday, February 25th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.01. 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 $551.57 million during the quarter, compared to analysts’ expectations of $547.95 million. As a group, sell-side analysts expect that B&G Foods will post 0.7 EPS for the current year.

B&G Foods Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 11.35%. The ex-dividend date of this dividend is Monday, March 31st. B&G Foods’s dividend payout ratio is presently -23.90%.

Institutional Trading of B&G Foods

Institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. boosted its stake in shares of B&G Foods by 50.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 7,913 shares of the company’s stock worth $55,000 after acquiring an additional 2,658 shares during the last quarter. Independent Wealth Network Inc. acquired a new stake in shares of B&G Foods in the fourth quarter worth approximately $77,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of B&G Foods in the third quarter worth approximately $102,000. SBI Securities Co. Ltd. acquired a new stake in shares of B&G Foods in the fourth quarter worth approximately $79,000. Finally, Regent Peak Wealth Advisors LLC acquired a new stake in shares of B&G Foods in the fourth quarter worth approximately $81,000. 66.15% of the stock is owned by institutional investors and hedge funds.

About B&G Foods

B&G Foods, Inc is a holding company, which engages in the manufacture, sale, and distribution of shelf-stable frozen food, and household products in the U.S., Canada, and Puerto Rico. Its products include frozen and canned vegetables, hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, and wine vinegar.