B&G Foods (NYSE:BGS) Upgraded by StockNews.com to Hold

StockNews.com upgraded shares of B&G Foods (NYSE:BGS) from a sell rating to a hold rating in a report released on Thursday morning.

A number of other brokerages also recently commented on BGS. Evercore ISI raised shares of B&G Foods to a hold rating in a research report on Wednesday, August 7th. Barclays lowered their price target 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. 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. Finally, Piper Sandler lowered their target price on 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. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $8.67.

B&G Foods Price Performance

BGS opened at $9.30 on Thursday. The firm has a market capitalization of $734.78 million, a P/E ratio of -6.45 and a beta of 0.60. The stock has a fifty day moving average of $8.56 and a 200-day moving average of $9.35. 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.

B&G Foods (NYSE:BGS) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.08. 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 $444.60 million during the quarter, compared to the consensus estimate of $435.83 million. During the same period in the prior year, the business earned $0.15 EPS. The business’s revenue for the quarter was down 5.3% on a year-over-year basis. Equities analysts forecast that B&G Foods will post 0.74 EPS for the current fiscal year.

B&G Foods Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 30th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.19 per share. The ex-dividend date is Monday, September 30th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 8.18%. B&G Foods’s dividend payout ratio is currently -52.78%.

Insider Buying and Selling

In other B&G Foods news, EVP Jordan E. Greenberg sold 8,000 shares of the firm’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 transaction, the executive vice president now directly owns 66,095 shares in the company, valued at $550,571.35. The transaction was disclosed in a filing with the SEC, which is available through this link. 3.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On B&G Foods

Large investors have recently added to or reduced their stakes in the stock. Texas Permanent School Fund Corp boosted its holdings in B&G Foods by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 68,433 shares of the company’s stock valued at $783,000 after acquiring an additional 960 shares during the period. Versant Capital Management Inc boosted its stake in B&G Foods by 36.9% during the 2nd quarter. Versant Capital Management Inc now owns 5,768 shares of the company’s stock valued at $47,000 after purchasing an additional 1,555 shares during the period. Rhumbline Advisers grew its holdings in B&G Foods by 0.7% in the 2nd quarter. Rhumbline Advisers now owns 248,716 shares of the company’s stock valued at $2,010,000 after buying an additional 1,625 shares during the last quarter. SummerHaven Investment Management LLC increased its position in B&G Foods by 3.0% in the 2nd quarter. SummerHaven Investment Management LLC now owns 55,725 shares of the company’s stock worth $450,000 after buying an additional 1,636 shares during the period. Finally, SeaCrest Wealth Management LLC lifted its holdings in shares of B&G Foods by 12.6% during the first quarter. SeaCrest Wealth Management LLC now owns 15,170 shares of the company’s stock worth $174,000 after buying an additional 1,700 shares during the last quarter. Institutional investors own 66.15% of the company’s stock.

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.