B&G Foods (NYSE:BGS) Rating Reiterated by Royal Bank of Canada

Royal Bank of Canada reissued their hold rating on shares of B&G Foods (NYSE:BGS) in a report published on Thursday morning, AnalystRatings.com reports. The brokerage currently has a $27.00 target price on the stock.

BGS has been the topic of several other reports. Piper Sandler upgraded shares of B&G Foods from a neutral rating to an overweight rating and lifted their target price for the company from $21.00 to $28.00 in a research report on Tuesday, May 12th. Credit Suisse Group lifted their price objective on B&G Foods from $19.00 to $22.00 and gave the company a neutral rating in a report on Friday, May 15th. ValuEngine cut B&G Foods from a sell rating to a strong sell rating in a report on Thursday, July 2nd. Seaport Global Securities assumed coverage on B&G Foods in a research report on Tuesday, July 28th. They set a neutral rating for the company. Finally, DA Davidson started coverage on B&G Foods in a research report on Thursday, June 11th. They issued a neutral rating on the stock. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $21.67.

Shares of NYSE:BGS opened at $28.91 on Thursday. The firm has a market capitalization of $1.85 billion, a PE ratio of 16.24 and a beta of 0.24. The company has a current ratio of 3.69, a quick ratio of 1.78 and a debt-to-equity ratio of 2.52. B&G Foods has a 1-year low of $10.39 and a 1-year high of $29.65. The business’s 50 day moving average is $24.98 and its 200-day moving average is $19.73.

B&G Foods (NYSE:BGS) last issued its earnings results on Thursday, July 30th. The company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.61 by $0.10. B&G Foods had a return on equity of 15.65% and a net margin of 6.22%. The firm had revenue of $512.54 million during the quarter, compared to analysts’ expectations of $509.57 million. On average, sell-side analysts predict that B&G Foods will post 2.11 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Wednesday, September 30th will be paid a $0.475 dividend. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 6.57%. B&G Foods’s dividend payout ratio (DPR) is presently 115.85%.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Telos Capital Management Inc. grew its holdings in B&G Foods by 1.8% during the 2nd quarter. Telos Capital Management Inc. now owns 21,818 shares of the company’s stock worth $532,000 after acquiring an additional 389 shares during the last quarter. Mutual of America Capital Management LLC grew its stake in shares of B&G Foods by 22.6% during the first quarter. Mutual of America Capital Management LLC now owns 2,781 shares of the company’s stock valued at $50,000 after purchasing an additional 513 shares during the last quarter. Taylor Frigon Capital Management LLC increased its holdings in shares of B&G Foods by 2.1% in the first quarter. Taylor Frigon Capital Management LLC now owns 51,051 shares of the company’s stock valued at $924,000 after purchasing an additional 1,035 shares in the last quarter. D.A. Davidson & CO. raised its position in B&G Foods by 7.1% in the 1st quarter. D.A. Davidson & CO. now owns 17,806 shares of the company’s stock worth $322,000 after purchasing an additional 1,173 shares during the last quarter. Finally, Citizens Financial Group Inc RI raised its position in B&G Foods by 90.8% in the 1st quarter. Citizens Financial Group Inc RI now owns 2,702 shares of the company’s stock worth $49,000 after purchasing an additional 1,286 shares during the last quarter. Institutional investors and hedge funds own 75.60% 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 in the United States, Canada, and Puerto Rico. Its products include frozen and canned vegetables, oatmeal and hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegars, maple syrups, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, puffed corn and rice snacks, cookies and crackers, nut clusters, and other specialty products.

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Analyst Recommendations for B&G Foods (NYSE:BGS)

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