B&G Foods, Inc. (NYSE:BGS) Receives Average Rating of “Reduce” from Brokerages

Shares of B&G Foods, Inc. (NYSE:BGS) have been given an average rating of “Reduce” by the three brokerages that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation and two have issued a hold recommendation on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $8.50.

BGS has been the topic of a number of analyst reports. StockNews.com downgraded shares of B&G Foods from a “hold” rating to a “sell” rating in a research report on Friday, May 10th. Barclays reduced 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 research report on Friday, July 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $10.00 price objective on shares of B&G Foods in a research note on Wednesday. Finally, Piper Sandler decreased their target price on B&G Foods from $9.00 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, July 11th.

Insider Transactions at B&G Foods

In other B&G Foods news, EVP Scott E. Lerner acquired 11,755 shares of the stock in a transaction dated Monday, May 13th. The shares were bought at an average cost of $8.51 per share, for a total transaction of $100,035.05. Following the completion of the acquisition, the executive vice president now directly owns 189,144 shares of the company’s stock, valued at $1,609,615.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Bruce C. Wacha purchased 5,200 shares of the business’s stock in a transaction on Monday, May 13th. The stock was purchased at an average price of $8.59 per share, for a total transaction of $44,668.00. Following the completion of the purchase, the chief financial officer now directly owns 91,328 shares in the company, valued at approximately $784,507.52. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott E. Lerner acquired 11,755 shares of the stock in a transaction dated Monday, May 13th. The shares were purchased at an average price of $8.51 per share, for a total transaction of $100,035.05. Following the completion of the purchase, the executive vice president now directly owns 189,144 shares in the company, valued at $1,609,615.44. The disclosure for this purchase can be found here. Insiders bought 141,955 shares of company stock valued at $1,218,453 over the last three months. Company insiders own 3.20% of the company’s stock.

Institutional Trading of B&G Foods

Institutional investors and hedge funds have recently bought and sold shares of the business. Texas Permanent School Fund Corp grew its stake in B&G Foods by 1.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 68,433 shares of the company’s stock valued at $783,000 after buying an additional 960 shares during the last quarter. SummerHaven Investment Management LLC increased its stake in shares of B&G Foods by 1.9% during the fourth quarter. SummerHaven Investment Management LLC now owns 53,151 shares of the company’s stock worth $558,000 after purchasing an additional 1,007 shares during the period. Mutual of America Capital Management LLC lifted its holdings in B&G Foods by 8.6% during the 4th quarter. Mutual of America Capital Management LLC now owns 13,761 shares of the company’s stock worth $144,000 after purchasing an additional 1,090 shares during the last quarter. Versant Capital Management Inc boosted its stake in B&G Foods by 36.9% in 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. Finally, 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 in the last quarter. Institutional investors own 66.15% of the company’s stock.

B&G Foods Trading Up 0.2 %

NYSE BGS traded up $0.02 during trading hours on Wednesday, hitting $8.68. The company’s stock had a trading volume of 736,898 shares, compared to its average volume of 1,079,350. B&G Foods has a twelve month low of $7.20 and a twelve month high of $13.67. The firm has a market capitalization of $686.16 million, a P/E ratio of -6.01 and a beta of 0.61. The company has a quick ratio of 0.92, a current ratio of 3.22 and a debt-to-equity ratio of 2.58. The stock has a fifty day moving average of $8.49 and a 200 day moving average of $9.77.

B&G Foods (NYSE:BGS) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.08 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.08. The company had revenue of $444.60 million for the quarter, compared to the consensus estimate of $435.83 million. B&G Foods had a positive return on equity of 8.33% and a negative net margin of 5.42%. The firm’s quarterly revenue was down 5.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.15 EPS. Equities research analysts forecast that B&G Foods will post 0.77 earnings per share for the current fiscal year.

B&G Foods Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 30th. Shareholders of record on Monday, September 30th will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 8.76%. The ex-dividend date of this dividend is Monday, September 30th. B&G Foods’s dividend payout ratio is -52.78%.

About B&G Foods

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.