StockNews.com Downgrades B&G Foods (NYSE:BGS) to Sell

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

A number of other research firms also recently weighed in on BGS. Evercore ISI upgraded shares of B&G Foods to a hold rating in a report on Wednesday, August 7th. Royal Bank of Canada reaffirmed a sector perform rating and set a $10.00 price target on shares of B&G Foods in a research note on Wednesday, August 7th. Barclays dropped their price target on shares of B&G Foods from $10.00 to $8.00 and set an equal weight rating for the company in a research note on Friday, July 19th. Finally, Piper Sandler dropped their price target on shares of 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. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $8.67.

B&G Foods Stock Performance

B&G Foods stock opened at $9.18 on Monday. The company’s 50-day moving average price is $8.48 and its 200-day moving average price is $9.42. B&G Foods has a twelve month low of $7.20 and a twelve month high of $11.97. The company has a quick ratio of 0.48, a current ratio of 1.63 and a debt-to-equity ratio of 2.33. The company has a market cap of $725.29 million, a PE ratio of -6.37 and a beta of 0.60.

B&G Foods (NYSE:BGS) last posted its earnings results on Tuesday, August 6th. The company reported $0.08 earnings per share for the quarter, hitting analysts’ consensus estimates 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 the consensus estimate of $435.83 million. During the same period in the previous year, the firm posted $0.15 EPS. The business’s quarterly revenue was down 5.3% on a year-over-year basis. On average, equities research analysts forecast that B&G Foods will post 0.74 EPS for the current fiscal year.

B&G Foods Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 30th. Investors of record on Monday, September 30th will be paid a dividend of $0.19 per share. The ex-dividend date is Monday, September 30th. This represents a $0.76 annualized dividend and a dividend yield of 8.28%. B&G Foods’s dividend payout ratio (DPR) is presently -52.78%.

Insider Buying and Selling at B&G Foods

In other news, EVP Jordan E. Greenberg sold 8,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $8.33, for a total value of $66,640.00. Following the sale, the executive vice president now owns 66,095 shares in the company, valued at $550,571.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.20% of the stock is currently owned by company insiders.

Institutional Trading of B&G Foods

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in B&G Foods by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 10,043,164 shares of the company’s stock valued at $105,453,000 after purchasing an additional 1,190,116 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of B&G Foods by 33.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,918,418 shares of the company’s stock valued at $15,501,000 after buying an additional 485,714 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of B&G Foods by 11.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,757,114 shares of the company’s stock valued at $18,450,000 after buying an additional 181,724 shares during the last quarter. American Century Companies Inc. raised its position in shares of B&G Foods by 71.3% in the second quarter. American Century Companies Inc. now owns 1,640,354 shares of the company’s stock valued at $13,254,000 after buying an additional 682,688 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of B&G Foods by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 1,200,039 shares of the company’s stock valued at $9,696,000 after buying an additional 5,842 shares during the last quarter. 66.15% of the stock is owned by hedge funds and other 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.