B&G Foods (NYSE:BGS) Downgraded by StockNews.com to “Sell”

B&G Foods (NYSE:BGS) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Monday.

Several other equities analysts have also recently issued reports on the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $10.00 target price on shares of B&G Foods in a research report on Wednesday, August 7th. Barclays dropped their price objective on 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. Piper Sandler reduced their target price on B&G Foods from $9.00 to $8.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. Finally, Evercore ISI upgraded shares of B&G Foods to a “hold” rating in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $8.88.

B&G Foods Stock Performance

NYSE:BGS traded down $0.10 during midday trading on Monday, reaching $9.04. The stock had a trading volume of 689,445 shares, compared to its average volume of 1,034,576. The stock has a market cap of $714.62 million, a P/E ratio of -6.28 and a beta of 0.60. 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. The firm has a fifty day simple moving average of $8.40 and a two-hundred day simple moving average of $9.45.

B&G Foods (NYSE:BGS) last issued its earnings results on Tuesday, August 6th. The company reported $0.08 earnings per share for the quarter, meeting the consensus estimate of $0.08. The business had revenue of $444.60 million for the quarter, compared to the consensus estimate of $435.83 million. B&G Foods had a negative net margin of 5.82% and a positive return on equity of 8.07%. The business’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.15 earnings per share. On average, equities analysts expect that B&G Foods will post 0.74 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Jordan E. Greenberg sold 8,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total value of $66,640.00. Following the completion of the transaction, the executive vice president now owns 66,095 shares in the company, valued at $550,571.35. The sale was disclosed in a document filed with the SEC, which is available at this link. 3.20% of the stock is owned by company insiders.

Institutional Trading of B&G Foods

Several large investors have recently modified their holdings of the business. Innealta Capital LLC acquired a new position in shares of B&G Foods during the 2nd quarter worth approximately $33,000. nVerses Capital LLC purchased a new position in B&G Foods during the second quarter worth $33,000. Versant Capital Management Inc increased its position in B&G Foods by 36.9% during the second quarter. Versant Capital Management Inc now owns 5,768 shares of the company’s stock worth $47,000 after buying an additional 1,555 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of B&G Foods by 1,556.9% in the first quarter. Russell Investments Group Ltd. now owns 4,921 shares of the company’s stock worth $56,000 after acquiring an additional 4,624 shares during the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of B&G Foods in the first quarter valued at $60,000. 66.15% of the stock is currently owned by institutional investors and hedge funds.

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.