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

B&G Foods (NYSE:BGS) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.

Several other brokerages have also recently weighed in on BGS. Royal Bank of Canada reiterated a “sector perform” rating and issued a $10.00 price target on shares of B&G Foods in a research report on Wednesday, August 7th. Evercore ISI upgraded B&G Foods to a “hold” rating in a research report on Wednesday, August 7th. 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 research report on Thursday, July 11th. Finally, Barclays reduced their target price on B&G Foods from $10.00 to $8.00 and set an “equal weight” rating for the company in a research report on Friday, July 19th. Five analysts have rated the stock with a hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $8.67.

B&G Foods Price Performance

Shares of NYSE BGS opened at $9.34 on Thursday. The stock has a market cap of $738.34 million, a PE ratio of -6.49 and a beta of 0.60. B&G Foods has a fifty-two week low of $7.20 and a fifty-two week high of $11.97. The company has a debt-to-equity ratio of 2.33, a quick ratio of 0.48 and a current ratio of 1.63. The stock has a fifty day moving average of $8.59 and a 200-day moving average of $9.34.

B&G Foods (NYSE:BGS) last announced its quarterly 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 company had revenue of $444.60 million during the quarter, compared to analysts’ expectations of $435.83 million. B&G Foods had a positive return on equity of 8.07% and a negative net margin of 5.82%. The firm’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.15 earnings per share. Equities research analysts anticipate that B&G Foods will post 0.74 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Jordan E. Greenberg sold 8,000 shares of the company’s stock in a transaction dated 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 directly owns 66,095 shares in the company, valued at approximately $550,571.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On B&G Foods

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of B&G Foods by 13.4% in the 4th quarter. Vanguard Group Inc. now owns 10,043,164 shares of the company’s stock worth $105,453,000 after purchasing an additional 1,190,116 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of B&G Foods by 33.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,918,418 shares of the company’s stock worth $15,501,000 after purchasing an additional 485,714 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of B&G Foods by 71.3% in the 2nd quarter. American Century Companies Inc. now owns 1,640,354 shares of the company’s stock worth $13,254,000 after purchasing an additional 682,688 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of B&G Foods by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,200,039 shares of the company’s stock valued at $9,696,000 after acquiring an additional 5,842 shares during the last quarter. Finally, Dana Investment Advisors Inc. lifted its stake in shares of B&G Foods by 23.5% in the 2nd quarter. Dana Investment Advisors Inc. now owns 710,244 shares of the company’s stock valued at $5,739,000 after acquiring an additional 134,937 shares during the last quarter. 66.15% of the stock is currently 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.