B&G Foods, Inc. (NYSE:BGS) Given Average Rating of “Hold” by Brokerages

B&G Foods, Inc. (NYSE:BGS) has been given an average rating of “Hold” by the four ratings firms that are covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $8.67.

A number of brokerages have commented on BGS. Piper Sandler decreased their price objective on shares of B&G Foods from $9.00 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th. StockNews.com raised shares of B&G Foods from a “sell” rating to a “hold” rating in a research note on Thursday, September 26th. Royal Bank of Canada restated a “sector perform” rating and issued a $10.00 price objective 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. Finally, Barclays lowered 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 note on Friday, July 19th.

Insiders Place Their Bets

In related news, EVP Jordan E. Greenberg sold 8,000 shares of B&G Foods stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total transaction of $66,640.00. Following the completion of the sale, the executive vice president now directly owns 66,095 shares of the company’s stock, valued at $550,571.35. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Innealta Capital LLC bought a new position in B&G Foods during the second quarter worth about $33,000. nVerses Capital LLC bought a new position in shares of B&G Foods during the 2nd quarter valued at about $33,000. Russell Investments Group Ltd. grew its position in shares of B&G Foods by 1,556.9% in the 1st quarter. Russell Investments Group Ltd. now owns 4,921 shares of the company’s stock valued at $56,000 after purchasing an additional 4,624 shares during the period. LRI Investments LLC bought a new stake in B&G Foods during the 1st quarter worth approximately $60,000. Finally, Versant Capital Management Inc raised its holdings in B&G Foods by 36.9% during the 2nd 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 during the period. Institutional investors own 66.15% of the company’s stock.

B&G Foods Price Performance

Shares of B&G Foods stock opened at $8.89 on Thursday. B&G Foods has a 1-year low of $7.20 and a 1-year high of $11.97. The firm’s 50-day moving average price is $8.59 and its two-hundred day moving average price is $9.31. The company has a current ratio of 1.63, a quick ratio of 0.48 and a debt-to-equity ratio of 2.33. The stock has a market capitalization of $702.37 million, a price-to-earnings ratio of -6.17 and a beta of 0.60.

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

B&G Foods Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 30th. Investors of record on Monday, September 30th will be issued a $0.19 dividend. The ex-dividend date is Monday, September 30th. This represents a $0.76 annualized dividend and a yield of 8.55%. B&G Foods’s dividend payout ratio is currently -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.