TD Cowen Lowers B&G Foods (NYSE:BGS) Price Target to $7.50

B&G Foods (NYSE:BGS) had its target price reduced by TD Cowen from $8.00 to $7.50 in a research note issued to investors on Wednesday, Benzinga reports. TD Cowen currently has a sell rating on the stock.

Other analysts have also recently issued reports about the company. Piper Sandler cut their price target on B&G Foods from $9.00 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. Barclays cut their target price on 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. Evercore ISI cut their target price on B&G Foods from $10.00 to $9.00 and set an “in-line” rating on the stock in a research report on Wednesday. StockNews.com upgraded B&G Foods from a “sell” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, 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. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $8.30.

B&G Foods Stock Down 4.2 %

B&G Foods stock traded down $0.30 during midday trading on Wednesday, reaching $6.77. The company’s stock had a trading volume of 1,287,258 shares, compared to its average volume of 1,035,051. B&G Foods has a fifty-two week low of $6.77 and a fifty-two week 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 $535.91 million, a P/E ratio of -4.71 and a beta of 0.61. The business has a 50-day simple moving average of $8.58 and a 200-day simple moving average of $8.82.

B&G Foods (NYSE:BGS) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). B&G Foods had a negative net margin of 5.82% and a positive return on equity of 8.07%. The business had revenue of $461.10 million during the quarter, compared to analyst estimates of $473.82 million. During the same quarter in the prior year, the business earned $0.27 earnings per share. The firm’s quarterly revenue was down 8.3% on a year-over-year basis. On average, research analysts expect that B&G Foods will post 0.74 earnings per share for the current fiscal year.

B&G Foods Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 11.23%. The ex-dividend date is Tuesday, December 31st. B&G Foods’s dividend payout ratio is currently -49.35%.

Insider Buying and Selling at B&G Foods

In other B&G Foods news, EVP Jordan E. Greenberg sold 8,000 shares of B&G Foods stock in a transaction that occurred 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 sale, the executive vice president now owns 66,095 shares of the company’s stock, valued at approximately $550,571.35. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On B&G Foods

A number of institutional investors have recently added to or reduced their stakes in BGS. Innealta Capital LLC purchased a new stake in B&G Foods in the 2nd quarter valued at approximately $33,000. nVerses Capital LLC purchased a new stake in shares of B&G Foods during the 2nd quarter worth approximately $33,000. Versant Capital Management Inc boosted its stake in shares of 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 acquiring an additional 1,555 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of B&G Foods by 1,556.9% during the 1st 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 in the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of B&G Foods during the 1st quarter worth approximately $60,000. Hedge funds and other institutional investors own 66.15% of the company’s stock.

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.