Evercore ISI Issues Pessimistic Forecast for B&G Foods (NYSE:BGS) Stock Price

B&G Foods (NYSE:BGS) had its price objective reduced by equities researchers at Evercore ISI from $10.00 to $9.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “in-line” rating on the stock. Evercore ISI’s target price points to a potential upside of 23.97% from the stock’s current price.

Several other research firms have also recently commented on BGS. 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 note on Wednesday, August 7th. Piper Sandler lowered their price target 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 report on Thursday, September 26th. Finally, Barclays dropped their target price on shares of 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 research analysts have rated the stock with a hold rating, According to data from MarketBeat, B&G Foods has an average rating of “Hold” and a consensus price target of $8.75.

B&G Foods Stock Down 17.7 %

BGS traded down $1.56 on Wednesday, reaching $7.26. 2,314,777 shares of the company traded hands, compared to its average volume of 1,015,586. The company has a debt-to-equity ratio of 2.33, a current ratio of 1.63 and a quick ratio of 0.48. The company has a market cap of $574.70 million, a price-to-earnings ratio of -4.71 and a beta of 0.61. The stock’s 50 day moving average price is $8.61 and its 200-day moving average price is $8.83. B&G Foods has a 52-week low of $7.25 and a 52-week high of $11.97.

B&G Foods (NYSE:BGS) last issued its quarterly earnings data 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 positive return on equity of 8.07% and a negative net margin of 5.82%. The firm had revenue of $461.10 million during the quarter, compared to analyst estimates of $473.82 million. During the same quarter in the previous year, the firm posted $0.27 earnings per share. B&G Foods’s quarterly revenue was down 8.3% compared to the same quarter last year. On average, sell-side analysts expect that B&G Foods will post 0.74 EPS for the current fiscal year.

Insider Activity at B&G Foods

In other B&G Foods news, EVP Jordan E. Greenberg sold 8,000 shares of the firm’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 owns 66,095 shares in the company, valued at $550,571.35. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 3.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On B&G Foods

A number of large investors have recently bought and sold shares of the stock. Empowered Funds LLC increased its stake in shares of B&G Foods by 52.4% during the first quarter. Empowered Funds LLC now owns 277,940 shares of the company’s stock valued at $3,180,000 after buying an additional 95,580 shares during the period. Dana Investment Advisors Inc. boosted its position in shares of B&G Foods by 23.5% during the second quarter. Dana Investment Advisors Inc. now owns 710,244 shares of the company’s stock valued at $5,739,000 after purchasing an additional 134,937 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in shares of B&G Foods during the second quarter valued at approximately $958,000. SG Americas Securities LLC boosted its position in shares of B&G Foods by 36.7% during the first quarter. SG Americas Securities LLC now owns 17,231 shares of the company’s stock valued at $197,000 after purchasing an additional 4,623 shares in the last quarter. Finally, ProShare Advisors LLC boosted its holdings in B&G Foods by 16.1% in the first quarter. ProShare Advisors LLC now owns 15,697 shares of the company’s stock worth $180,000 after acquiring an additional 2,180 shares in the last quarter. 66.15% of the stock is owned by hedge funds and other institutional investors.

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.