B&G Foods (NYSE:BGS) Price Target Cut to $8.00

B&G Foods (NYSE:BGS) had its target price decreased by stock analysts at Piper Sandler from $9.00 to $8.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price target points to a potential upside of 1.52% from the stock’s previous close.

Separately, StockNews.com downgraded shares of B&G Foods from a “hold” rating to a “sell” rating in a research report on Friday, May 10th. Two research analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $9.17.

B&G Foods Stock Up 0.1 %

Shares of NYSE:BGS opened at $7.88 on Thursday. The company has a 50 day moving average price of $8.87 and a two-hundred day moving average price of $10.01. The company has a debt-to-equity ratio of 2.58, a quick ratio of 0.92 and a current ratio of 3.22. B&G Foods has a 52 week low of $7.20 and a 52 week high of $15.15. The company has a market capitalization of $622.92 million, a PE ratio of -5.47 and a beta of 0.61.

B&G Foods (NYSE:BGS) last issued its quarterly earnings data on Wednesday, May 8th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.02). B&G Foods had a positive return on equity of 8.33% and a negative net margin of 5.42%. The company had revenue of $475.22 million for the quarter, compared to the consensus estimate of $480.93 million. During the same period in the prior year, the company earned $0.27 EPS. The firm’s revenue was down 7.1% on a year-over-year basis. Analysts forecast that B&G Foods will post 0.79 earnings per share for the current year.

Insider Buying and Selling

In other B&G Foods news, EVP Scott E. Lerner bought 11,755 shares of B&G Foods stock in a transaction that occurred on Monday, May 13th. The stock was acquired at an average price of $8.51 per share, for a total transaction of $100,035.05. Following the completion of the acquisition, the executive vice president now owns 189,144 shares of the company’s stock, valued at approximately $1,609,615.44. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Bruce C. Wacha purchased 5,200 shares of the business’s stock in a transaction on Monday, May 13th. The stock was purchased at an average price of $8.59 per share, for a total transaction of $44,668.00. Following the completion of the purchase, the chief financial officer now directly owns 91,328 shares in the company, valued at approximately $784,507.52. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott E. Lerner purchased 11,755 shares of the business’s stock in a transaction on Monday, May 13th. The stock was purchased at an average price of $8.51 per share, with a total value of $100,035.05. Following the purchase, the executive vice president now owns 189,144 shares of the company’s stock, valued at $1,609,615.44. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 141,955 shares of company stock worth $1,218,453. 3.20% of the stock is owned by insiders.

Institutional Trading of B&G Foods

A number of large investors have recently added to or reduced their stakes in BGS. Vanguard Group Inc. lifted its stake in B&G Foods by 13.4% in the fourth quarter. Vanguard Group Inc. now owns 10,043,164 shares of the company’s stock valued at $105,453,000 after acquiring an additional 1,190,116 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in shares of B&G Foods during the 1st quarter worth about $2,835,000. Teacher Retirement System of Texas acquired a new stake in shares of B&G Foods during the 4th quarter worth about $2,561,000. Trexquant Investment LP lifted its stake in shares of B&G Foods by 368.1% during the 4th quarter. Trexquant Investment LP now owns 245,783 shares of the company’s stock worth $2,581,000 after buying an additional 193,281 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of B&G Foods by 11.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,757,114 shares of the company’s stock worth $18,450,000 after buying an additional 181,724 shares during the last quarter. Institutional investors and hedge funds 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.