B&G Foods (NYSE:BGS) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of B&G Foods (NYSE:BGS) from a sell rating to a hold rating in a research note issued to investors on Saturday.

BGS has been the topic of several other reports. Evercore ISI upgraded shares of B&G Foods to a hold rating in a report on Wednesday, August 7th. Piper Sandler cut 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 research note on Thursday, July 11th. Barclays lowered their price objective on shares of 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. Finally, Royal Bank of Canada reaffirmed a sector perform rating and issued a $10.00 target price on shares of B&G Foods in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $8.88.

B&G Foods Stock Performance

NYSE:BGS opened at $8.23 on Friday. The company has a debt-to-equity ratio of 2.58, a current ratio of 3.22 and a quick ratio of 0.92. The firm has a market cap of $650.19 million, a PE ratio of -5.71 and a beta of 0.61. The firm has a 50 day simple moving average of $8.27 and a 200-day simple moving average of $9.63. B&G Foods has a 1-year low of $7.20 and a 1-year high of $13.15.

B&G Foods (NYSE:BGS) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.08 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.08. The company had revenue of $444.60 million for the quarter, compared to analyst estimates of $435.83 million. B&G Foods had a positive return on equity of 8.33% and a negative net margin of 5.42%. The business’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.15 EPS. On average, equities analysts expect that B&G Foods will post 0.77 EPS for the current year.

B&G Foods Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 30th. Shareholders of record on Monday, September 30th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 9.24%. The ex-dividend date is Monday, September 30th. B&G Foods’s dividend payout ratio is presently -52.78%.

Institutional Investors Weigh In On B&G Foods

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new stake in shares of B&G Foods during the second quarter valued at about $33,000. nVerses Capital LLC purchased a new stake in B&G Foods during the 2nd quarter worth approximately $33,000. Versant Capital Management Inc raised its position in shares of B&G Foods by 36.9% in the 2nd quarter. Versant Capital Management Inc now owns 5,768 shares of the company’s stock valued at $47,000 after purchasing 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 valued at $56,000 after buying an additional 4,624 shares during the last quarter. Finally, LRI Investments LLC acquired a new stake in shares of B&G Foods during the first quarter worth approximately $60,000. Hedge funds and other institutional investors own 66.15% of the company’s stock.

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.