Piper Sandler Cuts B&G Foods (NYSE:BGS) Price Target to $7.00

B&G Foods (NYSE:BGS) had its price objective lowered by Piper Sandler from $8.00 to $7.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other equities research analysts also recently issued research reports about the company. TD Cowen dropped their price objective on B&G Foods from $8.00 to $7.50 and set a “sell” rating on the stock in a research report on Wednesday, November 6th. Barclays dropped their price objective on B&G Foods from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 7th. Finally, Evercore ISI dropped their price objective 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, November 6th. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, B&G Foods currently has a consensus rating of “Hold” and an average price target of $8.10.

B&G Foods Price Performance

BGS opened at $6.70 on Wednesday. B&G Foods has a 12-month low of $5.45 and a 12-month high of $11.97. The company has a current ratio of 1.64, a quick ratio of 0.49 and a debt-to-equity ratio of 2.40. The business’s fifty day simple moving average is $6.58 and its 200-day simple moving average is $7.50. The company has a market capitalization of $530.00 million, a price-to-earnings ratio of -19.69 and a beta of 0.50.

B&G Foods (NYSE:BGS) last issued its quarterly earnings data on Tuesday, February 25th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.01. B&G Foods had a positive return on equity of 6.97% and a negative net margin of 1.34%. The company had revenue of $551.57 million for the quarter, compared to the consensus estimate of $547.95 million. On average, equities research analysts anticipate that B&G Foods will post 0.7 earnings per share for the current fiscal year.

B&G Foods Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 11.35%. The ex-dividend date of this dividend is Monday, March 31st. B&G Foods’s dividend payout ratio (DPR) is presently -23.90%.

Institutional Investors Weigh In On B&G Foods

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BGS. Dimensional Fund Advisors LP raised its stake in B&G Foods by 28.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,353,557 shares of the company’s stock valued at $23,106,000 after buying an additional 744,898 shares during the last quarter. Two Sigma Investments LP raised its stake in shares of B&G Foods by 113.2% in the fourth quarter. Two Sigma Investments LP now owns 830,817 shares of the company’s stock worth $5,724,000 after purchasing an additional 441,117 shares during the last quarter. Invesco Ltd. raised its stake in shares of B&G Foods by 55.7% in the fourth quarter. Invesco Ltd. now owns 1,132,834 shares of the company’s stock worth $7,805,000 after purchasing an additional 405,033 shares during the last quarter. Verition Fund Management LLC raised its stake in shares of B&G Foods by 3,480.9% in the third quarter. Verition Fund Management LLC now owns 379,394 shares of the company’s stock worth $3,369,000 after purchasing an additional 368,799 shares during the last quarter. Finally, Barclays PLC raised its stake in shares of B&G Foods by 267.5% in the fourth quarter. Barclays PLC now owns 480,312 shares of the company’s stock worth $3,308,000 after purchasing an additional 349,619 shares during the last quarter. 66.15% of the stock is currently owned by hedge funds and other institutional investors.

B&G Foods Company Profile

B&G Foods, Inc is a holding company, which engages in the manufacture, sale, and distribution of shelf-stable frozen food, and household products in the U.S., Canada, and Puerto Rico. Its products include frozen and canned vegetables, hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, and wine vinegar.