B&G Foods, Inc. (BGS) Shares Down 2.8% After Analyst Downgrade
B&G Foods, Inc. (NYSE:BGS)’s share price dropped 2.8% during mid-day trading on Monday after Buckingham Research lowered their price target on the stock from $43.00 to $36.00. Buckingham Research currently has a neutral rating on the stock. B&G Foods traded as low as $31.15 and last traded at $33.00, with a volume of 754,601 shares trading hands. The stock had previously closed at $32.10.
A number of other equities analysts have also weighed in on BGS. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $52.00 target price on shares of B&G Foods in a research note on Thursday, April 20th. Zacks Investment Research raised shares of B&G Foods from a “strong sell” rating to a “hold” rating in a research note on Wednesday, April 26th. BMO Capital Markets reaffirmed a “hold” rating and issued a $45.00 target price on shares of B&G Foods in a research note on Friday, May 5th. Berenberg Bank initiated coverage on shares of B&G Foods in a research note on Tuesday, May 16th. They issued a “hold” rating and a $43.50 target price for the company. Finally, Credit Suisse Group lowered shares of B&G Foods from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $47.00 to $42.00 in a research note on Thursday, May 18th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. B&G Foods has an average rating of “Hold” and a consensus target price of $42.81.
A number of institutional investors have recently made changes to their positions in the company. Teachers Advisors LLC boosted its stake in shares of B&G Foods by 4.9% in the fourth quarter. Teachers Advisors LLC now owns 108,747 shares of the company’s stock valued at $4,763,000 after buying an additional 5,032 shares during the period. Creative Planning boosted its stake in shares of B&G Foods by 1.4% in the first quarter. Creative Planning now owns 8,626 shares of the company’s stock valued at $347,000 after buying an additional 120 shares during the period. TNB Financial acquired a new stake in shares of B&G Foods during the first quarter valued at approximately $262,000. Torch Wealth Management LLC boosted its stake in shares of B&G Foods by 0.6% in the first quarter. Torch Wealth Management LLC now owns 39,300 shares of the company’s stock valued at $1,582,000 after buying an additional 225 shares during the period. Finally, Louisiana State Employees Retirement System boosted its stake in shares of B&G Foods by 1.5% in the first quarter. Louisiana State Employees Retirement System now owns 27,100 shares of the company’s stock valued at $1,091,000 after buying an additional 400 shares during the period. 88.67% of the stock is owned by hedge funds and other institutional investors.
The firm has a market cap of $2.19 billion, a PE ratio of 19.710 and a beta of 0.09. The company has a 50 day moving average of $36.18 and a 200 day moving average of $40.53.
B&G Foods (NYSE:BGS) last issued its quarterly earnings data on Thursday, August 3rd. The company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by $0.06. The business had revenue of $368.10 million for the quarter, compared to analyst estimates of $376.45 million. B&G Foods had a net margin of 6.64% and a return on equity of 15.43%. The firm’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.57 earnings per share. Equities analysts anticipate that B&G Foods, Inc. will post $2.11 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 30th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.465 per share. This represents a $1.86 dividend on an annualized basis and a dividend yield of 5.79%. The ex-dividend date is Thursday, September 28th. B&G Foods’s dividend payout ratio is currently 122.37%.
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About B&G Foods
B&G Foods, Inc (B&G Foods) is a holding company. The Company manufactures, sells and distributes a portfolio of shelf-stable and frozen foods across the United States, 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, wine vinegar, maple syrup, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, puffed corn and rice snacks, nut clusters and other specialty products.
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