B&G Foods, Inc. (NYSE:BGS) Price Target Cut to $39.00 by Analysts at BMO Capital Markets
B&G Foods, Inc. (NYSE:BGS) had its price objective cut by BMO Capital Markets from $45.00 to $39.00 in a research note issued to investors on Friday morning, Marketbeat Ratings reports. They currently have a market perform rating on the stock.
Several other equities research analysts also recently commented on the stock. Zacks Investment Research upgraded shares of B&G Foods from a strong sell rating to a hold rating in a research note on Wednesday, April 26th. Credit Suisse Group downgraded shares of B&G Foods from an outperform rating to a neutral rating and lowered their price objective for the stock from $47.00 to $42.00 in a research note on Thursday, May 18th. Royal Bank Of Canada reiterated a buy rating and set a $52.00 price objective on shares of B&G Foods in a research note on Thursday, April 20th. Finally, Citigroup Inc. upgraded shares of B&G Foods from a neutral rating to a buy rating and set a $43.00 target price for the company in a research report on Thursday, July 20th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. B&G Foods presently has a consensus rating of Hold and a consensus target price of $42.81.
Shares of B&G Foods (BGS) traded up 1.1959% during midday trading on Friday, reaching $32.4839. 407,572 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $36.18 and its 200 day moving average is $40.53. B&G Foods has a one year low of $32.35 and a one year high of $51.56. The firm has a market cap of $2.16 billion, a PE ratio of 19.4166 and a beta of 0.09.
B&G Foods (NYSE:BGS) last posted its quarterly earnings data on Thursday, August 3rd. The company reported $0.41 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by $0.06. B&G Foods had a return on equity of 15.43% and a net margin of 6.64%. The company had revenue of $368.10 million for the quarter, compared to analyst estimates of $376.45 million. During the same quarter in the previous year, the firm posted $0.57 earnings per share. The company’s quarterly revenue was up 20.1% on a year-over-year basis. Analysts anticipate that B&G Foods will post $2.11 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 30th. Investors of record on Friday, September 29th will be given a dividend of $0.465 per share. The ex-dividend date is Thursday, September 28th. This represents a $1.86 dividend on an annualized basis and a yield of 5.79%. B&G Foods’s dividend payout ratio is presently 122.37%.
A number of hedge funds and other institutional investors have recently bought and sold shares of BGS. BlackRock Inc. increased its position in B&G Foods by 134,853.6% in the first quarter. BlackRock Inc. now owns 7,858,346 shares of the company’s stock worth $316,296,000 after buying an additional 7,852,523 shares in the last quarter. Deprince Race & Zollo Inc. acquired a new position in B&G Foods during the second quarter worth about $26,312,000. FMR LLC increased its position in B&G Foods by 12.9% in the first quarter. FMR LLC now owns 5,854,515 shares of the company’s stock worth $235,645,000 after buying an additional 667,093 shares in the last quarter. Foresters Investment Management Company Inc. increased its position in B&G Foods by 102.9% in the first quarter. Foresters Investment Management Company Inc. now owns 784,300 shares of the company’s stock worth $31,568,000 after buying an additional 397,850 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in B&G Foods by 4,241.7% in the second quarter. Russell Investments Group Ltd. now owns 336,309 shares of the company’s stock worth $11,973,000 after buying an additional 328,563 shares in the last quarter. Institutional investors own 88.67% of the company’s stock.
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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