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

B&G Foods (NYSE:BGS) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Monday.

Other analysts have also issued research reports about the company. Evercore ISI raised B&G Foods to a “hold” rating in a research report on Wednesday, August 7th. Barclays cut their price objective on B&G Foods from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Friday, July 19th. Piper Sandler decreased their target price on 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. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $10.00 price target on shares of B&G Foods in a research report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $8.88.

B&G Foods Trading Down 1.1 %

Shares of NYSE BGS traded down $0.10 during mid-day trading on Monday, reaching $9.04. 689,445 shares of the company’s stock were exchanged, compared to its average volume of 1,034,576. The company’s 50-day moving average is $8.40 and its 200-day moving average is $9.45. The company has a debt-to-equity ratio of 2.33, a quick ratio of 0.48 and a current ratio of 1.63. The firm has a market capitalization of $714.62 million, a price-to-earnings ratio of -6.28 and a beta of 0.60. B&G Foods has a 52-week low of $7.20 and a 52-week high of $11.97.

B&G Foods (NYSE:BGS) last announced its earnings results on Tuesday, August 6th. The company reported $0.08 earnings per share for the quarter, hitting the consensus estimate of $0.08. The company had revenue of $444.60 million during the quarter, compared to analyst estimates of $435.83 million. B&G Foods had a negative net margin of 5.82% and a positive return on equity of 8.07%. B&G Foods’s revenue was down 5.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.15 earnings per share. Analysts expect that B&G Foods will post 0.74 EPS for the current fiscal year.

Insider Activity at B&G Foods

In other B&G Foods news, EVP Jordan E. Greenberg sold 8,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $8.33, for a total value of $66,640.00. Following the completion of the transaction, the executive vice president now owns 66,095 shares in the company, valued at $550,571.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On B&G Foods

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in B&G Foods by 13.4% during the 4th quarter. Vanguard Group Inc. now owns 10,043,164 shares of the company’s stock worth $105,453,000 after purchasing an additional 1,190,116 shares during the period. Charles Schwab Investment Management Inc. increased its stake in B&G Foods by 11.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,757,114 shares of the company’s stock valued at $18,450,000 after purchasing an additional 181,724 shares during the period. Empowered Funds LLC raised its holdings in shares of B&G Foods by 52.4% in the first quarter. Empowered Funds LLC now owns 277,940 shares of the company’s stock valued at $3,180,000 after buying an additional 95,580 shares during the last quarter. Cladis Investment Advisory LLC boosted its stake in shares of B&G Foods by 24.3% during the fourth quarter. Cladis Investment Advisory LLC now owns 46,000 shares of the company’s stock worth $483,000 after buying an additional 9,000 shares during the period. Finally, Brevan Howard Capital Management LP grew its holdings in shares of B&G Foods by 23.0% during the fourth quarter. Brevan Howard Capital Management LP now owns 108,116 shares of the company’s stock worth $1,135,000 after buying an additional 20,220 shares during the last quarter. Hedge funds and other institutional investors 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.