Evercore ISI Cuts B&G Foods (NYSE:BGS) Price Target to $9.00

B&G Foods (NYSE:BGS) had its price target reduced by stock analysts at Evercore ISI from $10.00 to $9.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “in-line” rating on the stock. Evercore ISI’s price objective suggests a potential upside of 23.97% from the company’s previous close.

Several other research firms also recently weighed in on BGS. StockNews.com upgraded B&G Foods from a “sell” rating to a “hold” rating in a research report on Thursday, September 26th. Barclays dropped their price target on B&G Foods from $10.00 to $8.00 and set an “equal weight” rating for the company in a research report on Friday, July 19th. Piper Sandler dropped their target price on B&G Foods from $9.00 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, July 11th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $10.00 price objective on shares of B&G Foods in a research note on Wednesday, August 7th. Five analysts have rated the stock with a hold rating, According to data from MarketBeat.com, B&G Foods has a consensus rating of “Hold” and a consensus target price of $8.75.

B&G Foods Price Performance

Shares of BGS traded down $1.56 during midday trading on Wednesday, reaching $7.26. The stock had a trading volume of 2,314,777 shares, compared to its average volume of 1,015,586. The company’s 50-day moving average is $8.61 and its 200 day moving average is $8.83. B&G Foods has a 12-month low of $7.25 and a 12-month high of $11.97. The company has a current ratio of 1.63, a quick ratio of 0.48 and a debt-to-equity ratio of 2.33. The company has a market capitalization of $574.70 million, a price-to-earnings ratio of -4.71 and a beta of 0.61.

B&G Foods (NYSE:BGS) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). The business had revenue of $461.10 million for the quarter, compared to the consensus estimate of $473.82 million. B&G Foods had a negative net margin of 5.82% and a positive return on equity of 8.07%. The company’s revenue for the quarter was down 8.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.27 EPS. On average, equities analysts predict that B&G Foods will post 0.74 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Jordan E. Greenberg sold 8,000 shares of B&G Foods stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $8.33, for a total transaction of $66,640.00. Following the sale, the executive vice president now owns 66,095 shares of the company’s stock, valued at approximately $550,571.35. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of B&G Foods

Several large investors have recently modified their holdings of BGS. Innealta Capital LLC purchased a new position in B&G Foods during the second quarter worth approximately $33,000. nVerses Capital LLC acquired a new position in B&G Foods during the 2nd quarter worth $33,000. Versant Capital Management Inc boosted its holdings 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 buying an additional 1,555 shares during the period. Russell Investments Group Ltd. boosted its holdings in shares of B&G Foods by 1,556.9% in 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 period. Finally, LRI Investments LLC acquired a new position in shares of B&G Foods in the 1st quarter valued at about $60,000. 66.15% of the stock is currently owned by institutional investors and hedge funds.

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.