B&G Foods (NYSE:BGS) Price Target Cut to $7.50 by Analysts at TD Cowen

B&G Foods (NYSE:BGS) had its price objective lowered by TD Cowen from $8.00 to $7.50 in a research report report published on Wednesday morning, Benzinga reports. The brokerage currently has a sell rating on the stock.

Several other research firms have also recently commented on BGS. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $10.00 price target on shares of B&G Foods in a report on Wednesday, August 7th. StockNews.com raised B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. Barclays cut their price target on B&G Foods from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Friday, July 19th. Evercore ISI cut their price target on B&G Foods from $10.00 to $9.00 and set an “in-line” rating for the company in a report on Wednesday. Finally, Piper Sandler cut their price target on B&G Foods from $9.00 to $8.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat.com, B&G Foods has an average rating of “Hold” and an average price target of $8.30.

B&G Foods Price Performance

Shares of B&G Foods stock traded down $0.30 during mid-day trading on Wednesday, reaching $6.77. 1,287,258 shares of the stock traded hands, compared to its average volume of 1,035,051. The business has a 50-day moving average of $8.58 and a 200 day moving average of $8.82. B&G Foods has a fifty-two week low of $6.77 and a fifty-two week high of $11.97. The stock has a market capitalization of $535.91 million, a PE ratio of -4.71 and a beta of 0.61. The company has a quick ratio of 0.48, a current ratio of 1.63 and a debt-to-equity ratio of 2.33.

B&G Foods (NYSE:BGS) last announced its 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). B&G Foods had a negative net margin of 5.82% and a positive return on equity of 8.07%. The firm had revenue of $461.10 million for the quarter, compared to analyst estimates of $473.82 million. During the same period in the previous year, the company earned $0.27 EPS. B&G Foods’s revenue was down 8.3% compared to the same quarter last year. On average, analysts predict that B&G Foods will post 0.74 EPS for the current year.

B&G Foods Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Tuesday, December 31st will be given a $0.19 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.76 annualized dividend and a yield of 11.23%. B&G Foods’s payout ratio is -49.35%.

Insider Buying and Selling

In other news, EVP Jordan E. Greenberg sold 8,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total transaction of $66,640.00. Following the completion of the transaction, the executive vice president now directly owns 66,095 shares in the company, valued at $550,571.35. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 3.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BGS. Innealta Capital LLC purchased a new position in shares of B&G Foods during the second quarter worth $33,000. nVerses Capital LLC purchased a new position in B&G Foods in the second quarter valued at $33,000. Versant Capital Management Inc boosted its holdings in B&G Foods by 36.9% in the second quarter. Versant Capital Management Inc now owns 5,768 shares of the company’s stock valued at $47,000 after purchasing an additional 1,555 shares during the period. Russell Investments Group Ltd. boosted its holdings in B&G Foods by 1,556.9% in the first quarter. Russell Investments Group Ltd. now owns 4,921 shares of the company’s stock valued at $56,000 after purchasing an additional 4,624 shares during the period. Finally, LRI Investments LLC purchased a new position in B&G Foods in the first quarter valued at $60,000. 66.15% of the stock is currently owned by hedge funds and other institutional investors.

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.