B&G Foods (NYSE:BGS) Rating Lowered to Sell at StockNews.com

StockNews.com lowered shares of B&G Foods (NYSE:BGS) from a hold rating to a sell rating in a report issued on Monday.

BGS has been the topic of a number of other research reports. Piper Sandler cut their price objective on shares of B&G Foods from $9.00 to $8.00 and set a neutral rating on the stock in a report on Thursday, July 11th. Barclays cut their price objective on shares of 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. Royal Bank of Canada reiterated a sector perform rating and issued a $10.00 target price on shares of B&G Foods in a research note on Wednesday, August 7th. Finally, Evercore ISI upgraded shares of B&G Foods to a hold rating in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the company. Based on data from MarketBeat.com, B&G Foods has an average rating of Hold and an average target price of $8.67.

B&G Foods Stock Performance

Shares of NYSE:BGS opened at $9.18 on Monday. The company has a market cap of $725.29 million, a price-to-earnings ratio of -6.37 and a beta of 0.60. The company has a 50-day moving average price of $8.48 and a 200-day moving average price of $9.42. The company has a current ratio of 1.63, a quick ratio of 0.48 and a debt-to-equity ratio of 2.33. B&G Foods has a 12 month low of $7.20 and a 12 month high of $11.97.

B&G Foods (NYSE:BGS) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.08. B&G Foods had a negative net margin of 5.82% and a positive return on equity of 8.07%. The company had revenue of $444.60 million for the quarter, compared to analysts’ expectations of $435.83 million. During the same quarter in the previous year, the company earned $0.15 earnings per share. B&G Foods’s quarterly revenue was down 5.3% on a year-over-year basis. As a group, equities analysts anticipate that B&G Foods will post 0.74 EPS for the current year.

B&G Foods Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 30th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 8.28%. The ex-dividend date of this dividend is Monday, September 30th. B&G Foods’s dividend payout ratio is presently -52.78%.

Insider Transactions at B&G Foods

In related news, EVP Jordan E. Greenberg sold 8,000 shares of B&G Foods stock in a transaction 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 transaction, the executive vice president now owns 66,095 shares in the company, valued at approximately $550,571.35. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Dana Investment Advisors Inc. lifted its stake in shares of B&G Foods by 23.5% during the 2nd quarter. Dana Investment Advisors Inc. now owns 710,244 shares of the company’s stock valued at $5,739,000 after buying an additional 134,937 shares in the last quarter. Truist Financial Corp increased its holdings in B&G Foods by 4.7% in the 2nd quarter. Truist Financial Corp now owns 84,534 shares of the company’s stock valued at $683,000 after acquiring an additional 3,798 shares during the last quarter. Algert Global LLC increased its holdings in B&G Foods by 280.2% in the 2nd quarter. Algert Global LLC now owns 55,167 shares of the company’s stock valued at $446,000 after acquiring an additional 40,657 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in B&G Foods by 13.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,050 shares of the company’s stock valued at $243,000 after acquiring an additional 3,583 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in B&G Foods by 154.0% in the 2nd quarter. AQR Capital Management LLC now owns 626,807 shares of the company’s stock valued at $5,065,000 after acquiring an additional 380,054 shares during the last quarter. Hedge funds and other institutional investors own 66.15% of the company’s stock.

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.