B&G Foods (NYSE:BGS) Given New $9.00 Price Target at Evercore ISI

B&G Foods (NYSE:BGS) had its price objective cut by Evercore ISI from $10.00 to $9.00 in a report issued on Wednesday,Benzinga reports. They currently have an in-line rating on the stock.

Several other equities research analysts have also recently weighed in on BGS. Piper Sandler reduced their price objective 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. Barclays reduced their price target on shares of 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. StockNews.com upgraded shares of B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. Finally, 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. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $8.30.

B&G Foods Stock Down 4.1 %

BGS stock traded down $0.29 during trading hours on Wednesday, hitting $6.78. The company’s stock had a trading volume of 1,831,612 shares, compared to its average volume of 1,037,571. The stock has a 50 day moving average price of $8.58 and a two-hundred day moving average price of $8.82. B&G Foods has a 12 month low of $6.75 and a 12 month high of $11.97. The company has a market capitalization of $536.70 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 issued its quarterly earnings data on Tuesday, November 5th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). The company had revenue of $461.10 million for the quarter, compared to analyst estimates 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 business’s revenue was down 8.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.27 EPS. On average, equities research analysts expect that B&G Foods will post 0.74 earnings per share for the current year.

B&G Foods Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 11.21%. The ex-dividend date of this dividend is Tuesday, December 31st. B&G Foods’s dividend payout ratio is -49.35%.

Insider Transactions at B&G Foods

In other B&G Foods news, EVP Jordan E. Greenberg sold 8,000 shares of B&G Foods 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 of the company’s stock, valued at approximately $550,571.35. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 3.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On B&G Foods

A number of large investors have recently bought and sold shares of BGS. Texas Permanent School Fund Corp increased its position in B&G Foods by 1.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 68,433 shares of the company’s stock valued at $783,000 after acquiring an additional 960 shares in the last quarter. nVerses Capital LLC raised its position in B&G Foods by 34.1% in the 3rd quarter. nVerses Capital LLC now owns 5,500 shares of the company’s stock worth $49,000 after purchasing an additional 1,400 shares during the last quarter. Versant Capital Management Inc lifted its holdings in B&G Foods by 36.9% during the 2nd quarter. Versant Capital Management Inc now owns 5,768 shares of the company’s stock worth $47,000 after buying an additional 1,555 shares in the last quarter. Rhumbline Advisers boosted its position in B&G Foods by 0.7% in the 2nd quarter. Rhumbline Advisers now owns 248,716 shares of the company’s stock valued at $2,010,000 after buying an additional 1,625 shares during the last quarter. Finally, SummerHaven Investment Management LLC increased its stake in shares of B&G Foods by 3.0% in the 2nd quarter. SummerHaven Investment Management LLC now owns 55,725 shares of the company’s stock valued at $450,000 after buying an additional 1,636 shares during the period. 66.15% of the stock is currently owned by 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.