Barclays Cuts B&G Foods (NYSE:BGS) Price Target to $7.00

B&G Foods (NYSE:BGS) had its target price reduced by Barclays from $8.00 to $7.00 in a report issued on Thursday,Benzinga reports. Barclays currently has an equal weight rating on the stock.

Several other brokerages have also issued reports on BGS. StockNews.com upgraded shares of B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. Evercore ISI dropped their target price on B&G Foods from $10.00 to $9.00 and set an “in-line” rating for the company in a research report on Wednesday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $10.00 target price on shares of B&G Foods in a research report on Wednesday, August 7th. Piper Sandler lowered 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. Finally, TD Cowen lowered their price objective on B&G Foods from $8.00 to $7.50 and set a “sell” rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company. According to data from MarketBeat, B&G Foods currently has a consensus rating of “Hold” and an average target price of $8.30.

B&G Foods Trading Down 1.7 %

Shares of BGS stock opened at $6.49 on Thursday. The stock’s fifty day moving average is $8.51 and its two-hundred day moving average is $8.75. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.48 and a current ratio of 1.64. The firm has a market capitalization of $513.75 million, a P/E ratio of -19.09 and a beta of 0.61. B&G Foods has a fifty-two week low of $6.46 and a fifty-two week high of $11.97.

B&G Foods (NYSE:BGS) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.07). B&G Foods had a positive return on equity of 6.97% and a negative net margin of 1.34%. The company had revenue of $461.10 million for the quarter, compared to analysts’ expectations of $473.82 million. During the same quarter in the prior year, the firm earned $0.27 EPS. The firm’s revenue was down 8.3% on a year-over-year basis. Research analysts expect that B&G Foods will post 0.73 earnings per share for the current fiscal year.

B&G Foods Announces Dividend

The business 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 dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 11.71%. The ex-dividend date of this dividend is Tuesday, December 31st. B&G Foods’s dividend payout ratio is presently -223.52%.

Insiders Place Their Bets

In other B&G Foods news, EVP Jordan E. Greenberg sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total value of $66,640.00. Following the sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Jordan E. Greenberg sold 8,000 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now directly 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 legal filing with the SEC, which is accessible through the SEC website. Also, EVP Scott E. Lerner purchased 7,611 shares of B&G Foods stock in a transaction that occurred on Friday, November 8th. The shares were bought at an average cost of $6.57 per share, for a total transaction of $50,004.27. Following the completion of the transaction, the executive vice president now directly owns 196,755 shares in the company, valued at $1,292,680.35. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 3.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC grew its stake in B&G Foods by 52.4% during the 1st quarter. Empowered Funds LLC now owns 277,940 shares of the company’s stock worth $3,180,000 after buying an additional 95,580 shares during the last quarter. Dana Investment Advisors Inc. lifted its holdings in shares of B&G Foods by 23.5% in the second 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 during the period. Mercer Global Advisors Inc. ADV acquired a new stake in shares of B&G Foods in the second quarter valued at $958,000. SG Americas Securities LLC raised its position in shares of B&G Foods by 36.7% during the first quarter. SG Americas Securities LLC now owns 17,231 shares of the company’s stock worth $197,000 after purchasing an additional 4,623 shares during the period. Finally, ProShare Advisors LLC raised its position in shares of B&G Foods by 16.1% during the first quarter. ProShare Advisors LLC now owns 15,697 shares of the company’s stock worth $180,000 after purchasing an additional 2,180 shares during the period. 66.15% of the stock is currently owned by institutional investors.

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.