Brokerages Set B&G Foods, Inc. (NYSE:BGS) Price Target at $8.30

Shares of B&G Foods, Inc. (NYSE:BGS) have been assigned a consensus recommendation of “Reduce” from the five analysts that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation and four have given a hold recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $8.30.

A number of research firms have issued reports on BGS. Barclays decreased their price target on shares of B&G Foods from $8.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday, November 7th. TD Cowen reduced their target price on B&G Foods from $8.00 to $7.50 and set a “sell” rating for the company in a research note on Wednesday, November 6th. Evercore ISI dropped their price target on B&G Foods from $10.00 to $9.00 and set an “in-line” rating on the stock in a research note on Wednesday, November 6th. Finally, StockNews.com raised B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th.

Insider Buying and Selling at B&G Foods

In related news, EVP Scott E. Lerner purchased 7,611 shares of B&G Foods stock in a transaction that occurred on Friday, November 8th. The stock was 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 owns 196,755 shares in the company, valued at $1,292,680.35. The trade was a 4.02 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Stephen Sherrill acquired 70,000 shares of the stock in a transaction on Friday, November 8th. The stock was bought at an average price of $6.63 per share, for a total transaction of $464,100.00. Following the transaction, the director now owns 353,084 shares in the company, valued at approximately $2,340,946.92. This represents a 24.73 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 90,111 shares of company stock worth $593,054. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its position in shares of B&G Foods by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,200,039 shares of the company’s stock valued at $9,696,000 after acquiring an additional 5,842 shares during the period. nVerses Capital LLC purchased a new stake in shares of B&G Foods in the second quarter valued at approximately $33,000. Versor Investments LP increased its position in shares of B&G Foods by 15.9% in the second quarter. Versor Investments LP now owns 21,438 shares of the company’s stock valued at $173,000 after buying an additional 2,938 shares in the last quarter. Rhumbline Advisers raised its stake in shares of B&G Foods by 0.7% during the 2nd quarter. Rhumbline Advisers now owns 248,716 shares of the company’s stock worth $2,010,000 after buying an additional 1,625 shares during the period. Finally, Victory Capital Management Inc. lifted its position in shares of B&G Foods by 155.8% during the 2nd quarter. Victory Capital Management Inc. now owns 61,385 shares of the company’s stock valued at $496,000 after buying an additional 37,388 shares in the last quarter. Hedge funds and other institutional investors own 66.15% of the company’s stock.

B&G Foods Stock Performance

Shares of BGS opened at $6.48 on Friday. B&G Foods has a 12 month low of $6.12 and a 12 month high of $11.97. The stock has a fifty day moving average price of $7.02 and a 200-day moving average price of $7.94. The company has a current ratio of 1.64, a quick ratio of 0.49 and a debt-to-equity ratio of 2.40. The firm has a market cap of $512.98 million, a PE ratio of -19.06 and a beta of 0.51.

B&G Foods (NYSE:BGS) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate 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 1.34% and a positive return on equity of 6.97%. The business’s revenue was down 8.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.27 EPS. Equities research analysts predict 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 declared a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 11.73%. The ex-dividend date of this dividend is Tuesday, December 31st. B&G Foods’s dividend payout ratio is currently -223.53%.

About B&G Foods

B&G Foods, Inc is a holding company, which engages in the manufacture, sale, and distribution of shelf-stable frozen food, and household products in the U.S., Canada, and Puerto Rico. Its products include frozen and canned vegetables, hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, and wine vinegar.