B&G Foods (NYSE:BGS) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of B&G Foods (NYSE:BGS) from a sell rating to a hold rating in a research report sent to investors on Thursday morning.

BGS has been the topic of a number of other reports. Piper Sandler lowered their price target on B&G Foods from $9.00 to $8.00 and set a neutral rating on the stock in a research note on Thursday, July 11th. Barclays reduced their target price on shares of B&G Foods from $10.00 to $8.00 and set an equal weight rating for the company in a research report on Friday, July 19th. Evercore ISI raised shares of B&G Foods to a hold rating in a research note on Wednesday, August 7th. Finally, Royal Bank of Canada restated a sector perform rating and set a $10.00 target price on shares of B&G Foods in a report on Wednesday, August 7th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $8.67.

B&G Foods Stock Performance

Shares of BGS stock opened at $9.34 on Thursday. 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. The business’s 50 day moving average is $8.59 and its two-hundred day moving average is $9.31. The company has a market capitalization of $738.34 million, a P/E ratio of -6.49 and a beta of 0.60.

B&G Foods (NYSE:BGS) last announced its earnings results on Tuesday, August 6th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.08. B&G Foods had a positive return on equity of 8.07% and a negative net margin of 5.82%. The firm had revenue of $444.60 million for the quarter, compared to analyst estimates of $435.83 million. During the same quarter last year, the firm posted $0.15 EPS. The business’s revenue was down 5.3% on a year-over-year basis. Analysts expect that B&G Foods will post 0.74 EPS for the current fiscal year.

B&G Foods Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 30th. Investors of record on Monday, September 30th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 8.14%. The ex-dividend date is Monday, September 30th. B&G Foods’s dividend payout ratio is presently -52.78%.

Insiders Place Their Bets

In other news, EVP Jordan E. Greenberg sold 8,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total value of $66,640.00. Following the transaction, the executive vice president now owns 66,095 shares of the company’s stock, valued at approximately $550,571.35. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 3.20% of the stock is owned by insiders.

Institutional Trading of B&G Foods

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of B&G Foods by 13.4% in the fourth quarter. Vanguard Group Inc. now owns 10,043,164 shares of the company’s stock valued at $105,453,000 after buying an additional 1,190,116 shares in the last quarter. Dimensional Fund Advisors LP grew its position in B&G Foods by 33.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,918,418 shares of the company’s stock valued at $15,501,000 after acquiring an additional 485,714 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of B&G Foods by 71.3% in the second quarter. American Century Companies Inc. now owns 1,640,354 shares of the company’s stock valued at $13,254,000 after purchasing an additional 682,688 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of B&G Foods by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 1,200,039 shares of the company’s stock valued at $9,696,000 after purchasing an additional 5,842 shares in the last quarter. Finally, Dana Investment Advisors Inc. increased its stake in B&G Foods by 23.5% during the 2nd quarter. Dana Investment Advisors Inc. now owns 710,244 shares of the company’s stock worth $5,739,000 after buying an additional 134,937 shares during the period. Institutional investors and hedge funds 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.