TD Cowen Has Lowered Expectations for B&G Foods (NYSE:BGS) Stock Price

B&G Foods (NYSE:BGS) had its price objective dropped by equities researchers at TD Cowen from $8.00 to $7.50 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “sell” rating on the stock. TD Cowen’s price target indicates a potential upside of 13.64% from the stock’s previous close.

BGS has been the subject of a number of other reports. 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 note on Friday, July 19th. 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. StockNews.com raised B&G Foods from a “sell” rating to a “hold” rating in a research report on Thursday, September 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $10.00 price target on shares of B&G Foods in a research report on Wednesday, August 7th. Finally, Evercore ISI lowered their price objective on shares of B&G Foods from $10.00 to $9.00 and set an “in-line” rating on the stock in a report on Wednesday. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to data from MarketBeat.com, B&G Foods has an average rating of “Hold” and an average target price of $8.30.

B&G Foods Trading Down 6.6 %

BGS opened at $6.60 on Wednesday. The firm’s fifty day moving average is $8.55 and its two-hundred day moving average is $8.80. The firm has a market cap of $522.46 million, a PE ratio of -4.29 and a beta of 0.61. B&G Foods has a twelve month low of $6.56 and a twelve month high of $11.97. The company has a debt-to-equity ratio of 2.33, a quick ratio of 0.48 and a current ratio of 1.63.

B&G Foods (NYSE:BGS) last posted its earnings results on Tuesday, November 5th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.07). The business had revenue of $461.10 million for the quarter, compared to the consensus estimate of $473.82 million. B&G Foods had a positive return on equity of 8.07% and a negative net margin of 5.82%. The business’s revenue was down 8.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.27 earnings per share. Equities research analysts anticipate that B&G Foods will post 0.74 EPS for the current year.

Insider Buying and Selling

In other news, EVP Jordan E. Greenberg sold 8,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were 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 represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets raised its holdings in B&G Foods by 97.9% in the 1st quarter. BNP Paribas Financial Markets now owns 38,965 shares of the company’s stock valued at $446,000 after acquiring an additional 19,277 shares during the period. Janney Montgomery Scott LLC increased its stake in shares of B&G Foods by 6.4% during the first quarter. Janney Montgomery Scott LLC now owns 261,106 shares of the company’s stock worth $2,987,000 after purchasing an additional 15,672 shares during the period. Capstone Investment Advisors LLC lifted its holdings in B&G Foods by 97.1% during the 1st quarter. Capstone Investment Advisors LLC now owns 27,325 shares of the company’s stock worth $313,000 after purchasing an additional 13,462 shares during the last quarter. Texas Permanent School Fund Corp boosted its stake 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 purchasing an additional 960 shares during the period. Finally, Empowered Funds LLC grew its holdings in B&G Foods by 52.4% in the 1st quarter. Empowered Funds LLC now owns 277,940 shares of the company’s stock valued at $3,180,000 after buying an additional 95,580 shares in the last quarter. 66.15% of the stock is owned by institutional investors and hedge funds.

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.