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

B&G Foods (NYSE:BGS) had its target price dropped by Barclays from $8.00 to $7.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price objective points to a potential upside of 7.78% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Piper Sandler decreased their price objective on shares of 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. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $10.00 price target on shares of B&G Foods in a report on Wednesday, August 7th. Evercore ISI dropped 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. StockNews.com upgraded B&G Foods from a “sell” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, TD Cowen lowered their price target 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 MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $8.30.

B&G Foods Price Performance

Shares of BGS opened at $6.50 on Thursday. The company has a 50 day moving average of $8.51 and a two-hundred day moving average of $8.77. 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 has a twelve month low of $6.46 and a twelve month high of $11.97. The company has a market cap of $514.17 million, a price-to-earnings ratio of -19.10 and a beta of 0.61.

B&G Foods (NYSE:BGS) last announced 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). B&G Foods had a positive return on equity of 8.07% and a negative net margin of 5.82%. The business had revenue of $461.10 million for the quarter, compared to analysts’ expectations of $473.82 million. During the same quarter last year, the firm earned $0.27 earnings per share. The firm’s quarterly revenue was down 8.3% compared to the same quarter last year. As a group, analysts predict that B&G Foods will post 0.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Jordan E. Greenberg sold 8,000 shares of the company’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 owns 66,095 shares in the company, valued at $550,571.35. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other B&G Foods 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 value 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. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Stephen Sherrill acquired 70,000 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were purchased at an average cost of $6.63 per share, for a total transaction of $464,100.00. Following the purchase, the director now directly owns 353,084 shares in the company, valued at approximately $2,340,946.92. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Texas Permanent School Fund Corp grew its position in shares of B&G Foods by 1.4% during 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 during the period. nVerses Capital LLC boosted its position in B&G Foods by 34.1% during the third quarter. nVerses Capital LLC now owns 5,500 shares of the company’s stock worth $49,000 after purchasing an additional 1,400 shares in the last quarter. Versant Capital Management Inc grew its holdings in B&G Foods by 36.9% in the second quarter. Versant Capital Management Inc now owns 5,768 shares of the company’s stock valued at $47,000 after purchasing an additional 1,555 shares during the period. Rhumbline Advisers increased its position in shares of B&G Foods by 0.7% in the second 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 in the last quarter. Finally, SummerHaven Investment Management LLC lifted its position in shares of B&G Foods by 3.0% during 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 in the last quarter. Hedge funds and other institutional investors own 66.15% of the company’s stock.

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.