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

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

Other equities research analysts also recently issued reports about the company. 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 report on Wednesday, November 6th. Evercore ISI decreased their target price on shares of B&G Foods from $10.00 to $9.00 and set an “in-line” rating for the company in a report on Wednesday, November 6th. Piper Sandler cut their price target on shares of B&G Foods from $9.00 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th. Royal Bank of Canada restated a “sector perform” rating and issued a $10.00 price target on shares of B&G Foods in a research report on Wednesday, August 7th. Finally, StockNews.com upgraded shares of B&G Foods from a “sell” rating to a “hold” rating in a research report on Thursday, September 26th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $8.30.

B&G Foods Stock Up 5.7 %

NYSE BGS opened at $6.86 on Thursday. B&G Foods has a 12 month low of $6.46 and a 12 month high of $11.97. The company has a market capitalization of $543.04 million, a P/E ratio of -19.09 and a beta of 0.61. The company’s 50 day simple moving average is $8.51 and its 200 day simple moving average is $8.74. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.64 and a quick ratio of 0.48.

B&G Foods (NYSE:BGS) last posted its quarterly earnings results 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). B&G Foods had a positive return on equity of 6.97% and a negative net margin of 1.34%. The business had revenue of $461.10 million during the quarter, compared to analyst estimates of $473.82 million. During the same quarter last year, the firm posted $0.27 EPS. The company’s quarterly revenue was down 8.3% compared to the same quarter last year. Equities 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 11.08%. The ex-dividend date of this dividend is Tuesday, December 31st. B&G Foods’s payout ratio is presently -223.52%.

Insiders Place Their Bets

In related news, EVP Scott E. Lerner purchased 7,611 shares of the stock in a transaction dated Friday, November 8th. The shares were acquired at an average cost of $6.57 per share, for a total transaction of $50,004.27. Following the acquisition, the executive vice president now directly owns 196,755 shares in the company, valued at approximately $1,292,680.35. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, EVP Scott E. Lerner purchased 7,611 shares of B&G Foods stock in a transaction dated Friday, November 8th. The stock was acquired at an average cost of $6.57 per share, for a total transaction of $50,004.27. Following the acquisition, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Stephen Sherrill purchased 70,000 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was purchased at an average cost of $6.63 per share, with a total value of $464,100.00. Following the purchase, the director now owns 353,084 shares in the company, valued at $2,340,946.92. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Innealta Capital LLC bought a new stake in B&G Foods in the second quarter worth $33,000. nVerses Capital LLC bought a new stake in shares of B&G Foods during the 2nd quarter worth about $33,000. Russell Investments Group Ltd. increased its holdings in shares of B&G Foods by 1,556.9% during the 1st quarter. Russell Investments Group Ltd. now owns 4,921 shares of the company’s stock valued at $56,000 after acquiring an additional 4,624 shares during the last quarter. LRI Investments LLC acquired a new position in shares of B&G Foods during the 1st quarter valued at about $60,000. Finally, Versant Capital Management Inc raised its stake in shares of B&G Foods by 36.9% in the 2nd quarter. Versant Capital Management Inc now owns 5,768 shares of the company’s stock valued at $47,000 after acquiring an additional 1,555 shares in the last quarter. Institutional investors and hedge funds 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.