B&G Foods, Inc. (NYSE:BGS) Receives Average Recommendation of “Reduce” from Brokerages

B&G Foods, Inc. (NYSE:BGS) has earned a consensus rating of “Reduce” from the five ratings firms that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and four have given a hold recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $8.10.

Several analysts have recently weighed in on BGS shares. 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. Barclays dropped their price target on B&G Foods from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 7th. Piper Sandler dropped their price target on B&G Foods from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. Finally, 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 report on Wednesday, November 6th.

Hedge Funds Weigh In On B&G Foods

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. increased its position in B&G Foods by 50.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 7,913 shares of the company’s stock worth $55,000 after purchasing an additional 2,658 shares during the period. Independent Wealth Network Inc. acquired a new position in B&G Foods during the 4th quarter worth approximately $77,000. SBI Securities Co. Ltd. acquired a new position in B&G Foods during the 4th quarter worth approximately $79,000. Regent Peak Wealth Advisors LLC acquired a new position in B&G Foods during the 4th quarter worth approximately $81,000. Finally, Prism Advisors Inc. acquired a new position in B&G Foods during the 4th quarter worth approximately $82,000. Institutional investors and hedge funds own 66.15% of the company’s stock.

B&G Foods Stock Up 0.5 %

B&G Foods stock opened at $6.68 on Wednesday. B&G Foods has a fifty-two week low of $5.45 and a fifty-two week high of $11.79. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.49 and a current ratio of 1.64. The company has a market capitalization of $528.25 million, a P/E ratio of -19.63 and a beta of 0.50. The stock has a 50-day simple moving average of $6.56 and a 200-day simple moving average of $7.46.

B&G Foods (NYSE:BGS) last posted its earnings results on Tuesday, February 25th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.01. 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 $551.57 million during the quarter, compared to the consensus estimate of $547.95 million. Equities research analysts expect that B&G Foods will post 0.7 earnings per share for the current year.

B&G Foods Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 11.39%. The ex-dividend date is Monday, March 31st. B&G Foods’s payout ratio is -23.90%.

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.