B&G Foods, Inc. (NYSE:BGS) Given Consensus Recommendation of “Reduce” by Brokerages

Shares of B&G Foods, Inc. (NYSE:BGS) have earned an average recommendation of “Reduce” from the five brokerages that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating and four have issued a hold rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $8.30.

A number of research analysts recently weighed in on BGS shares. TD Cowen cut their target price on shares of B&G Foods from $8.00 to $7.50 and set a “sell” rating for the company in a report on Wednesday, November 6th. Royal Bank of Canada reissued a “sector perform” rating and issued a $10.00 price objective on shares of B&G Foods in a research note on Wednesday, August 7th. Evercore ISI reduced their target price 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, November 6th. StockNews.com raised shares of B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. Finally, Barclays reduced their price objective on B&G Foods from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 7th.

Insider Buying and Selling

In related news, EVP Scott E. Lerner purchased 7,611 shares of B&G Foods stock in a transaction that occurred on Friday, November 8th. The shares were bought at an average price of $6.57 per share, with a total value of $50,004.27. Following the purchase, the executive vice president now directly owns 196,755 shares of the company’s stock, valued at approximately $1,292,680.35. This represents a 4.02 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen Sherrill acquired 70,000 shares of the stock in a transaction on Friday, November 8th. The stock was bought at an average cost of $6.63 per share, with a total value of $464,100.00. Following the completion of the transaction, the director now owns 353,084 shares in the company, valued at $2,340,946.92. This trade represents a 24.73 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 90,111 shares of company stock valued at $593,054 in the last ninety days. 3.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On B&G Foods

Institutional investors have recently modified their holdings of the stock. Barclays PLC boosted its holdings in shares of B&G Foods by 310.1% in the third quarter. Barclays PLC now owns 130,693 shares of the company’s stock valued at $1,160,000 after purchasing an additional 98,824 shares during the period. Geode Capital Management LLC lifted its stake in B&G Foods by 1.4% in the third quarter. Geode Capital Management LLC now owns 1,803,408 shares of the company’s stock worth $16,018,000 after acquiring an additional 24,995 shares during the period. Stifel Financial Corp lifted its stake in B&G Foods by 1.9% in the third quarter. Stifel Financial Corp now owns 181,529 shares of the company’s stock worth $1,612,000 after acquiring an additional 3,359 shares during the period. Point72 Asset Management L.P. bought a new position in B&G Foods during the 3rd quarter worth about $962,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in B&G Foods during the 3rd quarter valued at about $102,000. 66.15% of the stock is owned by hedge funds and other institutional investors.

B&G Foods Stock Up 1.8 %

BGS opened at $6.37 on Friday. The company has a market capitalization of $503.85 million, a PE ratio of -18.72 and a beta of 0.61. The firm has a 50-day simple moving average of $8.21 and a two-hundred day simple moving average of $8.50. The company has a quick ratio of 0.49, a current ratio of 1.64 and a debt-to-equity ratio of 2.40. B&G Foods has a 52 week low of $6.14 and a 52 week high of $11.97.

B&G Foods (NYSE:BGS) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). The firm had revenue of $461.10 million for the quarter, compared to the consensus estimate of $473.82 million. B&G Foods had a negative net margin of 1.34% and a positive return on equity of 6.97%. B&G Foods’s quarterly revenue was down 8.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.27 earnings per share. Analysts forecast that B&G Foods will post 0.73 earnings per share for the current fiscal year.

B&G Foods Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 11.94%. B&G Foods’s dividend payout ratio is presently -223.52%.

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.