B&G Foods, Inc. (NYSE:BGS) has received an average rating of “Hold” from the twelve brokerages that are covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, three have given a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $35.13.
BGS has been the topic of several analyst reports. Royal Bank of Canada reissued a “buy” rating and issued a $38.00 target price on shares of B&G Foods in a research note on Tuesday, April 3rd. Stephens reissued a “buy” rating and issued a $35.00 target price on shares of B&G Foods in a research note on Thursday, March 1st. Buckingham Research cut their target price on B&G Foods from $40.00 to $36.00 and set a “buy” rating on the stock in a research note on Wednesday, February 28th. Berenberg Bank raised B&G Foods from a “hold” rating to a “buy” rating in a research note on Friday, May 4th. Finally, Zacks Investment Research raised B&G Foods from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a research note on Monday, May 7th.
Shares of B&G Foods traded down $0.50, hitting $29.60, during trading hours on Thursday, according to Marketbeat. 1,125,549 shares of the stock traded hands, compared to its average volume of 1,186,907. The company has a quick ratio of 1.54, a current ratio of 3.78 and a debt-to-equity ratio of 2.40. B&G Foods has a 1-year low of $22.00 and a 1-year high of $40.45. The firm has a market capitalization of $1.99 billion, a PE ratio of 13.96 and a beta of 0.36.
B&G Foods announced that its Board of Directors has initiated a stock repurchase program on Tuesday, March 13th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 30th. Shareholders of record on Friday, June 29th will be issued a $0.475 dividend. This is an increase from B&G Foods’s previous quarterly dividend of $0.47. This represents a $1.90 annualized dividend and a dividend yield of 6.42%. The ex-dividend date of this dividend is Thursday, June 28th. B&G Foods’s dividend payout ratio is 87.74%.
In other B&G Foods news, Director Deann L. Brunts purchased 2,000 shares of the stock in a transaction on Wednesday, May 9th. The stock was bought at an average cost of $26.27 per share, for a total transaction of $52,540.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.90% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the business. BlackRock Inc. increased its holdings in shares of B&G Foods by 3.3% in the fourth quarter. BlackRock Inc. now owns 8,243,005 shares of the company’s stock worth $289,741,000 after acquiring an additional 265,867 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of B&G Foods by 14.5% in the first quarter. Principal Financial Group Inc. now owns 6,012,445 shares of the company’s stock worth $142,496,000 after acquiring an additional 760,618 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of B&G Foods by 6.8% during the first quarter. Royal Bank of Canada now owns 3,973,141 shares of the company’s stock worth $94,162,000 after buying an additional 253,495 shares in the last quarter. Ceredex Value Advisors LLC bought a new position in shares of B&G Foods during the first quarter worth about $77,276,000. Finally, Champlain Investment Partners LLC grew its holdings in shares of B&G Foods by 5.4% during the first quarter. Champlain Investment Partners LLC now owns 2,514,685 shares of the company’s stock worth $59,598,000 after buying an additional 128,055 shares in the last quarter. Institutional investors own 94.09% of the company’s stock.
B&G Foods Company Profile
B&G Foods, Inc manufactures, sells, and distributes a portfolio of shelf-stable and frozen foods in the United States, 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, wine vinegars, maple syrups, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, puffed corn and rice snacks, cookies and crackers, nut clusters, and other specialty products.
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