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

Shares of B&G Foods, Inc. (NYSE:BGS) have been assigned a consensus recommendation of “Reduce” from the five analysts that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and four have assigned a hold recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $7.30.

Several equities analysts have issued reports on BGS shares. Piper Sandler dropped their price objective on shares of B&G Foods from $7.00 to $5.00 and set a “neutral” rating on the stock in a research note on Thursday, May 8th. Barclays dropped their price target on shares of B&G Foods from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 8th.

Institutional Investors Weigh In On B&G Foods

Several institutional investors have recently made changes to their positions in the stock. Barclays PLC lifted its stake 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. JPMorgan Chase & Co. lifted its position in shares of B&G Foods by 7.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 178,434 shares of the company’s stock valued at $1,584,000 after acquiring an additional 11,901 shares during the period. Wedge Capital Management L L P NC purchased a new stake in shares of B&G Foods during the 4th quarter worth approximately $857,000. Regent Peak Wealth Advisors LLC purchased a new stake in shares of B&G Foods during the 4th quarter worth approximately $81,000. Finally, Independent Wealth Network Inc. purchased a new position in B&G Foods in the 4th quarter valued at approximately $77,000. 66.15% of the stock is currently owned by hedge funds and other institutional investors.

B&G Foods Stock Performance

Shares of BGS stock opened at $4.43 on Monday. The stock’s 50-day moving average price is $6.32 and its 200 day moving average price is $6.63. The company has a quick ratio of 0.49, a current ratio of 1.64 and a debt-to-equity ratio of 2.40. The stock has a market capitalization of $353.11 million, a PE ratio of -13.01 and a beta of 0.74. B&G Foods has a 52-week low of $4.06 and a 52-week high of $9.78.

B&G Foods (NYSE:BGS) last announced its earnings results on Wednesday, May 7th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.12). B&G Foods had a negative net margin of 1.34% and a positive return on equity of 6.97%. The company had revenue of $425.40 million during the quarter, compared to analysts’ expectations of $459.40 million. During the same quarter last year, the business posted $0.18 earnings per share. The company’s revenue for the quarter was down 10.5% compared to the same quarter last year. As a group, equities research analysts forecast that B&G Foods will post 0.7 EPS for the current year.

B&G Foods Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 30th. Shareholders of record on Monday, June 30th will be given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 17.18%. The ex-dividend date of this dividend is Monday, June 30th. B&G Foods’s payout ratio is -28.57%.

B&G Foods Company Profile

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. It operates through the following segments: Specialty, Meals, Frozen & Vegetables, and Spices & Flavor Solutions.