Royal Bank Of Canada Cuts B&G Foods (NYSE:BGS) Price Target to $5.00

B&G Foods (NYSE:BGS) had its target price lowered by Royal Bank Of Canada from $6.00 to $5.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has a sector perform rating on the stock.

A number of other analysts have also issued reports on BGS. Piper Sandler decreased their target price on shares of B&G Foods from $7.00 to $5.00 and set a “neutral” rating on the stock in a research report on Thursday, May 8th. Barclays decreased their price objective on B&G Foods from $5.00 to $4.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 15th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. Based on data from MarketBeat, B&G Foods currently has an average rating of “Hold” and a consensus price target of $6.10.

B&G Foods Stock Performance

NYSE BGS opened at $4.09 on Tuesday. The company has a quick ratio of 1.07, a current ratio of 2.93 and a debt-to-equity ratio of 3.96. B&G Foods has a fifty-two week low of $3.67 and a fifty-two week high of $9.44. The business has a fifty day moving average of $4.30 and a 200-day moving average of $5.54. The stock has a market cap of $326.80 million, a price-to-earnings ratio of -1.44 and a beta of 0.48.

B&G Foods (NYSE:BGS) last announced its earnings results on Monday, August 4th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.03). The firm had revenue of $424.43 million during the quarter, compared to analyst estimates of $427.80 million. B&G Foods had a negative net margin of 12.02% and a positive return on equity of 7.16%. The company’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.08 EPS. As a group, analysts predict that B&G Foods will post 0.7 earnings per share for the current fiscal year.

B&G Foods Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 27th. Shareholders of record on Tuesday, September 30th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 18.6%. The ex-dividend date is Tuesday, September 30th. B&G Foods’s dividend payout ratio (DPR) is -28.57%.

Institutional Trading of B&G Foods

Several institutional investors have recently made changes to their positions in BGS. Dimensional Fund Advisors LP raised its position in shares of B&G Foods by 28.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,353,557 shares of the company’s stock worth $23,106,000 after buying an additional 744,898 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in B&G Foods by 4,994.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,264,936 shares of the company’s stock worth $15,560,000 after acquiring an additional 2,220,473 shares during the last quarter. Millennium Management LLC raised its holdings in shares of B&G Foods by 15,131.8% in the 1st quarter. Millennium Management LLC now owns 1,887,984 shares of the company’s stock worth $12,970,000 after purchasing an additional 1,875,589 shares during the period. Geode Capital Management LLC lifted its stake in shares of B&G Foods by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 1,809,054 shares of the company’s stock valued at $12,468,000 after purchasing an additional 5,646 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of B&G Foods by 31.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,340,836 shares of the company’s stock worth $9,211,000 after purchasing an additional 321,414 shares during the period. 66.15% of the stock is owned by hedge funds and other institutional investors.

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