B&G Foods, Inc. (NYSE:BGS) Receives $15.75 Average Target Price from Brokerages

Posted by Defense World Staff on May 30th, 2023

B&G Foods, Inc. (NYSE:BGS – Get Rating) has received an average recommendation of “Hold” from the nine brokerages that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell rating and five have issued a hold rating on the company. The average 12-month target price among brokers that have covered the stock in the last year is $15.75.

Several equities research analysts have commented on the company. StockNews.com began coverage on B&G Foods in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Barclays increased their price objective on shares of B&G Foods from $15.00 to $16.00 in a research report on Monday, May 8th. Finally, TheStreet raised shares of B&G Foods from a “d+” rating to a “c-” rating in a report on Friday, March 24th.

B&G Foods Stock Up 0.5 %

NYSE:BGS opened at $13.01 on Tuesday. The company has a debt-to-equity ratio of 2.65, a current ratio of 4.06 and a quick ratio of 1.02. The firm’s 50-day moving average price is $14.89 and its 200-day moving average price is $13.82. The company has a market capitalization of $939.45 million, a PE ratio of -29.57 and a beta of 0.45. B&G Foods has a 1-year low of $10.91 and a 1-year high of $26.13.

B&G Foods (NYSE:BGS – Get Rating) last announced its earnings results on Thursday, May 4th. The company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.01. B&G Foods had a negative net margin of 1.48% and a positive return on equity of 8.59%. The business had revenue of $511.81 million during the quarter, compared to the consensus estimate of $528.18 million. During the same quarter last year, the firm earned $0.34 earnings per share. The business’s revenue for the quarter was down 3.9% on a year-over-year basis. On average, equities analysts predict that B&G Foods will post 1.01 EPS for the current fiscal year.

B&G Foods Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 31st. Shareholders of record on Friday, June 30th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 5.84%. The ex-dividend date is Thursday, June 29th. B&G Foods’s dividend payout ratio is currently -172.73%.

Insider Transactions at B&G Foods

In related news, CFO Bruce C. Wacha sold 12,500 shares of the stock in a transaction that occurred on Friday, March 10th. The shares were sold at an average price of $14.81, for a total transaction of $185,125.00. Following the transaction, the chief financial officer now owns 46,491 shares in the company, valued at $688,531.71. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. grew its position in shares of B&G Foods by 1.3% during the 3rd quarter. BlackRock Inc. now owns 11,268,543 shares of the company’s stock valued at $185,818,000 after acquiring an additional 145,921 shares during the period. Vanguard Group Inc. grew its holdings in B&G Foods by 5.6% during the third quarter. Vanguard Group Inc. now owns 8,543,629 shares of the company’s stock valued at $140,884,000 after purchasing an additional 453,830 shares during the period. State Street Corp increased its position in B&G Foods by 2.3% in the third quarter. State Street Corp now owns 3,829,591 shares of the company’s stock worth $64,883,000 after buying an additional 85,627 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of B&G Foods by 3.2% in the first quarter. Geode Capital Management LLC now owns 1,368,223 shares of the company’s stock worth $21,249,000 after buying an additional 42,781 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of B&G Foods by 8.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,337,741 shares of the company’s stock valued at $22,059,000 after buying an additional 101,926 shares in the last quarter. Institutional investors own 63.71% of the company’s stock.

B&G Foods Company Profile

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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.