Zacks Investment Research Downgrades B&G Foods (BGS) to Sell

Zacks Investment Research cut shares of B&G Foods (NYSE:BGS) from a hold rating to a sell rating in a research note issued to investors on Friday, March 2nd.

According to Zacks, “Based in Parsippany, New Jersey, B&G Foods and its subsidiaries manufacture, sell and distribute high-quality, branded shelf-stable and frozen foods across the United States, Canada and Puerto Rico. With B&G Foods’ diverse portfolio of many brands including B&G, B&M, Cream of Wheat, Green Giant, Las Palmas, Le Sueur, Mama Mary’s, Maple Grove Farms, Mrs. Dash, New York Style, Ortega, Pirate’s Booty, Polaner, Spice Islands, Victoria and now, Back to Nature and SnackWell’s, there’s a little something for everyone. “

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BGS has been the subject of several other reports. Berenberg Bank upgraded shares of B&G Foods from a hold rating to a buy rating and decreased their price target for the stock from $43.50 to $40.00 in a report on Thursday, November 16th. Stephens restated a buy rating and set a $35.00 price target on shares of B&G Foods in a report on Thursday, March 1st. Buckingham Research cut their price objective on shares of B&G Foods from $40.00 to $36.00 and set a buy rating on the stock in a research report on Wednesday, February 28th. BMO Capital Markets reaffirmed an outperform rating and set a $37.00 price objective (down previously from $39.00) on shares of B&G Foods in a research report on Thursday, March 1st. Finally, William Blair reaffirmed a market perform rating on shares of B&G Foods in a research report on Thursday, March 1st. Three analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $37.44.

Shares of B&G Foods (NYSE BGS) traded up $0.50 on Friday, hitting $25.25. 1,421,240 shares of the stock traded hands, compared to its average volume of 1,200,794. The firm has a market cap of $1,685.75, a PE ratio of 7.75 and a beta of 0.19. The company has a debt-to-equity ratio of 2.52, a current ratio of 4.40 and a quick ratio of 1.91. B&G Foods has a 12 month low of $24.60 and a 12 month high of $43.10.

B&G Foods (NYSE:BGS) last announced its earnings results on Tuesday, February 27th. The company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.56 by $0.01. The company had revenue of $473.70 million during the quarter, compared to analysts’ expectations of $482.51 million. B&G Foods had a net margin of 13.04% and a return on equity of 17.29%. The business’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period last year, the company posted $0.29 earnings per share. equities research analysts forecast that B&G Foods will post 2.12 earnings per share for the current fiscal year.

B&G Foods declared that its Board of Directors has initiated a share buyback program on Tuesday, March 13th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Monday, April 30th. Investors of record on Thursday, March 29th will be given a dividend of $0.465 per share. This represents a $1.86 dividend on an annualized basis and a yield of 7.37%. The ex-dividend date of this dividend is Wednesday, March 28th. B&G Foods’s dividend payout ratio (DPR) is currently 57.06%.

In other B&G Foods news, CEO Robert C. Cantwell purchased 10,000 shares of the firm’s stock in a transaction on Friday, March 9th. The shares were purchased at an average price of $26.42 per share, for a total transaction of $264,200.00. Following the completion of the purchase, the chief executive officer now directly owns 206,239 shares of the company’s stock, valued at $5,448,834.38. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Vanessa E. Maskal sold 8,475 shares of B&G Foods stock in a transaction on Monday, March 5th. The stock was sold at an average price of $30.00, for a total transaction of $254,250.00. Following the sale, the executive vice president now owns 102,319 shares in the company, valued at approximately $3,069,570. The disclosure for this sale can be found here. Insiders have purchased 11,075 shares of company stock worth $293,701 in the last ninety days. 2.10% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the company. Advantage Investment Management LLC boosted its stake in shares of B&G Foods by 212.0% in the 3rd quarter. Advantage Investment Management LLC now owns 3,763 shares of the company’s stock valued at $120,000 after purchasing an additional 2,557 shares in the last quarter. Sei Investments Co. lifted its position in B&G Foods by 298.9% during the 3rd quarter. Sei Investments Co. now owns 4,033 shares of the company’s stock worth $128,000 after buying an additional 3,022 shares in the last quarter. SeaCrest Wealth Management LLC acquired a new position in B&G Foods during the 4th quarter worth about $155,000. Public Employees Retirement Association of Colorado acquired a new position in B&G Foods during the 4th quarter worth about $193,000. Finally, Shelton Capital Management acquired a new position in B&G Foods during the 4th quarter worth about $209,000. Institutional investors own 97.35% of the company’s stock.

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About B&G Foods

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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