TD Cowen Lowers B&G Foods (NYSE:BGS) Price Target to $7.50

B&G Foods (NYSE:BGS) had its target price lowered by equities researchers at TD Cowen from $8.00 to $7.50 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “sell” rating on the stock. TD Cowen’s price objective indicates a potential upside of 3.59% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Piper Sandler reduced their price objective on shares of B&G Foods from $9.00 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, July 11th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $10.00 target price on shares of B&G Foods in a research note on Wednesday, August 7th. StockNews.com upgraded shares of B&G Foods from a “sell” rating to a “hold” rating in a research note on Thursday, September 26th. Barclays cut their target price on shares of B&G Foods from $10.00 to $8.00 and set an “equal weight” rating for the company in a research note on Friday, July 19th. Finally, Evercore ISI cut their target price on shares of B&G Foods from $10.00 to $9.00 and set an “in-line” rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $8.50.

B&G Foods Stock Down 17.9 %

BGS stock traded down $1.58 during trading hours on Wednesday, reaching $7.24. 3,426,876 shares of the stock were exchanged, compared to its average volume of 1,020,758. The firm’s 50-day moving average is $8.61 and its 200-day moving average is $8.83. The company has a market cap of $573.12 million, a price-to-earnings ratio of -4.70 and a beta of 0.61. The company has a debt-to-equity ratio of 2.33, a current ratio of 1.63 and a quick ratio of 0.48. B&G Foods has a 12 month low of $7.20 and a 12 month high of $11.97.

B&G Foods (NYSE:BGS) last released its earnings results on Tuesday, November 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). B&G Foods had a positive return on equity of 8.07% and a negative net margin of 5.82%. The firm had revenue of $461.10 million for the quarter, compared to the consensus estimate of $473.82 million. During the same quarter last year, the company posted $0.27 EPS. B&G Foods’s revenue for the quarter was down 8.3% on a year-over-year basis. On average, equities research analysts expect that B&G Foods will post 0.74 earnings per share for the current year.

Insider Transactions at B&G Foods

In other news, EVP Jordan E. Greenberg sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $8.33, for a total transaction of $66,640.00. Following the transaction, the executive vice president now directly owns 66,095 shares of the company’s stock, valued at approximately $550,571.35. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its stake in B&G Foods by 33.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,918,418 shares of the company’s stock valued at $15,501,000 after acquiring an additional 485,714 shares during the last quarter. American Century Companies Inc. increased its stake in B&G Foods by 71.3% in the second quarter. American Century Companies Inc. now owns 1,640,354 shares of the company’s stock valued at $13,254,000 after acquiring an additional 682,688 shares during the last quarter. Bank of New York Mellon Corp increased its stake in B&G Foods by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 1,200,039 shares of the company’s stock valued at $9,696,000 after acquiring an additional 5,842 shares during the last quarter. Dana Investment Advisors Inc. increased its stake in B&G Foods by 23.5% in the second quarter. Dana Investment Advisors Inc. now owns 710,244 shares of the company’s stock valued at $5,739,000 after acquiring an additional 134,937 shares during the last quarter. Finally, Gilman Hill Asset Management LLC boosted its position in B&G Foods by 5.8% in the third quarter. Gilman Hill Asset Management LLC now owns 636,506 shares of the company’s stock valued at $5,652,000 after buying an additional 34,768 shares in the last quarter. 66.15% of the stock is owned by institutional investors.

B&G Foods Company Profile

B&G Foods, Inc manufactures, sells, and distributes a portfolio of shelf-stable and frozen foods, and household products in the United States, Canada, and Puerto Rico. The company's products include frozen and canned vegetables, vegetables, canola and other cooking oils, vegetable shortening, cooking sprays, oatmeal and other hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegar, maple syrups, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, crackers, baking powder and soda, corn starch, nut clusters, and other specialty products.