B&G Foods, Inc. (NYSE:BGS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday, October 5th.
According to Zacks, “B&G FOODS and its subsidiaries manufacture, sell and distribute a diversified portfolio of high-quality, shelf-stable foods across the United States, Canada and Puerto Rico. B&G Foods’ products include hot cereals, fruit spreads, canned meats and beans, spices, seasonings, marinades, hot sauces, wine vinegar, maple syrup, molasses, salad dressings, Mexican-style sauces, taco shells and kits, salsas, pickles, peppers and other specialty food products. B&G Foods competes in the retail grocery, food service, specialty, private label, club and mass merchandiser channels of distribution. Based in Parsippany, New Jersey, B&G Foods’ products are marketed under many recognized brands, including Ac’cent, B&G, B&M, Brer Rabbit, Cream of Rice, Cream of Wheat, Emeril’s, Grandma’s Molasses, Joan of Arc, Las Palmas, Maple Grove Farms of Vermont, Ortega, Polaner, Red Devil, Regina, Sa-són, Trappey’s, Underwood, Vermont Maid and Wright’s. “
Other equities analysts have also recently issued reports about the company. Barclays PLC dropped their price objective on B&G Foods from $46.00 to $37.00 and set an “equal weight” rating for the company in a report on Tuesday, August 8th. Credit Suisse Group set a $36.00 price objective on B&G Foods and gave the stock a “hold” rating in a research note on Saturday, August 5th. BidaskClub raised B&G Foods from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. BMO Capital Markets reduced their price objective on B&G Foods from $45.00 to $39.00 and set a “market perform” rating for the company in a report on Friday, August 4th. Finally, Buckingham Research upgraded B&G Foods from a “neutral” rating to a “buy” rating and set a $40.00 price objective on the stock in a report on Wednesday, August 23rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. B&G Foods currently has an average rating of “Hold” and a consensus price target of $41.50.
Shares of B&G Foods (NYSE:BGS) opened at 32.55 on Thursday. The company has a 50 day moving average of $31.44 and a 200 day moving average of $36.08. The firm has a market capitalization of $2.16 billion, a PE ratio of 21.36 and a beta of 0.11. B&G Foods has a 52-week low of $29.50 and a 52-week high of $49.15.
B&G Foods (NYSE:BGS) last issued its earnings results on Thursday, August 3rd. The company reported $0.41 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by ($0.06). The business had revenue of $368.10 million for the quarter, compared to the consensus estimate of $376.45 million. B&G Foods had a return on equity of 15.43% and a net margin of 6.64%. The business’s revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.57 earnings per share. On average, analysts anticipate that B&G Foods will post $2.08 earnings per share for the current fiscal year.
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Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its holdings in B&G Foods by 134,853.6% in the 1st quarter. BlackRock Inc. now owns 7,858,346 shares of the company’s stock worth $316,296,000 after buying an additional 7,852,523 shares during the period. Principal Financial Group Inc. boosted its holdings in B&G Foods by 213.1% in the 2nd quarter. Principal Financial Group Inc. now owns 4,319,621 shares of the company’s stock worth $153,779,000 after buying an additional 2,940,036 shares during the period. Deprince Race & Zollo Inc. bought a new position in B&G Foods in the 2nd quarter worth $26,312,000. Lord Abbett & CO. LLC bought a new position in B&G Foods in the 2nd quarter worth $25,526,000. Finally, FMR LLC boosted its holdings in B&G Foods by 12.9% in the 1st quarter. FMR LLC now owns 5,854,515 shares of the company’s stock worth $235,645,000 after buying an additional 667,093 shares during the period. Institutional investors and hedge funds own 90.34% of the company’s stock.
B&G Foods Company Profile
B&G Foods, Inc (B&G Foods) is a holding company. The Company manufactures, sells and distributes a portfolio of shelf-stable and frozen foods across 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 vinegar, maple syrup, 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, nut clusters and other specialty products.
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