B&G Foods, Inc. (NYSE:BGS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, October 17th. The firm presently has a $36.00 price target on the stock. Zacks Investment Research‘s price target points to a potential upside of 10.18% from the stock’s current price.
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. “
Several other equities analysts also recently issued reports on BGS. Barclays PLC dropped their price target on shares of B&G Foods from $46.00 to $37.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 8th. BidaskClub downgraded shares of B&G Foods from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. BMO Capital Markets raised shares of B&G Foods from a “market perform” rating to an “outperform” rating in a research note on Monday, August 7th. Buckingham Research lowered their target price on shares of B&G Foods from $43.00 to $36.00 and set a “neutral” rating for the company in a research note on Friday, August 4th. Finally, Credit Suisse Group set a $36.00 target price on shares of B&G Foods and gave the stock a “hold” rating in a research note on Saturday, August 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $40.61.
Shares of B&G Foods (NYSE BGS) traded down $0.93 during trading hours on Tuesday, hitting $32.68. 617,140 shares of the company’s stock were exchanged, compared to its average volume of 1,241,343. B&G Foods has a 1 year low of $29.50 and a 1 year high of $47.75. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.06 and a current ratio of 3.24. The firm has a market cap of $2,236.75, a price-to-earnings ratio of 18.38 and a beta of 0.11.
B&G Foods (NYSE:BGS) last issued its earnings results on Tuesday, October 31st. The company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.08. The firm had revenue of $408.40 million for the quarter, compared to analyst estimates of $391.31 million. B&G Foods had a net margin of 6.29% and a return on equity of 15.50%. The company’s quarterly revenue was up 28.3% on a year-over-year basis. During the same quarter last year, the business posted $0.56 earnings per share. analysts forecast that B&G Foods will post 2.12 earnings per share for the current fiscal year.
A number of hedge funds have recently made changes to their positions in the business. Rhumbline Advisers raised its position in B&G Foods by 2.0% in the third quarter. Rhumbline Advisers now owns 133,140 shares of the company’s stock worth $4,241,000 after acquiring an additional 2,638 shares during the period. Lucas Capital Management raised its position in B&G Foods by 2.9% in the third quarter. Lucas Capital Management now owns 106,711 shares of the company’s stock worth $3,399,000 after acquiring an additional 2,994 shares during the period. Bridgecreek Investment Management LLC raised its position in shares of B&G Foods by 2.0% in the third quarter. Bridgecreek Investment Management LLC now owns 176,845 shares of the company’s stock valued at $5,633,000 after purchasing an additional 3,550 shares during the period. Municipal Employees Retirement System of Michigan raised its position in shares of B&G Foods by 43.7% in the third quarter. Municipal Employees Retirement System of Michigan now owns 30,410 shares of the company’s stock valued at $968,000 after purchasing an additional 9,250 shares during the period. Finally, Dividend Assets Capital LLC bought a new stake in shares of B&G Foods in the third quarter valued at approximately $827,000. 89.79% of the stock is currently owned by institutional investors and hedge funds.
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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