B&G Foods (NYSE:BGS) Price Target Cut to $9.50

B&G Foods (NYSE:BGS) had its price objective dropped by equities researchers at TD Cowen from $10.00 to $9.50 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an “underperform” rating on the stock. TD Cowen’s price objective suggests a potential downside of 7.23% from the company’s previous close.

A number of other research firms have also recently weighed in on BGS. Piper Sandler cut their price target on B&G Foods from $15.00 to $14.00 and set a “neutral” rating for the company in a report on Friday, July 28th. StockNews.com began coverage on shares of B&G Foods in a report on Thursday, August 17th. They issued a “hold” rating on the stock. Finally, Barclays lowered their price target on shares of B&G Foods from $16.00 to $15.00 and set an “equal weight” rating for the company in a report on Thursday, July 20th. Three analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. According to MarketBeat.com, B&G Foods presently has a consensus rating of “Hold” and an average target price of $12.86.

B&G Foods Price Performance

Shares of NYSE:BGS traded down $0.28 during midday trading on Tuesday, hitting $10.24. 320,260 shares of the stock were exchanged, compared to its average volume of 1,003,423. The stock has a market cap of $740.25 million, a P/E ratio of -35.41 and a beta of 0.45. B&G Foods has a twelve month low of $9.90 and a twelve month high of $18.83. The company has a 50 day moving average price of $12.66 and a 200-day moving average price of $13.86. The company has a current ratio of 3.96, a quick ratio of 1.04 and a debt-to-equity ratio of 2.59.

B&G Foods (NYSE:BGS) last announced its quarterly earnings results on Thursday, August 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.06. The company had revenue of $469.64 million for the quarter, compared to the consensus estimate of $461.03 million. B&G Foods had a negative net margin of 1.00% and a positive return on equity of 9.43%. On average, research analysts forecast that B&G Foods will post 1.04 earnings per share for the current year.

Hedge Funds Weigh In On B&G Foods

A number of large investors have recently bought and sold shares of the stock. Raymond James Financial Services Advisors Inc. boosted its holdings in B&G Foods by 2.6% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 66,492 shares of the company’s stock valued at $1,794,000 after acquiring an additional 1,688 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of B&G Foods by 16.5% during the 1st quarter. American Century Companies Inc. now owns 18,804 shares of the company’s stock worth $507,000 after purchasing an additional 2,664 shares during the period. HighTower Advisors LLC lifted its position in B&G Foods by 13.6% during the first quarter. HighTower Advisors LLC now owns 13,087 shares of the company’s stock valued at $352,000 after buying an additional 1,571 shares in the last quarter. Citigroup Inc. increased its position in shares of B&G Foods by 5.7% in the first quarter. Citigroup Inc. now owns 61,601 shares of the company’s stock worth $1,662,000 after acquiring an additional 3,303 shares in the last quarter. Finally, MetLife Investment Management LLC raised its stake in shares of B&G Foods by 56.5% in the 1st quarter. MetLife Investment Management LLC now owns 33,903 shares of the company’s stock valued at $915,000 after acquiring an additional 12,233 shares during the period. Hedge funds and other institutional investors own 63.15% of the company’s stock.

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, baking powder and soda, cookies and crackers, corn starch, nut clusters, and other specialty products.