Barclays Trims B&G Foods (NYSE:BGS) Target Price to $8.00

B&G Foods (NYSE:BGS) had its price objective decreased by Barclays from $10.00 to $8.00 in a research note published on Friday morning, Benzinga reports. Barclays currently has an equal weight rating on the stock.

Other research analysts have also issued research reports about the company. Piper Sandler decreased their target price on B&G Foods from $9.00 to $8.00 and set a neutral rating on the stock in a research report on Thursday, July 11th. StockNews.com downgraded shares of B&G Foods from a hold rating to a sell rating in a report on Friday, May 10th. Two research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $8.50.

B&G Foods Stock Performance

Shares of NYSE BGS opened at $8.18 on Friday. The company has a market capitalization of $646.63 million, a PE ratio of -5.68 and a beta of 0.61. The company has a debt-to-equity ratio of 2.58, a quick ratio of 0.92 and a current ratio of 3.22. The company’s fifty day moving average price is $8.70 and its 200 day moving average price is $9.91. B&G Foods has a 1 year low of $7.20 and a 1 year high of $15.15.

B&G Foods (NYSE:BGS) last issued its quarterly earnings data on Wednesday, May 8th. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.02). B&G Foods had a positive return on equity of 8.33% and a negative net margin of 5.42%. The firm had revenue of $475.22 million during the quarter, compared to analyst estimates of $480.93 million. During the same quarter last year, the company posted $0.27 EPS. The company’s revenue was down 7.1% on a year-over-year basis. On average, research analysts predict that B&G Foods will post 0.78 earnings per share for the current year.

B&G Foods Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 30th. Investors of record on Friday, June 28th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 9.29%. The ex-dividend date of this dividend is Friday, June 28th. B&G Foods’s payout ratio is -52.78%.

Insider Activity at B&G Foods

In other B&G Foods news, EVP Scott E. Lerner bought 11,755 shares of the stock in a transaction on Monday, May 13th. The shares were bought at an average price of $8.51 per share, with a total value of $100,035.05. Following the purchase, the executive vice president now directly owns 189,144 shares in the company, valued at approximately $1,609,615.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other B&G Foods news, EVP Scott E. Lerner purchased 11,755 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were purchased at an average cost of $8.51 per share, with a total value of $100,035.05. Following the completion of the purchase, the executive vice president now owns 189,144 shares in the company, valued at approximately $1,609,615.44. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Bruce C. Wacha purchased 5,200 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were acquired at an average price of $8.59 per share, for a total transaction of $44,668.00. Following the completion of the transaction, the chief financial officer now directly owns 91,328 shares of the company’s stock, valued at approximately $784,507.52. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 141,955 shares of company stock valued at $1,218,453. 3.20% of the stock is owned by insiders.

Institutional Investors Weigh In On B&G Foods

A number of large investors have recently made changes to their positions in the stock. Versant Capital Management Inc lifted its position in B&G Foods by 36.9% during the second quarter. Versant Capital Management Inc now owns 5,768 shares of the company’s stock worth $47,000 after buying an additional 1,555 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of B&G Foods by 1,556.9% during the 1st quarter. Russell Investments Group Ltd. now owns 4,921 shares of the company’s stock worth $56,000 after acquiring an additional 4,624 shares during the period. LRI Investments LLC acquired a new position in shares of B&G Foods during the 1st quarter valued at about $60,000. Signaturefd LLC grew its holdings in shares of B&G Foods by 58.2% in the fourth quarter. Signaturefd LLC now owns 6,124 shares of the company’s stock valued at $64,000 after purchasing an additional 2,254 shares during the period. Finally, CWM LLC increased its position in B&G Foods by 57.6% during the fourth quarter. CWM LLC now owns 6,257 shares of the company’s stock worth $66,000 after purchasing an additional 2,287 shares during the last quarter. 66.15% of the stock is currently owned by hedge funds and other institutional investors.

About B&G Foods

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.