B&G Foods, Inc. (NYSE:BGS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Monday.
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 analysts have also commented on the stock. BMO Capital Markets raised shares of B&G Foods from a “market perform” rating to an “outperform” rating in a research report on Monday. Credit Suisse Group set a $36.00 target price on B&G Foods and gave the company a “hold” rating in a research report on Saturday. Buckingham Research cut their target price on B&G Foods from $43.00 to $36.00 and set a “neutral” rating on the stock in a research report on Friday. BidaskClub lowered B&G Foods from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. Finally, Citigroup Inc. raised B&G Foods from a “neutral” rating to a “buy” rating and set a $43.00 target price on the stock in a research report on Thursday, July 20th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $42.81.
B&G Foods (BGS) traded up 1.87% on Monday, hitting $32.70. The stock had a trading volume of 1,311,910 shares. The firm’s 50 day moving average price is $36.18 and its 200-day moving average price is $40.53. The stock has a market cap of $2.17 billion, a PE ratio of 19.55 and a beta of 0.09. B&G Foods has a 12 month low of $32.35 and a 12 month high of $51.56.
B&G Foods (NYSE:BGS) last released its quarterly 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 firm had revenue of $368.10 million for the quarter, compared to analysts’ expectations of $376.45 million. B&G Foods had a net margin of 6.64% and a return on equity of 15.43%. The firm’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.57 EPS. On average, analysts forecast that B&G Foods will post $2.11 EPS for the current year.
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A number of hedge funds have recently made changes to their positions in BGS. Teachers Advisors LLC raised its stake in shares of B&G Foods by 4.9% in the fourth quarter. Teachers Advisors LLC now owns 108,747 shares of the company’s stock worth $4,763,000 after buying an additional 5,032 shares during the last quarter. Creative Planning raised its stake in shares of B&G Foods by 1.4% in the first quarter. Creative Planning now owns 8,626 shares of the company’s stock worth $347,000 after buying an additional 120 shares during the last quarter. TNB Financial purchased a new stake in shares of B&G Foods during the first quarter worth about $262,000. Torch Wealth Management LLC increased its position in B&G Foods by 0.6% in the first quarter. Torch Wealth Management LLC now owns 39,300 shares of the company’s stock valued at $1,582,000 after buying an additional 225 shares during the period. Finally, Louisiana State Employees Retirement System increased its position in B&G Foods by 1.5% in the first quarter. Louisiana State Employees Retirement System now owns 27,100 shares of the company’s stock valued at $1,091,000 after buying an additional 400 shares during the period. 88.67% of the stock is currently owned by institutional investors.
About B&G Foods
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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