Piper Sandler Cuts B&G Foods (NYSE:BGS) Price Target to $7.00

B&G Foods (NYSE:BGS - Free Report) had its price objective reduced by Piper Sandler from $8.00 to $7.00 in a research report sent to investors on Wednesday,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

BGS has been the topic of several other research reports. TD Cowen lowered their price target on B&G Foods from $8.00 to $7.50 and set a "sell" rating on the stock in a research report on Wednesday, November 6th. Evercore ISI decreased their target price on B&G Foods from $10.00 to $9.00 and set an "in-line" rating on the stock in a report on Wednesday, November 6th. Finally, Barclays decreased their target price on B&G Foods from $8.00 to $7.00 and set an "equal weight" rating on the stock in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $8.10.

B&G Foods Stock Down 3.5 %

B&G Foods stock traded down $0.25 during midday trading on Wednesday, reaching $6.70. The stock had a trading volume of 3,792,346 shares, compared to its average volume of 1,714,688. The firm's fifty day simple moving average is $6.57 and its 200-day simple moving average is $7.49. B&G Foods has a 1-year low of $5.45 and a 1-year high of $11.97. The stock has a market capitalization of $530.00 million, a P/E ratio of -19.69 and a beta of 0.50. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.49 and a current ratio of 1.64.

Remove Ads

B&G Foods (NYSE:BGS - Get Free Report) last announced its earnings results on Tuesday, February 25th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.30 by $0.01. B&G Foods had a positive return on equity of 6.97% and a negative net margin of 1.34%. The business had revenue of $551.57 million for the quarter, compared to analyst estimates of $547.95 million. As a group, analysts expect that B&G Foods will post 0.7 EPS for the current fiscal year.

B&G Foods Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be paid a $0.19 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.76 annualized dividend and a yield of 11.35%. B&G Foods's dividend payout ratio (DPR) is presently -23.90%.

Institutional Trading of B&G Foods

Institutional investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its stake in B&G Foods by 50.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 7,913 shares of the company's stock valued at $55,000 after purchasing an additional 2,658 shares during the period. Independent Wealth Network Inc. bought a new stake in shares of B&G Foods during the 4th quarter valued at $77,000. SBI Securities Co. Ltd. bought a new stake in shares of B&G Foods during the 4th quarter valued at $79,000. Regent Peak Wealth Advisors LLC bought a new stake in shares of B&G Foods during the 4th quarter valued at $81,000. Finally, Prism Advisors Inc. bought a new stake in shares of B&G Foods during the 4th quarter valued at $82,000. 66.15% of the stock is currently owned by institutional investors.

About B&G Foods

B&G Foods, Inc is a holding company, which engages in the manufacture, sale, and distribution of shelf-stable frozen food, and household products in the U.S., 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, and wine vinegar.