B&G Foods (NYSE:BGS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, Zacks.com reports. They presently have a $29.00 price target on the stock. Zacks Investment Research‘s price target points to a potential upside of 0.31% from the company’s previous close.
According to Zacks, “Shares of B&G Foods have outperformed the industry in the past three months. The company has been benefiting from consumers’ rising demand due to the coronavirus-led increased at-home consumption. Apart from this, it is gaining on pricing efforts and buyouts like Clabber Girl and Farmwise. These upsides aided the company’s second-quarter 2020 performance, wherein both top and bottom lines soared year over year and beat the consensus mark. Robust pandemic-led demand drove sales of most brands, including Green Giant, which holds strong prospects. Management informed that solid retail consumption was a major driver in the quarter. However, weakness in the away-from-home channel weighed on the foodservice business, which is likely to remain challenged. Moreover, costs related to operations amid the pandemic are likely to remain elevated.”
A number of other equities analysts also recently weighed in on the stock. Seaport Global Securities assumed coverage on shares of B&G Foods in a research note on Tuesday, July 28th. They issued a “neutral” rating for the company. Jefferies Financial Group boosted their price target on shares of B&G Foods from $19.00 to $23.00 and gave the stock a “hold” rating in a research note on Monday, July 27th. Credit Suisse Group boosted their price target on shares of B&G Foods from $19.00 to $22.00 and gave the stock a “neutral” rating in a research note on Friday, May 15th. Piper Sandler raised shares of B&G Foods from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $21.00 to $28.00 in a research note on Tuesday, May 12th. Finally, DA Davidson initiated coverage on shares of B&G Foods in a research note on Thursday, June 11th. They set a “neutral” rating for the company. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $21.67.
NYSE:BGS opened at $28.91 on Friday. The firm has a market cap of $1.85 billion, a PE ratio of 14.53 and a beta of 0.24. B&G Foods has a 12 month low of $10.39 and a 12 month high of $29.65. The company has a quick ratio of 1.78, a current ratio of 3.69 and a debt-to-equity ratio of 2.52. The company’s 50-day moving average price is $24.98 and its two-hundred day moving average price is $19.73.
B&G Foods (NYSE:BGS) last released its quarterly earnings results on Thursday, July 30th. The company reported $0.71 EPS for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.10. The firm had revenue of $512.54 million for the quarter, compared to analyst estimates of $509.57 million. B&G Foods had a net margin of 6.22% and a return on equity of 15.65%. On average, research analysts expect that B&G Foods will post 2.11 EPS for the current fiscal year.
Several institutional investors have recently added to or reduced their stakes in BGS. Goldman Sachs Group Inc. boosted its holdings in shares of B&G Foods by 48.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 284,378 shares of the company’s stock valued at $5,099,000 after buying an additional 92,967 shares during the period. Bank of New York Mellon Corp boosted its holdings in B&G Foods by 15.2% during the fourth quarter. Bank of New York Mellon Corp now owns 1,680,393 shares of the company’s stock worth $30,128,000 after purchasing an additional 222,350 shares during the last quarter. Bank of America Corp DE boosted its holdings in B&G Foods by 8.3% during the fourth quarter. Bank of America Corp DE now owns 490,061 shares of the company’s stock worth $8,787,000 after purchasing an additional 37,759 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its holdings in B&G Foods by 65.3% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 66,728 shares of the company’s stock worth $1,195,000 after purchasing an additional 26,370 shares during the last quarter. Finally, Man Group plc boosted its holdings in B&G Foods by 38.5% during the fourth quarter. Man Group plc now owns 23,754 shares of the company’s stock worth $426,000 after purchasing an additional 6,598 shares during the last quarter. Institutional investors own 75.60% 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 in the United States, Canada, and Puerto Rico. Its products include frozen and canned vegetables, oatmeal and hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegars, maple syrups, 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, cookies and crackers, nut clusters, and other specialty products.
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