Evercore ISI Has Lowered Expectations for B&G Foods (NYSE:BGS) Stock Price

by · The Markets Daily

B&G Foods (NYSE:BGS – Get Free Report) had its price objective cut by analysts at Evercore ISI from $10.00 to $9.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “in-line” rating on the stock. Evercore ISI’s target price would indicate a potential upside of 36.36% from the stock’s previous close.

BGS has been the subject of several other reports. Royal Bank of Canada restated a “sector perform” rating and issued a $10.00 target price on shares of B&G Foods in a report on Wednesday, August 7th. StockNews.com upgraded B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. Barclays dropped their target price on B&G Foods from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Friday, July 19th. Finally, Piper Sandler decreased their price target on B&G Foods from $9.00 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $8.30.

Check Out Our Latest Stock Analysis on B&G Foods

B&G Foods Stock Down 6.6 %

Shares of BGS opened at $6.60 on Wednesday. The company has a debt-to-equity ratio of 2.33, a quick ratio of 0.48 and a current ratio of 1.63. B&G Foods has a one year low of $6.56 and a one year high of $11.97. The stock has a market capitalization of $522.46 million, a price-to-earnings ratio of -4.29 and a beta of 0.61. The stock has a 50 day moving average price of $8.55 and a 200 day moving average price of $8.80.

B&G Foods (NYSE:BGS – Get Free Report) last issued its earnings results on Tuesday, November 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.07). The company had revenue of $461.10 million during the quarter, compared to analysts’ expectations of $473.82 million. B&G Foods had a negative net margin of 5.82% and a positive return on equity of 8.07%. The firm’s quarterly revenue was down 8.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.27 earnings per share. Equities research analysts forecast that B&G Foods will post 0.74 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Jordan E. Greenberg sold 8,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total transaction of $66,640.00. Following the transaction, the executive vice president now owns 66,095 shares of the company’s stock, valued at approximately $550,571.35. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On B&G Foods

Hedge funds have recently bought and sold shares of the stock. Innealta Capital LLC acquired a new stake in B&G Foods in the 2nd quarter valued at about $33,000. nVerses Capital LLC acquired a new stake in B&G Foods in the 2nd quarter valued at about $33,000. Versant Capital Management Inc raised its position in B&G Foods by 36.9% in the 2nd quarter. Versant Capital Management Inc now owns 5,768 shares of the company’s stock valued at $47,000 after purchasing an additional 1,555 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of B&G Foods by 1,556.9% in the 1st quarter. Russell Investments Group Ltd. now owns 4,921 shares of the company’s stock valued at $56,000 after acquiring an additional 4,624 shares during the last quarter. Finally, LRI Investments LLC purchased a new position in shares of B&G Foods in the 1st quarter valued at about $60,000. Institutional investors and hedge funds own 66.15% of the company’s stock.

About B&G Foods

(Get Free Report)

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.

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