B&G Foods, Inc. (BGS) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of B&G Foods, Inc. (NYSE:BGS) from a sell rating to a hold rating in a research note published on Thursday.

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. “

BGS has been the subject of several other research reports. BidaskClub lowered B&G Foods from a hold rating to a sell rating in a research note on Wednesday, August 2nd. Citigroup Inc. raised B&G Foods from a neutral rating to a buy rating and set a $43.00 target price for the company in a research note on Thursday, July 20th. Royal Bank Of Canada reaffirmed a buy rating and issued a $52.00 target price on shares of B&G Foods in a research note on Tuesday, July 18th. BMO Capital Markets raised B&G Foods from a market perform rating to an outperform rating in a research note on Monday, August 7th. Finally, Buckingham Research cut their target price on B&G Foods from $43.00 to $36.00 and set a neutral rating for the company in a research note on Friday, August 4th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. The company has an average rating of Hold and a consensus price target of $41.50.

B&G Foods (BGS) opened at 32.50 on Thursday. The company has a market cap of $2.16 billion, a price-to-earnings ratio of 21.33 and a beta of 0.11. The company has a 50-day moving average of $31.37 and a 200-day moving average of $36.46. B&G Foods has a one year low of $29.50 and a one year high of $49.15.

B&G Foods (NYSE:BGS) last issued its earnings results on Thursday, August 3rd. The company reported $0.41 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by ($0.06). The firm had revenue of $368.10 million during the quarter, compared to analysts’ expectations of $376.45 million. B&G Foods had a return on equity of 15.43% and a net margin of 6.64%. The firm’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.57 EPS. Equities research analysts expect that B&G Foods will post $2.08 EPS for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 30th. Stockholders of record on Friday, September 29th will be paid a dividend of $0.465 per share. This represents a $1.86 dividend on an annualized basis and a dividend yield of 5.72%. The ex-dividend date of this dividend is Thursday, September 28th. B&G Foods’s dividend payout ratio (DPR) is presently 122.37%.

Several large investors have recently added to or reduced their stakes in BGS. Acrospire Investment Management LLC boosted its stake in shares of B&G Foods by 934.9% during the second quarter. Acrospire Investment Management LLC now owns 2,877 shares of the company’s stock valued at $102,000 after purchasing an additional 2,599 shares during the period. Riverhead Capital Management LLC boosted its stake in shares of B&G Foods by 61.2% during the second quarter. Riverhead Capital Management LLC now owns 3,062 shares of the company’s stock valued at $109,000 after purchasing an additional 1,162 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of B&G Foods by 19.6% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,958 shares of the company’s stock valued at $141,000 after purchasing an additional 648 shares during the period. Bank of Montreal Can boosted its stake in shares of B&G Foods by 4.4% during the second quarter. Bank of Montreal Can now owns 5,000 shares of the company’s stock valued at $178,000 after purchasing an additional 211 shares during the period. Finally, North Star Investment Management Corp. boosted its stake in shares of B&G Foods by 97.5% during the second quarter. North Star Investment Management Corp. now owns 5,765 shares of the company’s stock valued at $205,000 after purchasing an additional 2,846 shares during the period. 90.41% of the stock is owned by hedge funds and other institutional investors.

B&G Foods Company Profile

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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Analyst Recommendations for B&G Foods (NYSE:BGS)

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