B&G Foods (NYSE:BGS) Stock Rating Raised to Buy at Wall Street Zen

Wall Street Zen upgraded shares of B&G Foods (NYSE:BGS) from a hold rating to a buy rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

Several other equities analysts have also recently commented on BGS. Weiss Ratings upgraded B&G Foods from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday. Evercore set a $4.50 price objective on B&G Foods in a report on Wednesday, August 12th. TD Cowen lowered their target price on shares of B&G Foods from $4.00 to $3.00 and set a “sell” rating for the company in a research note on Wednesday, August 12th. Barclays cut their price target on B&G Foods from $4.50 to $3.00 and set an “equal weight” rating on the stock in a report on Friday, October 16th. Finally, Jefferies Financial Group set a $4.00 price objective on shares of B&G Foods in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Sell” and a consensus price target of $3.62.

B&G Foods Stock Up 4.3%

Shares of BGS traded up $0.14 during midday trading on Friday, reaching $3.50. 2,568,775 shares of the company were exchanged, compared to its average volume of 2,876,338. The stock has a 50-day moving average price of $2.71 and a 200-day moving average price of $4.01. The company has a market cap of $283.58 million, a price-to-earnings ratio of -3.33 and a beta of 0.56. The company has a current ratio of 2.84, a quick ratio of 1.09 and a debt-to-equity ratio of 5.74. B&G Foods has a 1-year low of $1.99 and a 1-year high of $6.38.

B&G Foods (NYSE:BGS) last released its quarterly earnings results on Tuesday, November 10th. The company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.06. The firm had revenue of $459.78 million during the quarter, compared to analysts’ expectations of $435.00 million. B&G Foods had a positive return on equity of 13.02% and a negative net margin of 4.70%. B&G Foods’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.15 EPS. Research analysts expect that B&G Foods will post 0.57 earnings per share for the current year.

B&G Foods Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 26th. Investors of record on Thursday, December 31st will be issued a $0.0950 dividend. This represents a $0.38 dividend on an annualized basis and a dividend yield of 10.9%. The ex-dividend date is Thursday, December 31st. B&G Foods’s payout ratio is presently -36.19%.

Institutional Investors Weigh In On B&G Foods

A number of large investors have recently made changes to their positions in the company. Mosaic Family Wealth Partners LLC acquired a new stake in B&G Foods during the 3rd quarter valued at $29,000. Legal & General Group Plc acquired a new stake in shares of B&G Foods in the 2nd quarter valued at $32,000. Abel Hall LLC bought a new stake in shares of B&G Foods during the 3rd quarter worth about $39,000. Versant Capital Management Inc boosted its position in B&G Foods by 38.5% during the second quarter. Versant Capital Management Inc now owns 10,578 shares of the company’s stock worth $42,000 after purchasing an additional 2,941 shares during the period. Finally, OneDigital Investment Advisors LLC acquired a new position in B&G Foods in the 2nd quarter valued at $44,000. Institutional investors and hedge funds own 66.15% of the company’s stock.

About B&G Foods

B&G Foods, Inc. is a packaged-foods company that manufactures, markets and distributes branded shelf-stable and frozen foods. Its products include vegetables, Mexican foods, hot cereals, spices, seasonings, sauces, baking ingredients and other grocery staples. The company’s brands include Green Giant shelf-stable vegetables, Ortega, Cream of Wheat, Maple Grove Farms and Mrs. Dash. B&G Foods sells its products primarily in the United States, Canada and Puerto Rico through grocery retailers and other channels.