Zacks Investment Research upgraded shares of B&G Foods, Inc. (NYSE:BGS) from a hold rating to a buy rating in a research report released on Monday morning. Zacks Investment Research currently has $41.00 price objective on the stock.
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. “
Other research analysts have also recently issued reports about the stock. BMO Capital Markets reissued a hold rating and set a $45.00 price target on shares of B&G Foods in a report on Friday, May 5th. Royal Bank Of Canada reissued a buy rating and set a $52.00 price target on shares of B&G Foods in a report on Tuesday, May 23rd. Credit Suisse Group raised shares of B&G Foods from a neutral rating to an outperform rating and cut their price target for the stock from $49.00 to $47.00 in a report on Friday, March 17th. Finally, Berenberg Bank initiated coverage on shares of B&G Foods in a report on Tuesday, May 16th. They set a hold rating and a $43.50 price target for the company. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. B&G Foods currently has a consensus rating of Hold and a consensus target price of $45.93.
B&G Foods (BGS) traded up 0.27% during trading on Monday, hitting $37.05. The company’s stock had a trading volume of 234,452 shares. The company has a 50-day moving average of $40.12 and a 200 day moving average of $42.31. The firm has a market cap of $2.46 billion, a PE ratio of 22.15 and a beta of 0.14. B&G Foods has a one year low of $36.42 and a one year high of $52.84.
B&G Foods (NYSE:BGS) last announced its earnings results on Thursday, May 4th. The company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.04. B&G Foods had a net margin of 7.49% and a return on equity of 17.41%. The business had revenue of $417.90 million during the quarter, compared to analysts’ expectations of $413.35 million. During the same period in the prior year, the company earned $0.65 earnings per share. The business’s revenue was up 18.4% compared to the same quarter last year. On average, equities analysts forecast that B&G Foods will post $2.17 earnings per share for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Monday, July 31st. Shareholders of record on Friday, June 30th will be issued a $0.465 dividend. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $1.86 dividend on an annualized basis and a yield of 5.03%. B&G Foods’s dividend payout ratio (DPR) is presently 111.38%.
A number of hedge funds and other institutional investors have recently modified their holdings of BGS. Aviance Capital Management LLC boosted its position in shares of B&G Foods by 3.4% in the first quarter. Aviance Capital Management LLC now owns 11,452 shares of the company’s stock worth $461,000 after buying an additional 376 shares during the period. Ibex Wealth Advisors boosted its position in shares of B&G Foods by 12.2% in the first quarter. Ibex Wealth Advisors now owns 48,877 shares of the company’s stock worth $1,906,000 after buying an additional 5,330 shares during the period. Colony Group LLC boosted its position in shares of B&G Foods by 76.2% in the first quarter. Colony Group LLC now owns 39,940 shares of the company’s stock worth $1,608,000 after buying an additional 17,275 shares during the period. State Street Corp boosted its position in shares of B&G Foods by 7.7% in the first quarter. State Street Corp now owns 1,620,222 shares of the company’s stock worth $65,210,000 after buying an additional 115,229 shares during the period. Finally, Oppenheimer Asset Management Inc. bought a new position in shares of B&G Foods during the first quarter worth about $270,000. 89.02% of the stock is owned by 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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