B&G Foods, Inc. (NYSE:BGS) has been assigned a consensus recommendation of “Hold” from the twelve ratings firms that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $35.13.
Several brokerages recently commented on BGS. Zacks Investment Research raised B&G Foods from a “hold” rating to a “buy” rating and set a $32.00 price target for the company in a research report on Monday, June 4th. William Blair reaffirmed a “market perform” rating on shares of B&G Foods in a research report on Thursday, March 1st. Berenberg Bank raised B&G Foods from a “hold” rating to a “buy” rating in a research report on Friday, May 4th. Credit Suisse Group set a $21.00 price objective on B&G Foods and gave the company a “hold” rating in a research report on Saturday, May 5th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and issued a $38.00 price objective on shares of B&G Foods in a research report on Tuesday, April 3rd.
NYSE BGS traded down $0.50 during trading hours on Thursday, hitting $29.60. 1,125,549 shares of the company traded hands, compared to its average volume of 1,186,907. B&G Foods has a twelve month low of $22.00 and a twelve month high of $40.45. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.54 and a current ratio of 3.78. The stock has a market capitalization of $1.99 billion, a PE ratio of 13.96 and a beta of 0.36.
B&G Foods (NYSE:BGS) last issued its quarterly earnings results on Thursday, May 3rd. The company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.53 by $0.02. B&G Foods had a return on equity of 16.61% and a net margin of 12.20%. The firm had revenue of $431.70 million during the quarter, compared to analysts’ expectations of $432.22 million. During the same period in the prior year, the firm posted $0.58 earnings per share. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. research analysts forecast that B&G Foods will post 2.14 EPS for the current year.
B&G Foods announced that its board has initiated a share buyback plan on Tuesday, March 13th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 30th. Stockholders of record on Friday, June 29th will be given a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 6.42%. This is a boost from B&G Foods’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Thursday, June 28th. B&G Foods’s dividend payout ratio (DPR) is presently 87.74%.
In other news, Director Deann L. Brunts purchased 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 9th. The stock was acquired at an average cost of $26.27 per share, with a total value of $52,540.00. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.90% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Diversified Trust Co lifted its holdings in B&G Foods by 29.4% during the 1st quarter. Diversified Trust Co now owns 9,230 shares of the company’s stock worth $219,000 after purchasing an additional 2,095 shares during the last quarter. Suntrust Banks Inc. lifted its holdings in B&G Foods by 64.5% during the 1st quarter. Suntrust Banks Inc. now owns 320,304 shares of the company’s stock worth $7,590,000 after purchasing an additional 125,557 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in B&G Foods by 14.5% during the 1st quarter. Principal Financial Group Inc. now owns 6,012,445 shares of the company’s stock worth $142,496,000 after purchasing an additional 760,618 shares during the last quarter. Xact Kapitalforvaltning AB lifted its holdings in B&G Foods by 45.4% during the 1st quarter. Xact Kapitalforvaltning AB now owns 9,288 shares of the company’s stock worth $220,000 after purchasing an additional 2,900 shares during the last quarter. Finally, Royal Bank of Canada lifted its holdings in B&G Foods by 6.8% during the 1st quarter. Royal Bank of Canada now owns 3,973,141 shares of the company’s stock worth $94,162,000 after purchasing an additional 253,495 shares during the last quarter. 94.09% of the stock is owned by institutional investors and hedge funds.
About B&G Foods
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, 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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