B&G Foods (NYSE:BGS) Shares Down 5% After Analyst Downgrade

Shares of B&G Foods, Inc. (NYSE:BGS – Get Rating) traded down 5% during mid-day trading on Friday after the Royal Bank of Canada lowered their price target on the stock from $24.00 to $16.00. Royal Bank of Canada currently has a sector perform rating on the stock. B&G Foods traded as low as $14.16 and last traded at $14.32. 41,042 shares changed hands during trading, a decline of 96% from the average session volume of 1,103,708 shares. The stock had previously closed at $15.08.

Several other research analysts have also weighed in on BGS. Piper Sandler upped their objective price on shares of B&G Foods from $23.00 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday, August 2nd. BMO Capital Markets dropped their objective price on shares of B&G Foods from $21.00 to $14.00 and set a “market perform” rating on the stock in a research note on Thursday. Seaport Res Ptn reiterated a “neutral” rating on shares of B&G Foods in a research note on Friday, August 5th. Credit Suisse Group dropped their objective price on shares of B&G Foods from $14.50 to $12.50 and set an “underperform” rating on the stock in a research note on Thursday. Finally, StockNews.com assumed coverage on shares of B&G Foods in a research note on Wednesday, October 12th. They issued a “sell” rating on the stock. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $17.38.

Insider Transactions at B&G Foods

In other news, Director Alfred Poe sold 13,875 shares of the stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $20.66, for a total transaction of $286,657.50. Following the transaction, the director now owns 34,007 shares in the company, valued at approximately $702,584.62. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.70% of the stock is currently owned by company insiders.

Institutional Trading of B&G Foods

Large investors have recently modified their holdings of the company. Tompkins Financial Corp bought a new stake in shares of B&G Foods during the 1st quarter worth $27,000. Prospera Financial Services Inc bought a new stake in shares of B&G Foods during the 1st quarter worth $34,000. Global Retirement Partners LLC boosted its holdings in shares of B&G Foods by 348.2% during the 3rd quarter. Global Retirement Partners LLC now owns 2,250 shares of the company’s stock worth $37,000 after buying an additional 1,748 during the period. CoreCap Advisors LLC bought a new stake in shares of B&G Foods during the 2nd quarter worth $38,000. Finally, CWM LLC boosted its holdings in shares of B&G Foods by 50.7% during the 1st quarter. CWM LLC now owns 1,427 shares of the company’s stock worth $39,000 after buying an additional 480 during the period. 66.73% of the stock is owned by institutional investors.

B&G Foods Trading Down 4.3%

The company has a current ratio of 3.27, a quick ratio of 0.89 and a debt-to-equity ratio of 2.44. The company’s fifty day moving average is $16.97 and its 200-day moving average is $21.44. The firm has a market capitalization of $1.03 billion, a P/E ratio of -26.93 and a beta of 0.40.

B&G Foods Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 30th. Shareholders of record on Friday, December 30th will be given a $0.19 dividend. The ex-dividend date is Thursday, December 29th. This represents a $0.76 annualized dividend and a yield of 5.27%. B&G Foods’s dividend payout ratio is -339.28%.

About B&G Foods

(Get Rating)

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, baking powder and soda, corn starch, cookies and crackers, nut clusters, and other specialty products.

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