B&G Foods, Inc. (NYSE:BGS – Get Rating) – Research analysts at Seaport Res Ptn lowered their FY2022 earnings per share estimates for B&G Foods in a research note issued to investors on Thursday, November 10th. Seaport Res Ptn analyst E. Larson now expects that the company will post earnings per share of $0.94 for the year, down from their previous estimate of $1.09. Seaport Res Ptn has a “Neutral” rating on the stock. The consensus estimate for B&G Foods’ current full-year earnings is $0.97 per share. Seaport Res Ptn also issued estimates for B&G Foods’ Q1 2023 earnings at $0.30 EPS, Q2 2023 earnings at $0.19 EPS and Q4 2023 earnings at $0.35 EPS.
Several other equities analysts also recently weighed in on the company. BMO Capital Markets dropped their price target on B&G Foods from $21.00 to $14.00 and set a “market perform” rating for the company in a research report on Thursday. Piper Sandler raised their price target on B&G Foods from $23.00 to $27.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 2nd. Credit Suisse Group lowered their objective price on B&G Foods from $14.50 to $12.50 and set an “underperform” rating for the company in a research report on Thursday. StockNews.com started coverage on B&G Foods in a research report on Wednesday, October 12th. They issued a “sell” rating for the company. Finally, Royal Bank of Canada lowered their objective price on B&G Foods from $24.00 to $16.00 and set a “sector performer” rating for the company in a research report on Friday. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $17.38.
B&G Foods Stock Performance
B&G Foods stock opened at $14.65 on Monday. The company has a debt-to-equity ratio of 2.44, a quick ratio of 0.89 and a current ratio of 3.27. The stock has a fifty day moving average of $16.85 and a two-hundred day moving average of $21.25. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of -26.16 and a beta of 0.40. B&G Foods has a fifty-two week low of $12.29 and a fifty-two week high of $34.27.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Envestnet Asset Management Inc. lifted its stake in shares of B&G Foods by 18.8% during the third quarter. Envestnet Asset Management Inc. Now owns 30,289 shares of the company’s stock worth $499,000 after purchasing an additional 4,799 shares in the last quarter. Credit Suisse AG lifted its stake in shares of B&G Foods by 21.7% during the third quarter. Credit Suisse AG now owns 150,532 shares of the company’s stock worth $2,483,000 after purchasing an additional 26,857 shares in the last quarter. ExodusPoint Capital Management LP acquired a new position in shares of B&G Foods in the third quarter worth about $194,000. Tower Research Capital LLC TRC lifted its stake in shares of B&G Foods by 72.5% in the third quarter. Tower Research Capital LLC TRC now owns 9,598 shares of the company’s stock worth $158,000 after acquiring an additional 4,035 shares in the last quarter. Finally, Amalgamated Bank lifted its stake in shares of B&G Foods by 4.4% in the third quarter. Amalgamated Bank now owns 32,226 shares of the company’s stock worth $531,000 after acquiring an additional 1,344 shares in the last quarter. Institutional investors and hedge funds own 66.73% of the company’s stock.
Insider Activity at B&G Foods
In related news, Director Alfred Poe sold 13,875 shares of B&G Foods stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $20.66, for a total value of $286,657.50. Following the transaction, the director now owns 34,007 shares in the company, valued at $702,584.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.70% of the stock is owned by insiders.
B&G Foods Cuts Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, January 30th. Investors of record on Friday, December 30th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 5.19%. The ex-dividend date is Thursday, December 29th. B&G Foods’ payout ratio is currently -339.28%.
B&G Foods Company Profile
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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