Evercore ISI Lowers B&G Foods (NYSE:BGS) Price Target to $9.00

B&G Foods (NYSE:BGS) had its target price lowered by equities researchers at Evercore ISI from $10.00 to $9.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “in-line” rating on the stock. Evercore ISI’s price objective indicates a potential upside of 36.36% from the company’s current price.

Several other research analysts have also commented on the company. Piper Sandler reduced their price target on B&G Foods from $9.00 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, July 11th. Barclays reduced their target price on B&G Foods from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Friday, July 19th. StockNews.com raised B&G Foods from a “sell” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $10.00 target price on shares of B&G Foods in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $8.30.

B&G Foods Price Performance

Shares of BGS stock opened at $6.60 on Wednesday. B&G Foods has a twelve month low of $6.56 and a twelve month high of $11.97. The stock has a market capitalization of $522.46 million, a price-to-earnings ratio of -4.29 and a beta of 0.61. The stock has a fifty day simple moving average of $8.55 and a two-hundred day simple moving average of $8.80. The company has a current ratio of 1.63, a quick ratio of 0.48 and a debt-to-equity ratio of 2.33.

B&G Foods (NYSE:BGS) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.07). The company had revenue of $461.10 million during the quarter, compared to the consensus estimate of $473.82 million. B&G Foods had a positive return on equity of 8.07% and a negative net margin of 5.82%. The company’s revenue was down 8.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.27 earnings per share. On average, analysts predict that B&G Foods will post 0.74 EPS for the current fiscal year.

Insider Activity

In other news, EVP Jordan E. Greenberg sold 8,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total value of $66,640.00. Following the transaction, the executive vice president now directly owns 66,095 shares of the company’s stock, valued at approximately $550,571.35. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Texas Permanent School Fund Corp lifted its holdings in B&G Foods by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 68,433 shares of the company’s stock valued at $783,000 after acquiring an additional 960 shares during the period. nVerses Capital LLC raised its stake in shares of B&G Foods by 34.1% during the 3rd quarter. nVerses Capital LLC now owns 5,500 shares of the company’s stock worth $49,000 after buying an additional 1,400 shares during the period. Versant Capital Management Inc raised its stake in shares of B&G Foods by 36.9% during the 2nd quarter. Versant Capital Management Inc now owns 5,768 shares of the company’s stock worth $47,000 after buying an additional 1,555 shares during the period. Rhumbline Advisers raised its stake in shares of B&G Foods by 0.7% during the 2nd quarter. Rhumbline Advisers now owns 248,716 shares of the company’s stock worth $2,010,000 after buying an additional 1,625 shares during the period. Finally, SummerHaven Investment Management LLC raised its stake in shares of B&G Foods by 3.0% during the 2nd quarter. SummerHaven Investment Management LLC now owns 55,725 shares of the company’s stock worth $450,000 after buying an additional 1,636 shares during the period. 66.15% of the stock is owned by institutional investors and hedge funds.

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