Credit Suisse Group AG Reiterates $55.00 Price Target for B&G Foods Inc. (BGS)
B&G Foods Inc. (NYSE:BGS) has been assigned a $55.00 target price by stock analysts at Credit Suisse Group AG in a research report issued to clients and investors on Friday. The brokerage presently has a a “hold” rating on the stock. Credit Suisse Group AG’s target price would suggest a potential upside of 14.06% from the stock’s current price.
A number of other analysts also recently weighed in on the company. RBC Capital Markets reiterated an “outperform” rating and set a $57.00 price target (up from $52.00) on shares of B&G Foods in a report on Friday, September 23rd. DA Davidson reiterated a “neutral” rating and set a $52.00 price target on shares of B&G Foods in a report on Friday, September 23rd. Royal Bank Of Canada increased their price target on B&G Foods from $52.00 to $57.00 and gave the stock an “outperform” rating in a report on Friday, September 23rd. Finally, Zacks Investment Research downgraded B&G Foods from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 11th. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $47.89.
B&G Foods (NYSE:BGS) traded up 0.08% during mid-day trading on Friday, hitting $48.22. The company had a trading volume of 400,524 shares. B&G Foods has a 12-month low of $31.81 and a 12-month high of $52.84. The firm has a market capitalization of $3.02 billion, a PE ratio of 30.40 and a beta of 0.32. The company’s 50 day moving average price is $47.94 and its 200-day moving average price is $44.05.
B&G Foods (NYSE:BGS) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.11. B&G Foods had a return on equity of 22.59% and a net margin of 7.76%. The firm earned $306.40 million during the quarter, compared to the consensus estimate of $316.56 million. During the same period last year, the business posted $0.34 EPS. The business’s revenue was up 58.3% compared to the same quarter last year. On average, analysts forecast that B&G Foods will post $2.20 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be given a $0.42 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.68 annualized dividend and a yield of 3.48%. B&G Foods’s payout ratio is 107.01%.
A number of institutional investors have recently made changes to their positions in the stock. UBS Group AG boosted its position in shares of B&G Foods by 24.9% in the first quarter. UBS Group AG now owns 462,177 shares of the company’s stock valued at $16,089,000 after buying an additional 92,085 shares during the last quarter. State Street Corp boosted its position in shares of B&G Foods by 9.9% in the first quarter. State Street Corp now owns 1,283,728 shares of the company’s stock valued at $44,681,000 after buying an additional 115,923 shares during the last quarter. M&T Bank Corp boosted its position in shares of B&G Foods by 2.9% in the first quarter. M&T Bank Corp now owns 12,614 shares of the company’s stock valued at $439,000 after buying an additional 352 shares during the last quarter. Mesirow Financial Investment Management US Value Equity acquired a new position in shares of B&G Foods during the first quarter valued at $245,000. Finally, Palisade Capital Management LLC NJ acquired a new position in shares of B&G Foods during the first quarter valued at $2,305,000. 76.92% of the stock is currently owned by institutional investors and hedge funds.
About B&G Foods
B&G Foods, Inc is a holding company. The Company manufactures, sells and distributes a diverse portfolio of shelf-stable and frozen food, and household products 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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