B&G Foods, Inc. (BGS) Price Target Cut to $36.00 by Analysts at Buckingham Research
B&G Foods, Inc. (NYSE:BGS) had its target price decreased by investment analysts at Buckingham Research from $43.00 to $36.00 in a note issued to investors on Friday. The brokerage currently has a “neutral” rating on the stock. Buckingham Research’s target price would suggest a potential upside of 12.15% from the stock’s previous close.
Other equities analysts have also recently issued research reports about the stock. Royal Bank Of Canada restated a “buy” rating and set a $52.00 target price on shares of B&G Foods in a research report on Tuesday, May 23rd. Zacks Investment Research upgraded shares of B&G Foods from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research report on Friday, May 26th. Citigroup Inc. upgraded shares of B&G Foods from a “neutral” rating to a “buy” rating and set a $43.00 target price for the company in a research report on Thursday, July 20th. Berenberg Bank started coverage on shares of B&G Foods in a research report on Tuesday, May 16th. They set a “hold” rating and a $43.50 target price for the company. Finally, BMO Capital Markets restated a “hold” rating and set a $45.00 target price on shares of B&G Foods in a research report on Monday, May 15th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $43.56.
Shares of B&G Foods (NYSE BGS) traded down 8.68% during mid-day trading on Friday, reaching $32.10. 4,160,737 shares of the company traded hands. The stock’s 50-day moving average is $36.18 and its 200-day moving average is $40.53. B&G Foods has a 52 week low of $31.15 and a 52 week high of $51.56. The company has a market capitalization of $2.13 billion, a P/E ratio of 19.19 and a beta of 0.09.
B&G Foods (NYSE:BGS) last announced its earnings results on Thursday, August 3rd. The company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by $0.06. The business had revenue of $368.10 million for the quarter, compared to analyst estimates of $376.45 million. B&G Foods had a return on equity of 17.41% and a net margin of 7.49%. The business’s revenue was up 20.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.57 EPS. On average, equities analysts predict that B&G Foods will post $2.17 EPS for the current fiscal year.
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Several large investors have recently modified their holdings of BGS. Azimuth Capital Management LLC increased its stake in shares of B&G Foods by 4.3% in the first quarter. Azimuth Capital Management LLC now owns 96,082 shares of the company’s stock worth $3,867,000 after buying an additional 4,005 shares during the period. Diversified Trust Co purchased a new stake in shares of B&G Foods during the second quarter worth approximately $215,000. BNP Paribas Arbitrage SA increased its stake in shares of B&G Foods by 9.4% in the first quarter. BNP Paribas Arbitrage SA now owns 13,366 shares of the company’s stock worth $538,000 after buying an additional 1,143 shares during the period. Torch Wealth Management LLC increased its stake in shares of B&G Foods by 0.6% in the first quarter. Torch Wealth Management LLC now owns 39,300 shares of the company’s stock worth $1,582,000 after buying an additional 225 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of B&G Foods by 15.6% in the first quarter. Principal Financial Group Inc. now owns 1,379,585 shares of the company’s stock worth $55,528,000 after buying an additional 186,531 shares during the period. Institutional investors and hedge funds own 88.76% of the company’s stock.
About B&G Foods
B&G Foods, Inc (B&G Foods) is a holding company. The Company manufactures, sells and distributes a portfolio of shelf-stable and frozen foods 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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