B&G Foods, Inc. (NYSE:BGS) was upgraded by equities research analysts at Credit Suisse Group AG from a “neutral” rating to an “outperform” rating in a research report issued on Friday. The firm currently has a $47.00 target price on the stock, down from their prior target price of $49.00. Credit Suisse Group AG’s price objective would indicate a potential upside of 14.77% from the company’s previous close.
Other equities analysts have also issued reports about the stock. Royal Bank of Canada cut their price objective on shares of B&G Foods from $54.00 to $52.00 and set an “outperform” rating for the company in a research report on Friday, February 24th. Stephens lowered shares of B&G Foods from an “overweight” rating to an “equal weight” rating in a research report on Monday, December 12th. Citigroup Inc assumed coverage on shares of B&G Foods in a research report on Monday, December 19th. They issued a “neutral” rating and a $46.00 price objective for the company. Finally, Zacks Investment Research lowered shares of B&G Foods from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 28th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $47.67.
B&G Foods (NYSE:BGS) opened at 40.95 on Friday. 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 $2.72 billion, a PE ratio of 23.67 and a beta of 0.05. The firm has a 50-day moving average of $43.91 and a 200 day moving average of $44.85.
B&G Foods (NYSE:BGS) last released its quarterly earnings data on Thursday, February 23rd. The company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by $0.10. B&G Foods had a net margin of 8.09% and a return on equity of 21.79%. The firm earned $413.70 million during the quarter, compared to the consensus estimate of $426 million. During the same quarter last year, the business posted $0.43 earnings per share. B&G Foods’s revenue was up 20.9% compared to the same quarter last year. Equities research analysts forecast that B&G Foods will post $2.19 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, May 1st. Shareholders of record on Friday, March 31st will be given a dividend of $0.465 per share. The ex-dividend date of this dividend is Wednesday, March 29th. This represents a $1.86 annualized dividend and a yield of 4.54%. B&G Foods’s payout ratio is presently 107.51%.
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A number of large investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of B&G Foods during the fourth quarter valued at about $29,891,000. Thrivent Financial for Lutherans raised its stake in shares of B&G Foods by 6.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 35,860 shares of the company’s stock valued at $1,571,000 after buying an additional 2,190 shares during the last quarter. RB Capital Management LLC bought a new stake in shares of B&G Foods during the fourth quarter valued at about $467,000. Clough Capital Partners L P raised its stake in shares of B&G Foods by 39.2% in the fourth quarter. Clough Capital Partners L P now owns 48,300 shares of the company’s stock valued at $2,116,000 after buying an additional 13,600 shares during the last quarter. Finally, Ranger Investment Management L.P. raised its stake in shares of B&G Foods by 24.9% in the fourth quarter. Ranger Investment Management L.P. now owns 627,884 shares of the company’s stock valued at $27,501,000 after buying an additional 125,119 shares during the last quarter. Institutional investors and hedge funds own 83.31% of the company’s stock.
B&G Foods Company Profile
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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