B&G Foods (BGS) Downgraded to “Sell” at Zacks Investment Research

B&G Foods (NYSE:BGS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday.

According to Zacks, “B&G Foods, Inc. (formerly kown as B&G Foods Holdings Corp.) manufactures, sells, and distributes a portfolio of shelf-stable, and frozen food and household products in 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. The company markets its products under various brands, including Accent, B&G, B&M, Bakers Joy, Bear Creek Country Kitchens, Brer Rabbit, Canoleo, Cary’s, Cream of Rice, Cream of Wheat, Devonsheer, Don Pepino, Durkee, Emerils, Grandma’s Molasses, Green Giant, JJ Flats, Joan of Arc, Las Palmas, Le Sueur, MacDonalds, Mama Mary’s, Maple Grove Farms of Vermont, Molly McButter, Mrs. Dash etc. “

Other equities research analysts also recently issued reports about the company. Stephens upgraded B&G Foods from an “equal weight” rating to an “overweight” rating and set a $39.00 price target on the stock in a report on Wednesday, November 1st. Berenberg Bank upgraded B&G Foods from a “hold” rating to a “buy” rating and reduced their price target for the stock from $43.50 to $40.00 in a report on Thursday, November 16th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $40.22.

Shares of B&G Foods (BGS) traded down $0.35 during mid-day trading on Thursday, reaching $34.65. The company’s stock had a trading volume of 708,307 shares, compared to its average volume of 918,900. B&G Foods has a fifty-two week low of $29.50 and a fifty-two week high of $47.75. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.06 and a current ratio of 3.24. The stock has a market capitalization of $2,300.00, a P/E ratio of 22.80 and a beta of 0.18.

B&G Foods (NYSE:BGS) last issued its quarterly earnings data on Tuesday, October 31st. The company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.08. B&G Foods had a return on equity of 15.50% and a net margin of 6.29%. The business had revenue of $408.40 million for the quarter, compared to the consensus estimate of $391.31 million. During the same period in the prior year, the business posted $0.56 earnings per share. The company’s quarterly revenue was up 28.3% compared to the same quarter last year. equities research analysts expect that B&G Foods will post 2.13 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of BGS. Lord Abbett & CO. LLC purchased a new stake in shares of B&G Foods in the second quarter worth approximately $25,526,000. Principal Financial Group Inc. grew its stake in B&G Foods by 14.3% in the third quarter. Principal Financial Group Inc. now owns 4,937,045 shares of the company’s stock worth $157,244,000 after purchasing an additional 617,424 shares in the last quarter. Point72 Asset Management L.P. grew its stake in B&G Foods by 1,503.5% in the third quarter. Point72 Asset Management L.P. now owns 588,485 shares of the company’s stock worth $18,743,000 after purchasing an additional 551,785 shares in the last quarter. Diamond Hill Capital Management Inc. grew its stake in B&G Foods by 13.5% in the third quarter. Diamond Hill Capital Management Inc. now owns 2,665,423 shares of the company’s stock worth $84,894,000 after purchasing an additional 317,948 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. grew its stake in B&G Foods by 106,443.4% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 282,340 shares of the company’s stock worth $8,993,000 after purchasing an additional 282,075 shares in the last quarter. Hedge funds and other institutional investors own 93.91% of the company’s stock.

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B&G Foods Company Profile

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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