Royal Bank Of Canada Issues Pessimistic Forecast for B&G Foods (NYSE:BGS) Stock Price

Key Points

• Royal Bank of Canada has lowered the price target for B&G Foods from $6.00 to $5.00, indicating a potential upside of 21.21% from the stock's previous close.
• Barclays and Piper Sandler have also revised their price objectives for B&G Foods, with Barclays setting a target of $4.00 and Piper Sandler reducing it to $5.00, both indicating a cautious outlook.
• B&G Foods reported earnings of $0.04 per share for the last quarter, missing analysts' expectations, with revenue down 4.5% year-over-year.

B&G Foods (NYSE:BGS - Get Free Report) had its price target dropped by analysts at Royal Bank Of Canada from $6.00 to $5.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "sector perform" rating on the stock. Royal Bank Of Canada's price objective would indicate a potential upside of 22.85% from the company's previous close.

Several other brokerages have also issued reports on BGS. Barclays reduced their price target on B&G Foods from $5.00 to $4.00 and set an "equal weight" rating for the company in a report on Tuesday, July 15th. Piper Sandler reduced their price target on B&G Foods from $7.00 to $5.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $6.10.

B&G Foods Stock Up 0.2%

NYSE:BGS traded up $0.01 on Tuesday, hitting $4.07. 1,768,308 shares of the company's stock traded hands, compared to its average volume of 2,962,768. The company has a current ratio of 2.93, a quick ratio of 1.07 and a debt-to-equity ratio of 3.96. B&G Foods has a 1 year low of $3.67 and a 1 year high of $9.44. The firm has a 50-day moving average price of $4.30 and a 200-day moving average price of $5.53. The company has a market cap of $325.60 million, a PE ratio of -1.44 and a beta of 0.48.

B&G Foods (NYSE:BGS - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.03). B&G Foods had a negative net margin of 12.02% and a positive return on equity of 7.16%. The business had revenue of $424.43 million for the quarter, compared to analysts' expectations of $427.80 million. During the same period last year, the firm earned $0.08 EPS. The company's revenue was down 4.5% compared to the same quarter last year. Equities analysts anticipate that B&G Foods will post 0.7 EPS for the current fiscal year.

Institutional Investors Weigh In On B&G Foods

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. KLP Kapitalforvaltning AS acquired a new position in shares of B&G Foods during the fourth quarter worth approximately $92,000. JPMorgan Chase & Co. lifted its holdings in shares of B&G Foods by 66.1% during the fourth quarter. JPMorgan Chase & Co. now owns 296,346 shares of the company's stock worth $2,042,000 after buying an additional 117,912 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of B&G Foods by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 1,809,054 shares of the company's stock worth $12,468,000 after buying an additional 5,646 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of B&G Foods by 290.7% during the fourth quarter. Russell Investments Group Ltd. now owns 24,302 shares of the company's stock worth $168,000 after buying an additional 18,082 shares during the last quarter. Finally, Bank of Montreal Can lifted its holdings in shares of B&G Foods by 221.9% during the fourth quarter. Bank of Montreal Can now owns 40,411 shares of the company's stock worth $278,000 after buying an additional 27,858 shares during the last quarter. 66.15% of the stock is currently owned by institutional investors and hedge funds.

B&G Foods Company Profile

B&G Foods, Inc is a holding company, which engages in the manufacture, sale, and distribution of shelf-stable frozen food, and household products in the U.S., Canada, and Puerto Rico. It operates through the following segments: Specialty, Meals, Frozen & Vegetables, and Spices & Flavor Solutions.