B&G Foods (NYSE:BGS) Upgraded at Piper Sandler

Piper Sandler upgraded shares of B&G Foods (NYSE:BGS - Free Report) from an underweight rating to a neutral rating in a report issued on Thursday morning, Marketbeat.com reports. Piper Sandler currently has $9.00 price target on the stock.

Separately, StockNews.com cut B&G Foods from a hold rating to a sell rating in a report on Friday, May 10th. Two research analysts have rated the stock with a sell rating and two have issued a hold rating to the company's stock. According to MarketBeat, B&G Foods has an average rating of Hold and an average price target of $9.50.

B&G Foods Stock Performance

BGS stock traded up $0.50 during mid-day trading on Thursday, reaching $9.56. 1,685,623 shares of the stock traded hands, compared to its average volume of 1,130,389. The firm has a market capitalization of $755.32 million, a PE ratio of -6.64 and a beta of 0.70. The business has a 50-day moving average of $10.78 and a two-hundred day moving average of $10.25. B&G Foods has a 52 week low of $7.20 and a 52 week high of $15.15. The company has a quick ratio of 0.92, a current ratio of 3.22 and a debt-to-equity ratio of 2.58.

B&G Foods (NYSE:BGS - Get Free Report) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.02). The business had revenue of $475.22 million for the quarter, compared to analyst estimates of $480.93 million. B&G Foods had a positive return on equity of 8.33% and a negative net margin of 5.42%. B&G Foods's revenue for the quarter was down 7.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.27 EPS. As a group, equities analysts predict that B&G Foods will post 0.81 EPS for the current fiscal year.

B&G Foods Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th were issued a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 7.95%. The ex-dividend date was Wednesday, March 27th. B&G Foods's payout ratio is currently -52.78%.

Insider Activity at B&G Foods

In other B&G Foods news, Director Stephen Sherrill purchased 125,000 shares of the business's stock in a transaction that occurred on Monday, May 13th. The stock was acquired at an average cost of $8.59 per share, with a total value of $1,073,750.00. Following the completion of the acquisition, the director now directly owns 270,136 shares of the company's stock, valued at approximately $2,320,468.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Stephen Sherrill purchased 125,000 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was acquired at an average price of $8.59 per share, with a total value of $1,073,750.00. Following the completion of the acquisition, the director now directly owns 270,136 shares in the company, valued at approximately $2,320,468.24. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott E. Lerner acquired 11,755 shares of the company's stock in a transaction that occurred on Monday, May 13th. The stock was bought at an average price of $8.51 per share, with a total value of $100,035.05. Following the transaction, the executive vice president now directly owns 189,144 shares in the company, valued at $1,609,615.44. The disclosure for this purchase can be found here. Insiders acquired 141,955 shares of company stock valued at $1,218,453 in the last three months. Corporate insiders own 3.20% of the company's stock.

Institutional Investors Weigh In On B&G Foods

A number of institutional investors have recently made changes to their positions in BGS. Vanguard Group Inc. increased its position in shares of B&G Foods by 13.4% in the 4th quarter. Vanguard Group Inc. now owns 10,043,164 shares of the company's stock valued at $105,453,000 after buying an additional 1,190,116 shares in the last quarter. Invesco Ltd. increased its holdings in shares of B&G Foods by 72.7% in the third quarter. Invesco Ltd. now owns 1,087,931 shares of the company's stock worth $10,760,000 after acquiring an additional 458,082 shares in the last quarter. Savoir Faire Capital Management L.P. acquired a new stake in shares of B&G Foods during the third quarter worth about $3,698,000. GSA Capital Partners LLP bought a new position in shares of B&G Foods during the 1st quarter valued at about $2,835,000. Finally, Teacher Retirement System of Texas bought a new position in shares of B&G Foods during the 4th quarter valued at about $2,561,000. 66.15% of the stock is owned by institutional investors and hedge funds.

B&G Foods Company Profile

B&G Foods, Inc manufactures, sells, and distributes a portfolio of shelf-stable and frozen foods, and household products in the United States, Canada, and Puerto Rico. The company's products include frozen and canned vegetables, vegetables, canola and other cooking oils, vegetable shortening, cooking sprays, oatmeal and other hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegar, maple syrups, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, crackers, baking powder and soda, corn starch, nut clusters, and other specialty products.