B&G Foods, Inc. (NYSE:BGS) Stock Rating Lowered by Zacks Investment Research

B&G Foods, Inc. (NYSE:BGS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday, August 7th.

According to Zacks, “B&G FOODS and its subsidiaries manufacture, sell and distribute a diversified portfolio of high-quality, shelf-stable foods across the United States, Canada and Puerto Rico. B&G Foods’ products include hot cereals, fruit spreads, canned meats and beans, spices, seasonings, marinades, hot sauces, wine vinegar, maple syrup, molasses, salad dressings, Mexican-style sauces, taco shells and kits, salsas, pickles, peppers and other specialty food products. B&G Foods competes in the retail grocery, food service, specialty, private label, club and mass merchandiser channels of distribution. Based in Parsippany, New Jersey, B&G Foods’ products are marketed under many recognized brands, including Ac’cent, B&G, B&M, Brer Rabbit, Cream of Rice, Cream of Wheat, Emeril’s, Grandma’s Molasses, Joan of Arc, Las Palmas, Maple Grove Farms of Vermont, Ortega, Polaner, Red Devil, Regina, Sa-són, Trappey’s, Underwood, Vermont Maid and Wright’s. “

Other research analysts have also recently issued research reports about the stock. Royal Bank Of Canada reiterated a “buy” rating and set a $52.00 price objective on shares of B&G Foods in a research report on Tuesday, May 23rd. Credit Suisse Group cut shares of B&G Foods from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $47.00 to $42.00 in a research report on Thursday, May 18th. Berenberg Bank assumed coverage on shares of B&G Foods in a research report on Tuesday, May 16th. They set a “hold” rating and a $43.50 price objective on the stock. BMO Capital Markets cut their price objective on shares of B&G Foods from $45.00 to $39.00 and set a “market perform” rating on the stock in a research report on Friday, August 4th. Finally, BidaskClub raised shares of B&G Foods from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $42.17.

B&G Foods (NYSE BGS) opened at 31.40 on Monday. The firm has a market capitalization of $2.09 billion, a price-to-earnings ratio of 20.60 and a beta of 0.09. The company has a 50-day moving average of $34.30 and a 200-day moving average of $39.48. B&G Foods has a 52 week low of $30.80 and a 52 week high of $50.81.

B&G Foods (NYSE:BGS) last posted its quarterly earnings data on Thursday, August 3rd. The company reported $0.41 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.47 by $0.06. B&G Foods had a net margin of 6.64% and a return on equity of 15.43%. The firm had revenue of $368.10 million for the quarter, compared to the consensus estimate of $376.45 million. During the same quarter last year, the firm earned $0.57 EPS. The company’s revenue was up 20.1% on a year-over-year basis. On average, equities analysts forecast that B&G Foods will post $2.07 earnings per share for the current fiscal year.

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Hedge funds have recently modified their holdings of the company. Acrospire Investment Management LLC increased its position in B&G Foods by 934.9% in the second quarter. Acrospire Investment Management LLC now owns 2,877 shares of the company’s stock valued at $102,000 after buying an additional 2,599 shares in the last quarter. Tyers Asset Management LLC boosted its position in shares of B&G Foods by 3.7% in the first quarter. Tyers Asset Management LLC now owns 2,688 shares of the company’s stock valued at $108,000 after buying an additional 96 shares during the last quarter. Riverhead Capital Management LLC boosted its stake in B&G Foods by 61.2% in the second quarter. Riverhead Capital Management LLC now owns 3,062 shares of the company’s stock valued at $109,000 after buying an additional 1,162 shares during the last quarter. North Star Investment Management Corp. boosted its stake in B&G Foods by 873.0% in the first quarter. North Star Investment Management Corp. now owns 2,919 shares of the company’s stock valued at $117,000 after buying an additional 2,619 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in B&G Foods by 4.2% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 3,310 shares of the company’s stock valued at $133,000 after buying an additional 134 shares during the last quarter. 93.48% of the stock is owned by hedge funds and other institutional investors.

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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