B&G Foods (NYSE:BGS) Given New $9.50 Price Target at TD Cowen

B&G Foods (NYSE:BGS) had its target price lowered by TD Cowen from $10.00 to $9.50 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has an “underperform” rating on the stock. TD Cowen’s price target points to a potential downside of 7.23% from the company’s current price.

A number of other equities research analysts have also issued reports on the company. StockNews.com started coverage on B&G Foods in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Barclays reduced their price target on B&G Foods from $16.00 to $15.00 and set an “equal weight” rating on the stock in a report on Thursday, July 20th. Finally, Piper Sandler cut their price objective on shares of B&G Foods from $15.00 to $14.00 and set a “neutral” rating for the company in a research report on Friday, July 28th. Three equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat.com, B&G Foods presently has a consensus rating of “Hold” and an average target price of $12.86.

B&G Foods Price Performance

NYSE:BGS traded down $0.28 during trading hours on Tuesday, hitting $10.24. 320,260 shares of the stock were exchanged, compared to its average volume of 1,003,423. The company has a market cap of $740.25 million, a P/E ratio of -35.41 and a beta of 0.45. The firm’s fifty day moving average price is $12.66 and its 200 day moving average price is $13.86. B&G Foods has a 52-week low of $9.90 and a 52-week high of $18.83. The company has a current ratio of 3.96, a quick ratio of 1.04 and a debt-to-equity ratio of 2.59.

B&G Foods (NYSE:BGS) last announced its earnings results on Thursday, August 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.06. The company had revenue of $469.64 million for the quarter, compared to analysts’ expectations of $461.03 million. B&G Foods had a negative net margin of 1.00% and a positive return on equity of 9.43%. As a group, equities research analysts anticipate that B&G Foods will post 1.04 EPS for the current fiscal year.

Institutional Investors Weigh In On B&G Foods

Large investors have recently added to or reduced their stakes in the business. Rodgers Brothers Inc. raised its stake in shares of B&G Foods by 2.4% in the first quarter. Rodgers Brothers Inc. now owns 25,740 shares of the company’s stock valued at $694,000 after acquiring an additional 615 shares in the last quarter. Versant Capital Management Inc raised its position in B&G Foods by 14.2% in the 1st quarter. Versant Capital Management Inc now owns 5,750 shares of the company’s stock valued at $89,000 after purchasing an additional 715 shares in the last quarter. Avantax Advisory Services Inc. boosted its stake in shares of B&G Foods by 4.1% in the 1st quarter. Avantax Advisory Services Inc. now owns 18,784 shares of the company’s stock valued at $292,000 after buying an additional 745 shares during the period. Richard P Slaughter Associates Inc boosted its stake in shares of B&G Foods by 0.9% in the 2nd quarter. Richard P Slaughter Associates Inc now owns 87,452 shares of the company’s stock valued at $1,217,000 after buying an additional 772 shares during the period. Finally, ProShare Advisors LLC increased its stake in shares of B&G Foods by 8.3% during the second quarter. ProShare Advisors LLC now owns 11,137 shares of the company’s stock worth $155,000 after buying an additional 854 shares during the period. 63.15% of the stock is owned by hedge funds and other institutional investors.

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, baking powder and soda, cookies and crackers, corn starch, nut clusters, and other specialty products.