B&G Foods (NYSE:BGS) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of B&G Foods (NYSE:BGSGet Rating) from a sell rating to a hold rating in a report published on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $28.00 price target on the stock.

According to Zacks, “B&G Foods has underperformed the industry in the past three months. The company has been seeing input cost inflation for a while now. In the fourth quarter of fiscal 2021, the gross margin contracted 160 basis points, hurt by the greater-than-expected input cost inflation. This includes higher raw materials and transportation costs. B&G Foods expects the input cost inflation to have a major industry-wide effect in fiscal 2022. Nonetheless, B&G Foods continued to see higher demand for its products as consumers are cooking and baking at home. For fiscal 2022, it expects to keep witnessing solid consumer demand for its products compared with pre-pandemic levels. Gains from buyouts, like Crisco, are also aiding. Management remains committed to its goal of increasing sales, profitability and cash flows via new product development.”

BGS has been the subject of a number of other research reports. Credit Suisse Group dropped their target price on B&G Foods from $27.00 to $26.00 and set an underperform rating for the company in a report on Wednesday, March 2nd. BMO Capital Markets dropped their target price on B&G Foods from $36.00 to $32.00 in a report on Wednesday, March 2nd. Finally, StockNews.com initiated coverage on B&G Foods in a report on Thursday, March 31st. They set a hold rating for the company.

NYSE:BGS opened at $27.90 on Wednesday. B&G Foods has a 1-year low of $25.09 and a 1-year high of $36.52. The company has a current ratio of 3.42, a quick ratio of 0.92 and a debt-to-equity ratio of 2.46. The firm has a fifty day simple moving average of $27.65 and a 200 day simple moving average of $29.95. The stock has a market capitalization of $1.92 billion, a PE ratio of 26.83 and a beta of 0.31.

B&G Foods (NYSE:BGSGet Rating) last announced its quarterly earnings results on Tuesday, March 1st. The company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.03). B&G Foods had a net margin of 3.28% and a return on equity of 14.41%. The business had revenue of $571.80 million for the quarter, compared to analyst estimates of $591.15 million. During the same period in the prior year, the business earned $0.35 EPS. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, equities analysts predict that B&G Foods will post 1.77 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, May 2nd. Investors of record on Thursday, March 31st were given a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 6.81%. The ex-dividend date was Wednesday, March 30th. B&G Foods’s payout ratio is currently 182.69%.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Prospera Financial Services Inc bought a new position in shares of B&G Foods in the first quarter worth $34,000. Hussman Strategic Advisors Inc. grew its position in B&G Foods by 25.0% in the first quarter. Hussman Strategic Advisors Inc. now owns 130,000 shares of the company’s stock valued at $3,507,000 after acquiring an additional 26,000 shares during the last quarter. Victory Capital Management Inc. grew its position in B&G Foods by 369.9% in the first quarter. Victory Capital Management Inc. now owns 799,204 shares of the company’s stock valued at $21,523,000 after acquiring an additional 629,140 shares during the last quarter. Commonwealth Equity Services LLC grew its position in B&G Foods by 8.1% in the first quarter. Commonwealth Equity Services LLC now owns 158,627 shares of the company’s stock valued at $4,279,000 after acquiring an additional 11,888 shares during the last quarter. Finally, Factorial Partners LLC bought a new position in B&G Foods in the first quarter valued at about $1,427,000. Institutional investors own 64.72% of the company’s stock.

About B&G Foods (Get Rating)

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

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