B&G Foods (NYSE:BGS) Price Target Increased to $27.00 by Analysts at Piper Sandler

B&G Foods (NYSE:BGSGet Rating) had its price target raised by Piper Sandler from $23.00 to $27.00 in a research note published on Tuesday, The Fly reports. Piper Sandler currently has a maintains rating on the stock.

Separately, StockNews.com cut B&G Foods from a hold rating to a sell rating in a report on Monday, May 9th.

B&G Foods Price Performance

Shares of NYSE BGS opened at $25.64 on Tuesday. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of 26.43 and a beta of 0.26. The business has a 50-day moving average of $23.54 and a 200-day moving average of $26.55. The company has a debt-to-equity ratio of 2.50, a current ratio of 3.46 and a quick ratio of 1.00. B&G Foods has a fifty-two week low of $21.05 and a fifty-two week high of $34.27.

B&G Foods (NYSE:BGSGet Rating) last announced its quarterly earnings data on Thursday, May 5th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.05). The company had revenue of $532.41 million during the quarter, compared to the consensus estimate of $512.02 million. B&G Foods had a net margin of 3.08% and a return on equity of 12.91%. B&G Foods’s revenue was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.52 EPS. As a group, sell-side analysts predict that B&G Foods will post 1.64 earnings per share for the current fiscal year.

B&G Foods Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 1st. Investors of record on Thursday, June 30th were paid a $0.475 dividend. The ex-dividend date was Wednesday, June 29th. This represents a $1.90 annualized dividend and a yield of 7.41%. B&G Foods’s dividend payout ratio (DPR) is currently 195.88%.

Institutional Investors Weigh In On B&G Foods

Several hedge funds have recently bought and sold shares of the company. Belpointe Asset Management LLC lifted its stake in B&G Foods by 1.3% in the 4th quarter. Belpointe Asset Management LLC now owns 25,819 shares of the company’s stock valued at $794,000 after purchasing an additional 324 shares during the last quarter. Econ Financial Services Corp lifted its position in B&G Foods by 1.7% during the second quarter. Econ Financial Services Corp now owns 25,755 shares of the company’s stock worth $612,000 after acquiring an additional 425 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV lifted its position in B&G Foods by 1.0% during the first quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 43,255 shares of the company’s stock worth $1,167,000 after acquiring an additional 440 shares during the last quarter. Stratos Wealth Partners LTD. lifted its position in B&G Foods by 5.4% during the first quarter. Stratos Wealth Partners LTD. now owns 8,775 shares of the company’s stock worth $237,000 after acquiring an additional 453 shares during the last quarter. Finally, CWM LLC lifted its position in B&G Foods by 50.7% during the first quarter. CWM LLC now owns 1,427 shares of the company’s stock worth $39,000 after acquiring an additional 480 shares during the last quarter. 64.72% of the stock is currently owned by institutional investors and hedge funds.

About B&G Foods

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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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