B&G Foods Inc. (NYSE:BGS) had its price objective raised by research analysts at Royal Bank Of Canada from $52.00 to $57.00 in a research note issued to investors on Friday. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 14.80% from the stock’s previous close.
Several other equities analysts have also recently weighed in on the company. Zacks Investment Research cut B&G Foods from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th. Credit Suisse Group AG reaffirmed a “hold” rating and set a $45.00 target price on shares of B&G Foods in a research note on Thursday, July 28th. DA Davidson raised B&G Foods from a “neutral” rating to a “buy” rating and lifted their target price for the company from $47.00 to $52.00 in a research note on Friday, July 29th. Finally, RBC Capital Markets reaffirmed an “outperform” rating and set a $52.00 target price (up previously from $49.00) on shares of B&G Foods in a research note on Sunday, July 31st. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. B&G Foods has an average rating of “Hold” and a consensus target price of $46.78.
Shares of B&G Foods (NYSE:BGS) opened at 49.65 on Friday. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of 31.31 and a beta of 0.41. B&G Foods has a 1-year low of $31.81 and a 1-year high of $52.84. The stock’s 50 day moving average is $47.90 and its 200-day moving average is $43.26.
B&G Foods (NYSE:BGS) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.11. The firm had revenue of $306.40 million for the quarter, compared to the consensus estimate of $316.56 million. B&G Foods had a return on equity of 22.59% and a net margin of 7.76%. The business’s revenue for the quarter was up 58.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.34 EPS. On average, analysts anticipate that B&G Foods will post $2.20 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, September 30th will be given a dividend of $0.42 per share. The ex-dividend date is Wednesday, September 28th. This represents a $1.68 dividend on an annualized basis and a yield of 3.38%. B&G Foods’s payout ratio is currently 107.01%.
A number of large investors have recently made changes to their positions in BGS. Norges Bank bought a new stake in shares of B&G Foods during the fourth quarter worth about $17,263,000. GW&K Investment Management LLC boosted its stake in shares of B&G Foods by 7.0% in the first quarter. GW&K Investment Management LLC now owns 25,805 shares of the company’s stock worth $898,000 after buying an additional 1,685 shares during the last quarter. OLD National Bancorp IN boosted its stake in shares of B&G Foods by 13.9% in the first quarter. OLD National Bancorp IN now owns 12,135 shares of the company’s stock worth $422,000 after buying an additional 1,480 shares during the last quarter. Texas Permanent School Fund boosted its stake in shares of B&G Foods by 3.1% in the first quarter. Texas Permanent School Fund now owns 49,582 shares of the company’s stock worth $1,726,000 after buying an additional 1,503 shares during the last quarter. Finally, Apex Capital Management boosted its stake in shares of B&G Foods by 20.3% in the first quarter. Apex Capital Management now owns 317,991 shares of the company’s stock worth $11,069,000 after buying an additional 53,550 shares during the last quarter. 76.92% of the stock is owned by hedge funds and other institutional investors.
About B&G Foods
B&G Foods, Inc is a holding company. The Company manufactures, sells and distributes a diverse portfolio of shelf-stable and frozen food, and household products 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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