B&G Foods, Inc. (NYSE:BGS) Rating Lowered to Sell at 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 released 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. “

Several other equities analysts have also recently issued reports on BGS. BMO Capital Markets upgraded shares of B&G Foods from a “market perform” rating to an “outperform” rating in a research note on Monday, August 7th. BidaskClub cut shares of B&G Foods from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. Credit Suisse Group set a $36.00 price objective on shares of B&G Foods and gave the stock a “hold” rating in a research report on Saturday, August 5th. Buckingham Research reduced their price objective on shares of B&G Foods from $43.00 to $36.00 and set a “neutral” rating for the company in a research report on Friday, August 4th. Finally, 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 for the company. Two analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $42.17.

B&G Foods (NYSE BGS) traded down 0.95% during midday trading on Monday, hitting $31.40. 1,263,281 shares of the company were exchanged. The stock has a 50 day moving average of $34.30 and a 200-day moving average of $39.48. The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of 20.60 and a beta of 0.09. B&G Foods has a 1-year low of $30.80 and a 1-year high of $50.81.

B&G Foods (NYSE:BGS) last posted its earnings results on Thursday, August 3rd. The company reported $0.41 earnings per share (EPS) for the quarter, missing the 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 during the quarter, compared to analyst estimates of $376.45 million. During the same quarter in the prior year, the firm earned $0.57 earnings per share. The business’s revenue for the quarter was up 20.1% on a year-over-year basis. Equities analysts expect that B&G Foods will post $2.07 earnings per share for the current year.

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Several large investors have recently made changes to their positions in BGS. Acrospire Investment Management LLC raised its stake in shares of B&G Foods by 934.9% in the second quarter. Acrospire Investment Management LLC now owns 2,877 shares of the company’s stock worth $102,000 after buying an additional 2,599 shares in the last quarter. Tyers Asset Management LLC raised its stake 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 worth $108,000 after buying an additional 96 shares in the last quarter. Riverhead Capital Management LLC raised its stake in shares of B&G Foods by 61.2% in the second quarter. Riverhead Capital Management LLC now owns 3,062 shares of the company’s stock worth $109,000 after buying an additional 1,162 shares in the last quarter. North Star Investment Management Corp. raised its stake in shares of 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 worth $117,000 after buying an additional 2,619 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of 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 worth $133,000 after buying an additional 134 shares in the last quarter. 93.48% of the stock is owned by hedge funds and other institutional investors.

About B&G Foods

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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