B&G Foods, Inc. (BGS) Stock Rating Upgraded by Zacks Investment Research

B&G Foods, Inc. (NYSE:BGS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, October 17th. The firm presently has a $36.00 price objective on the stock. Zacks Investment Research‘s target price indicates a potential upside of 9.42% from the stock’s previous close.

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 research firms also recently weighed in on BGS. BidaskClub downgraded B&G Foods from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Buckingham Research upgraded B&G Foods from a “neutral” rating to a “buy” rating and set a $40.00 price target on the stock in a research note on Wednesday, August 23rd. Barclays PLC lowered their target price on B&G Foods from $46.00 to $37.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 8th. BMO Capital Markets upgraded B&G Foods from a “market perform” rating to an “outperform” rating in a research note on Monday, August 7th. Finally, Royal Bank Of Canada restated a “buy” rating and issued a $52.00 target price on shares of B&G Foods in a research note on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $40.81.

B&G Foods (BGS) traded up 0.15% during mid-day trading on Tuesday, hitting $32.90. The stock had a trading volume of 1,037,691 shares. B&G Foods has a 52 week low of $29.50 and a 52 week high of $47.75. The company’s 50 day moving average price is $31.81 and its 200 day moving average price is $35.69. The firm has a market cap of $2.19 billion, a PE ratio of 21.59 and a beta of 0.11.

B&G Foods (NYSE:BGS) last announced its earnings results on Thursday, August 3rd. The company reported $0.41 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business had revenue of $368.10 million for the quarter, compared to analyst estimates of $376.45 million. During the same period in the prior year, the company earned $0.57 earnings per share. The company’s quarterly revenue was up 20.1% on a year-over-year basis. Analysts anticipate that B&G Foods will post $2.08 earnings per share for the current year.

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Institutional investors have recently made changes to their positions in the business. Acrospire Investment Management LLC raised its holdings in shares of B&G Foods by 934.9% during the second quarter. Acrospire Investment Management LLC now owns 2,877 shares of the company’s stock valued at $102,000 after acquiring an additional 2,599 shares during the last quarter. Riverhead Capital Management LLC raised its holdings in shares of B&G Foods by 61.2% during the second quarter. Riverhead Capital Management LLC now owns 3,062 shares of the company’s stock valued at $109,000 after acquiring an additional 1,162 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of B&G Foods by 19.6% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,958 shares of the company’s stock valued at $141,000 after acquiring an additional 648 shares during the last quarter. Bank of Montreal Can raised its holdings in shares of B&G Foods by 4.4% during the second quarter. Bank of Montreal Can now owns 5,000 shares of the company’s stock valued at $178,000 after acquiring an additional 211 shares during the last quarter. Finally, North Star Investment Management Corp. raised its holdings in shares of B&G Foods by 97.5% during the second quarter. North Star Investment Management Corp. now owns 5,765 shares of the company’s stock valued at $205,000 after acquiring an additional 2,846 shares during the last quarter. 90.29% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for B&G Foods (NYSE:BGS)

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