B&G Foods (BGS - Free Report) shares soared 13% in the last trading session to close at $34.12. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 3% gain over the past four weeks.
Shares of B&G Foods seem to have got a boost from the news of the cyberattack on JBS, which is a major meat processing company. Per media reports, the cyberattack caused a number of JBS’s North American and Australian facilities to shut down – which in turn wiped out a considerable chunk of output in America. Though JBS may start resuming some operations soon, any supply-chain hurdles can lead to volatile price movements. B&G Foods, which is one of the food companies operating at full capacity, may stand to witness short-term gains from this situation.
Apart from this, B&G Foods expects to keep witnessing solid consumer demand for its products for the rest of fiscal 2021. Further, contributions from acquisitions have been a driver.
Price and Consensus
This food producer is expected to post quarterly earnings of $0.46 per share in its upcoming report, which represents a year-over-year change of -35.2%. Revenues are expected to be $444.6 million, down 13.3% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For B&G Foods, the consensus EPS estimate for the quarter has been revised 13.2% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on BGS going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
B&G Foods (BGS - Free Report) shares soared 13% in the last trading session to close at $34.12. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 3% gain over the past four weeks.
Shares of B&G Foods seem to have got a boost from the news of the cyberattack on JBS, which is a major meat processing company. Per media reports, the cyberattack caused a number of JBS’s North American and Australian facilities to shut down – which in turn wiped out a considerable chunk of output in America. Though JBS may start resuming some operations soon, any supply-chain hurdles can lead to volatile price movements. B&G Foods, which is one of the food companies operating at full capacity, may stand to witness short-term gains from this situation.
Apart from this, B&G Foods expects to keep witnessing solid consumer demand for its products for the rest of fiscal 2021. Further, contributions from acquisitions have been a driver.
Price and Consensus
This food producer is expected to post quarterly earnings of $0.46 per share in its upcoming report, which represents a year-over-year change of -35.2%. Revenues are expected to be $444.6 million, down 13.3% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For B&G Foods, the consensus EPS estimate for the quarter has been revised 13.2% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on BGS going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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