B&G Foods (NYSE:BGS) Trading 1.1% Higher – Here’s Why

B&G Foods, Inc. (NYSE:BGS) shares were up 1.1% on Wednesday . The company traded as high as $6.43 and last traded at $6.43. Approximately 149,915 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 1,088,531 shares. The stock had previously closed at $6.36.

Analyst Upgrades and Downgrades

BGS has been the subject of a number of analyst reports. TD Cowen reduced their price objective on shares of B&G Foods from $8.00 to $7.50 and set a “sell” rating for the company in a research note on Wednesday, November 6th. Evercore ISI reduced their price target on shares of B&G Foods from $10.00 to $9.00 and set an “in-line” rating for the company in a research report on Wednesday, November 6th. StockNews.com raised shares of B&G Foods from a “sell” rating to a “hold” rating in a research note on Thursday, September 26th. Barclays cut their target price on shares of B&G Foods from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 7th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $10.00 target price on shares of B&G Foods in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. According to MarketBeat, B&G Foods has a consensus rating of “Hold” and a consensus target price of $8.30.

B&G Foods Price Performance

The stock has a market capitalization of $509.00 million, a PE ratio of -18.78 and a beta of 0.61. The company has a quick ratio of 0.49, a current ratio of 1.64 and a debt-to-equity ratio of 2.40. The stock’s 50-day moving average is $8.17 and its 200 day moving average is $8.49.

B&G Foods (NYSE:BGS) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.07). B&G Foods had a negative net margin of 1.34% and a positive return on equity of 6.97%. The company had revenue of $461.10 million for the quarter, compared to analysts’ expectations of $473.82 million. During the same quarter in the prior year, the firm earned $0.27 earnings per share. The company’s revenue was down 8.3% on a year-over-year basis. As a group, equities analysts predict that B&G Foods, Inc. will post 0.73 earnings per share for the current year.

B&G Foods Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 11.82%. The ex-dividend date of this dividend is Tuesday, December 31st. B&G Foods’s dividend payout ratio (DPR) is presently -223.52%.

Insider Activity at B&G Foods

In other news, EVP Jordan E. Greenberg sold 8,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total transaction of $66,640.00. Following the transaction, the executive vice president now owns 66,095 shares of the company’s stock, valued at approximately $550,571.35. This represents a 10.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Andrew D. Vogel acquired 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was bought at an average cost of $6.36 per share, for a total transaction of $47,700.00. Following the completion of the purchase, the executive vice president now directly owns 37,064 shares in the company, valued at $235,727.04. This represents a 25.37 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 90,111 shares of company stock valued at $593,054. 3.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On B&G Foods

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Innealta Capital LLC acquired a new stake in shares of B&G Foods in the second quarter valued at about $33,000. nVerses Capital LLC acquired a new stake in B&G Foods in the 2nd quarter valued at approximately $33,000. Russell Investments Group Ltd. increased its position in B&G Foods by 1,556.9% in the 1st quarter. Russell Investments Group Ltd. now owns 4,921 shares of the company’s stock worth $56,000 after buying an additional 4,624 shares during the period. LRI Investments LLC acquired a new position in shares of B&G Foods during the first quarter worth approximately $60,000. Finally, Versant Capital Management Inc lifted its holdings in shares of B&G Foods by 36.9% during the second quarter. Versant Capital Management Inc now owns 5,768 shares of the company’s stock worth $47,000 after buying an additional 1,555 shares during the last quarter. Institutional investors and hedge funds own 66.15% of the company’s stock.

B&G Foods Company Profile

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, crackers, baking powder and soda, corn starch, nut clusters, and other specialty products.