B&G Foods (NYSE:BGS) Stock Price Down 2.6% – What’s Next?

B&G Foods, Inc. (NYSE:BGS)’s stock price fell 2.6% during mid-day trading on Wednesday . The company traded as low as $7.54 and last traded at $7.54. 148,160 shares were traded during trading, a decline of 87% from the average session volume of 1,133,924 shares. The stock had previously closed at $7.74.

Analysts Set New Price Targets

Several brokerages have commented on BGS. Evercore ISI decreased 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 upgraded B&G Foods from a “sell” rating to a “hold” rating in a research note on Thursday, September 26th. Barclays reduced their price target on B&G Foods from $8.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday, November 7th. Finally, TD Cowen reduced their price target on shares of B&G Foods from $8.00 to $7.50 and set a “sell” rating for the company in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $8.30.

B&G Foods Trading Down 5.4 %

The business has a 50 day simple moving average of $7.47 and a two-hundred day simple moving average of $8.15. The company has a current ratio of 1.64, a quick ratio of 0.49 and a debt-to-equity ratio of 2.40. The company has a market cap of $579.48 million, a PE ratio of -21.53 and a beta of 0.54.

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

B&G Foods Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Tuesday, December 31st will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 10.38%. The ex-dividend date is Tuesday, December 31st. B&G Foods’s dividend payout ratio is currently -223.53%.

Insider Activity at B&G Foods

In other news, EVP Eric H. Hart bought 5,000 shares of B&G Foods stock in a transaction dated Friday, November 15th. The shares were acquired at an average cost of $6.25 per share, with a total value of $31,250.00. Following the completion of the transaction, the executive vice president now owns 88,899 shares in the company, valued at approximately $555,618.75. This trade represents a 5.96 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Andrew D. Vogel bought 7,500 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were acquired at an average cost of $6.36 per share, for a total transaction of $47,700.00. Following the completion of the transaction, the executive vice president now owns 37,064 shares of the company’s stock, valued at approximately $235,727.04. The trade was a 25.37 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 90,111 shares of company stock worth $593,054. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On B&G Foods

A number of hedge funds have recently bought and sold shares of the company. Barclays PLC lifted its holdings in B&G Foods by 310.1% during the 3rd quarter. Barclays PLC now owns 130,693 shares of the company’s stock worth $1,160,000 after buying an additional 98,824 shares during the last quarter. Geode Capital Management LLC lifted its stake in B&G Foods by 1.4% during the third quarter. Geode Capital Management LLC now owns 1,803,408 shares of the company’s stock worth $16,018,000 after purchasing an additional 24,995 shares during the last quarter. Stifel Financial Corp boosted its holdings in B&G Foods by 1.9% in the third quarter. Stifel Financial Corp now owns 181,529 shares of the company’s stock worth $1,612,000 after purchasing an additional 3,359 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of B&G Foods during the third quarter worth $962,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of B&G Foods in the 3rd quarter worth about $102,000. 66.15% of the stock is currently owned by institutional investors and hedge funds.

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.