B&G Foods (NYSE:BGS) Trading Up 6.3% – Time to Buy?

Shares of B&G Foods, Inc. (NYSE:BGS) were up 6.3% during trading on Thursday . The company traded as high as $6.45 and last traded at $6.51. Approximately 216,081 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 1,420,583 shares. The stock had previously closed at $6.12.

Wall Street Analyst Weigh In

Separately, Piper Sandler lowered their price target on B&G Foods from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $8.10.

B&G Foods Trading Up 7.6 %

The business’s 50-day moving average price is $6.65 and its 200 day moving average price is $7.02. The firm has a market capitalization of $521.12 million, a price-to-earnings ratio of -19.37 and a beta of 0.74. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.64 and a quick ratio of 0.49.

B&G Foods (NYSE:BGS) last announced its earnings results on Tuesday, February 25th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.01. The business had revenue of $551.57 million for the quarter, compared to analyst estimates of $547.95 million. B&G Foods had a positive return on equity of 6.97% and a negative net margin of 1.34%. On average, equities analysts forecast that B&G Foods, Inc. will post 0.7 earnings per share for the current fiscal year.

B&G Foods Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be issued a $0.19 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.76 annualized dividend and a yield of 11.54%. B&G Foods’s dividend payout ratio is presently -23.90%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its position in shares of B&G Foods by 28.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,353,557 shares of the company’s stock valued at $23,106,000 after buying an additional 744,898 shares during the last quarter. Two Sigma Investments LP raised its position in B&G Foods by 113.2% in the fourth quarter. Two Sigma Investments LP now owns 830,817 shares of the company’s stock worth $5,724,000 after acquiring an additional 441,117 shares in the last quarter. Invesco Ltd. lifted its stake in B&G Foods by 55.7% during the fourth quarter. Invesco Ltd. now owns 1,132,834 shares of the company’s stock valued at $7,805,000 after purchasing an additional 405,033 shares during the last quarter. Barclays PLC grew its holdings in shares of B&G Foods by 267.5% in the 4th quarter. Barclays PLC now owns 480,312 shares of the company’s stock worth $3,308,000 after acquiring an additional 349,619 shares during the last quarter. Finally, Two Sigma Advisers LP raised its position in shares of B&G Foods by 279.0% during the fourth quarter. Two Sigma Advisers LP now owns 458,200 shares of the company’s stock worth $3,157,000 after purchasing an additional 337,300 shares during the period. 66.15% of the stock is owned by institutional investors and hedge funds.

B&G Foods Company Profile

B&G Foods, Inc is a holding company, which engages in the manufacture, sale, and distribution of shelf-stable frozen food, and household products in the U.S., 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, and wine vinegar.