B&G Foods (NYSE:BGS) Trading Up 2.2% – Here’s Why

Shares of B&G Foods, Inc. (NYSE:BGS) rose 2.2% during trading on Tuesday . The stock traded as high as $7.84 and last traded at $7.83. Approximately 331,735 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 1,131,276 shares. The stock had previously closed at $7.66.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Evercore ISI dropped their price target on B&G Foods from $10.00 to $9.00 and set an “in-line” rating on the stock in a report on Wednesday, November 6th. TD Cowen lowered their target price on B&G Foods from $8.00 to $7.50 and set a “sell” rating on the stock in a research note 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. Finally, Barclays lowered their price objective on 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. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $8.30.

B&G Foods Stock Performance

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’s fifty day simple moving average is $7.45 and its 200 day simple moving average is $8.15. The stock has a market capitalization of $573.94 million, a P/E ratio of -21.32 and a beta of 0.54.

B&G Foods (NYSE:BGS) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.13 earnings per share (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 EPS. B&G Foods’s quarterly revenue was down 8.3% compared to the same quarter last year. As a group, sell-side analysts forecast that B&G Foods, Inc. will post 0.73 earnings per share for the current fiscal year.

B&G Foods Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.76 dividend on an annualized basis and a yield of 10.48%. B&G Foods’s dividend payout ratio is presently -223.53%.

Insider Buying and Selling at B&G Foods

In related news, Director Stephen Sherrill purchased 70,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were bought at an average price of $6.63 per share, for a total transaction of $464,100.00. Following the acquisition, the director now owns 353,084 shares of the company’s stock, valued at approximately $2,340,946.92. This represents a 24.73 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott E. Lerner acquired 7,611 shares of the stock in a transaction on Friday, November 8th. The stock was bought at an average cost of $6.57 per share, with a total value of $50,004.27. Following the completion of the transaction, the executive vice president now owns 196,755 shares in the company, valued at $1,292,680.35. This trade represents a 4.02 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 90,111 shares of company stock valued at $593,054. Insiders own 3.20% of the company’s stock.

Institutional Trading of B&G Foods

A number of hedge funds have recently bought and sold shares of the stock. Verition Fund Management LLC raised its stake in shares of B&G Foods by 3,480.9% during the 3rd quarter. Verition Fund Management LLC now owns 379,394 shares of the company’s stock valued at $3,369,000 after buying an additional 368,799 shares during the last quarter. Dana Investment Advisors Inc. increased its holdings in shares of B&G Foods by 23.5% during the 2nd quarter. Dana Investment Advisors Inc. now owns 710,244 shares of the company’s stock valued at $5,739,000 after purchasing an additional 134,937 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in B&G Foods during the second quarter valued at $958,000. Point72 Asset Management L.P. purchased a new position in B&G Foods in the third quarter valued at $962,000. Finally, Savoir Faire Capital Management L.P. raised its position in shares of B&G Foods by 37.5% in the second quarter. Savoir Faire Capital Management L.P. now owns 528,250 shares of the company’s stock worth $4,268,000 after acquiring an additional 144,146 shares during the period. Hedge funds and other institutional investors 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.