B&G Foods (NYSE:BGS) Sees Unusually-High Trading Volume – Still a Buy?

B&G Foods, Inc. (NYSE:BGS) shares saw unusually-strong trading volume on Thursday . Approximately 3,343,878 shares traded hands during mid-day trading, an increase of 220% from the previous session’s volume of 1,044,573 shares.The stock last traded at $6.71 and had previously closed at $7.07.

Wall Street Analyst Weigh In

BGS has been the subject of several research analyst reports. StockNews.com raised B&G Foods from a “sell” rating to a “hold” rating in a research note on Thursday, September 26th. Piper Sandler lowered their target price on shares of B&G Foods from $9.00 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. Barclays reduced their target price on B&G Foods from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Thursday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $10.00 price objective on shares of B&G Foods in a research report on Wednesday, August 7th. Finally, Evercore ISI cut their price target on shares of B&G Foods from $10.00 to $9.00 and set an “in-line” rating on the stock in a research note on Wednesday. One 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, B&G Foods presently has a consensus rating of “Hold” and a consensus target price of $8.30.

B&G Foods Stock Down 6.6 %

The stock has a market cap of $522.46 million, a PE ratio of -4.71 and a beta of 0.61. The business has a 50 day moving average of $8.58 and a 200-day moving average of $8.82. The company has a current ratio of 1.63, a quick ratio of 0.48 and a debt-to-equity ratio of 2.33.

B&G Foods (NYSE:BGS) last announced its 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). B&G Foods had a positive return on equity of 8.07% and a negative net margin of 5.82%. The business had revenue of $461.10 million for the quarter, compared to analysts’ expectations of $473.82 million. During the same quarter last year, the business posted $0.27 earnings per share. The business’s revenue was down 8.3% on a year-over-year basis. Equities research analysts predict that B&G Foods, Inc. will post 0.74 EPS for the current fiscal year.

B&G Foods Announces Dividend

The firm also recently announced 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. The ex-dividend date is Tuesday, December 31st. This represents a $0.76 annualized dividend and a dividend yield of 11.52%. B&G Foods’s dividend payout ratio (DPR) is -49.35%.

Insider Buying and Selling

In other news, EVP Jordan E. Greenberg sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total value 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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On B&G Foods

A number of hedge funds have recently added to or reduced their stakes in the company. Texas Permanent School Fund Corp raised its stake in shares of B&G Foods by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 68,433 shares of the company’s stock worth $783,000 after buying an additional 960 shares in the last quarter. nVerses Capital LLC raised its position in B&G Foods by 34.1% in the third quarter. nVerses Capital LLC now owns 5,500 shares of the company’s stock worth $49,000 after acquiring an additional 1,400 shares in the last quarter. Versant Capital Management Inc lifted its holdings in B&G Foods by 36.9% in the second quarter. Versant Capital Management Inc now owns 5,768 shares of the company’s stock valued at $47,000 after acquiring an additional 1,555 shares during the period. Rhumbline Advisers boosted its position in shares of B&G Foods by 0.7% during the 2nd quarter. Rhumbline Advisers now owns 248,716 shares of the company’s stock worth $2,010,000 after purchasing an additional 1,625 shares in the last quarter. Finally, SummerHaven Investment Management LLC grew its stake in shares of B&G Foods by 3.0% during the 2nd quarter. SummerHaven Investment Management LLC now owns 55,725 shares of the company’s stock worth $450,000 after purchasing an additional 1,636 shares during the period. 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.