B&G Foods (NYSE:BGS) Trading Up 3% – Here’s Why

B&G Foods, Inc. (NYSE:BGS)’s stock price shot up 3% during mid-day trading on Wednesday . The stock traded as high as $6.66 and last traded at $6.63. 246,529 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 1,097,985 shares. The stock had previously closed at $6.44.

Wall Street Analysts Forecast Growth

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

B&G Foods Price Performance

The firm’s fifty day simple moving average is $7.97 and its two-hundred day simple moving average is $8.38. 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 firm has a market cap of $528.79 million, a PE ratio of -19.50 and a beta of 0.61.

B&G Foods (NYSE:BGS) last released its earnings results on Tuesday, November 5th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $461.10 million for the quarter, compared to analysts’ expectations of $473.82 million. During the same quarter last year, the firm posted $0.27 EPS. The firm’s quarterly revenue was down 8.3% compared to the same quarter last year. As a group, research analysts expect that B&G Foods, Inc. will post 0.73 EPS for the current year.

B&G Foods Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Tuesday, December 31st will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 11.38%. The ex-dividend date of this dividend is Tuesday, December 31st. B&G Foods’s dividend payout ratio is currently -223.52%.

Insider Activity at B&G Foods

In other news, EVP Scott E. Lerner bought 7,611 shares of B&G Foods stock in a transaction dated Friday, November 8th. The shares were purchased at an average cost of $6.57 per share, with a total value of $50,004.27. Following the completion of the acquisition, the executive vice president now owns 196,755 shares of the company’s stock, valued at $1,292,680.35. This trade represents a 4.02 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jordan E. Greenberg sold 8,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total value of $66,640.00. Following the completion of the sale, the executive vice president now owns 66,095 shares in the company, valued at $550,571.35. This represents a 10.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 90,111 shares of company stock valued at $593,054. 3.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On B&G Foods

Several institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. grew its holdings in shares of B&G Foods by 1,556.9% in the first quarter. Russell Investments Group Ltd. now owns 4,921 shares of the company’s stock valued at $56,000 after purchasing an additional 4,624 shares in the last quarter. ProShare Advisors LLC increased its holdings in shares of B&G Foods by 16.1% in the 1st quarter. ProShare Advisors LLC now owns 15,697 shares of the company’s stock worth $180,000 after buying an additional 2,180 shares during the last quarter. State Board of Administration of Florida Retirement System increased its holdings in shares of B&G Foods by 22.1% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 24,795 shares of the company’s stock worth $284,000 after buying an additional 4,490 shares during the last quarter. American International Group Inc. raised its position in shares of B&G Foods by 7.5% during the 1st quarter. American International Group Inc. now owns 41,985 shares of the company’s stock valued at $480,000 after buying an additional 2,934 shares in the last quarter. Finally, Quadrature Capital Ltd lifted its holdings in shares of B&G Foods by 324.8% in the 1st quarter. Quadrature Capital Ltd now owns 52,204 shares of the company’s stock valued at $597,000 after acquiring an additional 39,914 shares during the last quarter. Hedge funds and other institutional investors own 66.15% of the company’s stock.

About B&G Foods

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.