B&G Foods (NYSE:BGS) Trading 3.7% Higher – Here’s Why

B&G Foods, Inc. (NYSE:BGS) shares were up 3.7% during mid-day trading on Thursday . The stock traded as high as $6.73 and last traded at $6.68. Approximately 1,209,889 shares changed hands during mid-day trading, an increase of 10% from the average daily volume of 1,102,383 shares. The stock had previously closed at $6.44.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. TD Cowen dropped their target price on shares of B&G Foods from $8.00 to $7.50 and set a “sell” rating on the stock in a report on Wednesday, November 6th. Evercore ISI reduced their price objective on shares of 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. Royal Bank of Canada restated a “sector perform” rating and set a $10.00 price target on shares of B&G Foods in a report on Wednesday, August 7th. Barclays cut their target price on shares of 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. Finally, StockNews.com upgraded B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $8.30.

B&G Foods Stock Performance

The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.49 and a current ratio of 1.64. The stock has a 50-day moving average of $7.92 and a 200-day moving average of $8.36. The firm has a market cap of $528.79 million, a price-to-earnings ratio of -19.65 and a beta of 0.61.

B&G Foods (NYSE:BGS) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). B&G Foods had a positive return on equity of 6.97% and a negative net margin of 1.34%. The business had revenue of $461.10 million during the quarter, compared to the consensus estimate of $473.82 million. During the same period in the prior year, the firm earned $0.27 EPS. The business’s revenue for the quarter was down 8.3% compared to the same quarter last year. As a group, analysts anticipate that B&G Foods, Inc. will post 0.73 EPS 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. Investors of record on Tuesday, December 31st will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 11.38%. The ex-dividend date is Tuesday, December 31st. B&G Foods’s dividend payout ratio is currently -223.52%.

Insider Buying and Selling at B&G Foods

In other news, EVP Eric H. Hart acquired 5,000 shares of the stock in a transaction dated Friday, November 15th. The shares were bought at an average cost of $6.25 per share, for a total transaction of $31,250.00. Following the purchase, the executive vice president now directly owns 88,899 shares of the company’s stock, valued at approximately $555,618.75. This trade represents a 5.96 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jordan E. Greenberg sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total transaction of $66,640.00. Following the transaction, the executive vice president now directly owns 66,095 shares in the company, valued at approximately $550,571.35. This represents a 10.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders purchased a total of 90,111 shares of company stock worth $593,054 over the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. raised its holdings in B&G Foods by 1,556.9% during the 1st quarter. Russell Investments Group Ltd. now owns 4,921 shares of the company’s stock worth $56,000 after purchasing an additional 4,624 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its position in shares of B&G Foods by 22.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 24,795 shares of the company’s stock valued at $284,000 after acquiring an additional 4,490 shares during the period. American International Group Inc. grew its holdings in B&G Foods by 7.5% in the first quarter. American International Group Inc. now owns 41,985 shares of the company’s stock worth $480,000 after purchasing an additional 2,934 shares during the period. Price T Rowe Associates Inc. MD increased its position in B&G Foods by 7.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 54,862 shares of the company’s stock valued at $628,000 after buying an additional 3,979 shares in the last quarter. Finally, Bayesian Capital Management LP acquired a new position in B&G Foods during the 1st quarter worth approximately $335,000. 66.15% of the stock is owned by institutional investors.

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.