B&G Foods (NYSE:BGS) Stock Price Up 5% – Here’s Why

B&G Foods, Inc. (NYSE:BGS)’s share price traded up 5% on Monday . The stock traded as high as $8.06 and last traded at $8.04. 991,899 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 1,801,467 shares. The stock had previously closed at $7.65.

Analysts Set New Price Targets

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

B&G Foods Stock Down 4.1 %

The company has a market cap of $571.69 million, a PE ratio of -21.25 and a beta of 0.47. The firm has a 50-day simple moving average of $6.58 and a two-hundred day simple moving average of $7.42. 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 posted its quarterly earnings data on Tuesday, February 25th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.01. The firm had revenue of $551.57 million during the quarter, compared to analysts’ expectations of $547.95 million. B&G Foods had a positive return on equity of 6.97% and a negative net margin of 1.34%. Research analysts anticipate that B&G Foods, Inc. will post 0.7 earnings per share for the current fiscal year.

B&G Foods Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 10.52%. The ex-dividend date is Monday, March 31st. B&G Foods’s dividend payout ratio (DPR) is -23.90%.

Hedge Funds Weigh In On B&G Foods

Institutional investors have recently added to or reduced their stakes in the business. Dana Investment Advisors Inc. grew its holdings in B&G Foods by 20.3% in the 4th quarter. Dana Investment Advisors Inc. now owns 764,745 shares of the company’s stock valued at $5,269,000 after buying an additional 129,202 shares during the period. Barclays PLC grew its stake in shares of B&G Foods by 310.1% during the 3rd quarter. Barclays PLC now owns 130,693 shares of the company’s stock valued at $1,160,000 after buying an additional 98,824 shares during the period. Verition Fund Management LLC increased its holdings 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 worth $3,369,000 after buying an additional 368,799 shares during the last quarter. Wedge Capital Management L L P NC purchased a new position in shares of B&G Foods in the 4th quarter worth $857,000. Finally, Principal Financial Group Inc. increased its stake in B&G Foods by 2.9% during the fourth quarter. Principal Financial Group Inc. now owns 383,814 shares of the company’s stock worth $2,644,000 after acquiring an additional 10,742 shares during the last quarter. 66.15% of the stock is currently owned by institutional investors and hedge funds.

About B&G Foods

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.