B&G Foods (NYSE:BGS) Trading 1.1% Higher – Here’s Why

B&G Foods, Inc. (NYSE:BGS)’s share price traded up 1.1% during mid-day trading on Wednesday . The company traded as high as $6.43 and last traded at $6.43. 149,915 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 1,088,531 shares. The stock had previously closed at $6.36.

Analysts Set New Price Targets

A number of research analysts have commented on BGS shares. StockNews.com raised B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. Evercore ISI dropped 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, November 6th. TD Cowen decreased their price objective on B&G Foods from $8.00 to $7.50 and set a “sell” rating for the company in a report 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 research report on Wednesday, August 7th. Finally, Barclays decreased their target price on B&G Foods from $8.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to data from MarketBeat, B&G Foods currently has a consensus rating of “Hold” and an average price target of $8.30.

B&G Foods Trading Down 1.1 %

The company’s 50 day simple moving average is $8.21 and its two-hundred day simple moving average is $8.50. 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 market cap of $497.92 million, a price-to-earnings ratio of -18.91 and a beta of 0.61.

B&G Foods (NYSE:BGS) last issued its earnings results on Tuesday, November 5th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). The firm had revenue of $461.10 million during the quarter, compared to analysts’ expectations of $473.82 million. B&G Foods had a negative net margin of 1.34% and a positive return on equity of 6.97%. The business’s revenue for the quarter was down 8.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.27 EPS. Research analysts expect that B&G Foods, Inc. will post 0.73 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. Shareholders of record on Tuesday, December 31st will be given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 12.08%. The ex-dividend date of this dividend is Tuesday, December 31st. B&G Foods’s dividend payout ratio is -223.52%.

Insider Activity at B&G Foods

In related news, EVP Andrew D. Vogel purchased 7,500 shares of B&G Foods stock in a transaction on Wednesday, November 13th. The stock was purchased at an average cost of $6.36 per share, with a total value of $47,700.00. Following the acquisition, the executive vice president now directly owns 37,064 shares in the company, valued at approximately $235,727.04. This trade represents a 25.37 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Stephen Sherrill acquired 70,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were purchased at an average cost of $6.63 per share, for a total transaction of $464,100.00. Following the acquisition, the director now directly owns 353,084 shares in the company, valued at $2,340,946.92. This represents a 24.73 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 90,111 shares of company stock valued at $593,054. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On B&G Foods

Several institutional investors have recently added to or reduced their stakes in BGS. Innealta Capital LLC bought a new position in B&G Foods in the 2nd quarter valued at $33,000. nVerses Capital LLC acquired a new position in B&G Foods during the 2nd quarter worth about $33,000. Versant Capital Management Inc grew its holdings in B&G Foods by 36.9% during the 2nd quarter. Versant Capital Management Inc now owns 5,768 shares of the company’s stock worth $47,000 after acquiring an additional 1,555 shares during the last quarter. Russell Investments Group Ltd. increased its position in B&G Foods by 1,556.9% in the 1st quarter. Russell Investments Group Ltd. now owns 4,921 shares of the company’s stock valued at $56,000 after acquiring an additional 4,624 shares in the last quarter. Finally, LRI Investments LLC bought a new position in shares of B&G Foods in the first quarter worth about $60,000. 66.15% of the stock is owned by institutional investors.

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.