B&G Foods (NYSE:BGS) Stock Price Down 5.1% – Here’s What Happened

B&G Foods, Inc. (NYSE:BGS)’s stock price was down 5.1% on Thursday . The stock traded as low as $6.86 and last traded at $6.85. Approximately 808,315 shares traded hands during trading, a decline of 36% from the average daily volume of 1,253,704 shares. The stock had previously closed at $7.21.

Analyst Upgrades and Downgrades

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

B&G Foods Price Performance

The company has a market capitalization of $546.45 million, a price-to-earnings ratio of -20.31 and a beta of 0.47. The company has a 50-day moving average price of $6.61 and a 200-day moving average price of $7.37. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.49 and a current ratio of 1.64.

B&G Foods (NYSE:BGS) last posted its earnings results on Tuesday, February 25th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.01. B&G Foods had a positive return on equity of 6.97% and a negative net margin of 1.34%. The company had revenue of $551.57 million during the quarter, compared to analyst estimates of $547.95 million. On average, equities research analysts expect that B&G Foods, Inc. will post 0.7 EPS 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. Investors of record on Monday, March 31st will be given a $0.19 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.76 annualized dividend and a dividend yield of 11.01%. B&G Foods’s dividend payout ratio is presently -23.90%.

Hedge Funds Weigh In On B&G Foods

Institutional investors and hedge funds have recently modified their holdings of the business. Dana Investment Advisors Inc. grew its position in shares of 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 purchasing an additional 129,202 shares during the period. Barclays PLC grew its position in shares of B&G Foods by 310.1% in the 3rd quarter. Barclays PLC now owns 130,693 shares of the company’s stock valued at $1,160,000 after purchasing an additional 98,824 shares during the period. Verition Fund Management LLC grew its position in shares of B&G Foods by 3,480.9% in the 3rd quarter. Verition Fund Management LLC now owns 379,394 shares of the company’s stock valued at $3,369,000 after purchasing an additional 368,799 shares during the period. Wedge Capital Management L L P NC acquired a new position in shares of B&G Foods in the 4th quarter valued at approximately $857,000. Finally, Principal Financial Group Inc. grew its position in shares of B&G Foods by 2.9% in the 4th quarter. Principal Financial Group Inc. now owns 383,814 shares of the company’s stock valued at $2,644,000 after purchasing an additional 10,742 shares during the period. 66.15% of the stock is currently owned by institutional investors and hedge funds.

B&G Foods Company Profile

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.