B&G Foods (NYSE:BGS) Shares Up 3.1% – Still a Buy?

B&G Foods, Inc. (NYSE:BGS)’s share price shot up 3.1% during trading on Friday . The company traded as high as $7.08 and last traded at $7.12. 370,479 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 1,255,701 shares. The stock had previously closed at $6.90.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler dropped their target price 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. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $8.10.

B&G Foods Price Performance

The company has a current ratio of 1.64, a quick ratio of 0.49 and a debt-to-equity ratio of 2.40. The stock has a market capitalization of $570.98 million, a P/E ratio of -21.25 and a beta of 0.47. The stock has a 50 day moving average of $6.62 and a 200-day moving average of $7.37.

B&G Foods (NYSE:BGS) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $551.57 million during the quarter, compared to analyst estimates of $547.95 million. On average, equities 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 company 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 $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 10.53%. The ex-dividend date of this dividend is Monday, March 31st. B&G Foods’s dividend payout ratio is presently -23.90%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its holdings in shares of B&G Foods by 28.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,353,557 shares of the company’s stock valued at $23,106,000 after purchasing an additional 744,898 shares during the period. American Century Companies Inc. increased its holdings in shares of B&G Foods by 13.7% in the fourth quarter. American Century Companies Inc. now owns 2,226,706 shares of the company’s stock valued at $15,342,000 after purchasing an additional 267,455 shares during the period. Geode Capital Management LLC increased its holdings in shares of B&G Foods by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 1,809,054 shares of the company’s stock valued at $12,468,000 after purchasing an additional 5,646 shares during the period. Invesco Ltd. increased its holdings in shares of B&G Foods by 55.7% in the fourth quarter. Invesco Ltd. now owns 1,132,834 shares of the company’s stock valued at $7,805,000 after purchasing an additional 405,033 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of B&G Foods by 10.0% in the fourth quarter. Northern Trust Corp now owns 872,186 shares of the company’s stock valued at $6,009,000 after purchasing an additional 79,226 shares during the period. 66.15% of the stock is 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.