B&G Foods (NYSE:BGS) Shares Down 1.9% – Here’s What Happened

B&G Foods, Inc. (NYSE:BGS)’s stock price fell 1.9% during mid-day trading on Tuesday . The company traded as low as $6.70 and last traded at $6.74. 155,256 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 1,098,216 shares. The stock had previously closed at $6.87.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BGS. Royal Bank of Canada restated a “sector perform” rating and issued a $10.00 price objective on shares of B&G Foods in a research note on Wednesday, August 7th. Barclays decreased their target price on 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. Evercore ISI cut their price objective on B&G Foods from $10.00 to $9.00 and set an “in-line” rating for the company in a report on Wednesday, November 6th. StockNews.com upgraded shares of B&G Foods from a “sell” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, TD Cowen lowered their price objective on shares of B&G Foods from $8.00 to $7.50 and set a “sell” rating for the company in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $8.30.

B&G Foods Price Performance

The firm has a market cap of $536.70 million, a P/E ratio of -19.82 and a beta of 0.54. The firm’s fifty day simple moving average is $7.77 and its 200 day simple moving average is $8.31. 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 released its earnings results on Tuesday, November 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.07). The firm had revenue of $461.10 million during the quarter, compared to the consensus estimate of $473.82 million. B&G Foods had a positive return on equity of 6.97% and a negative net margin of 1.34%. B&G Foods’s revenue was down 8.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.27 EPS. As a group, analysts forecast that B&G Foods, Inc. will post 0.73 earnings per share for the current year.

B&G Foods Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.76 annualized dividend and a yield of 11.21%. B&G Foods’s payout ratio is currently -223.52%.

Insider Transactions at B&G Foods

In other B&G Foods news, EVP Andrew D. Vogel bought 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were purchased at an average cost of $6.36 per share, for a total transaction of $47,700.00. Following the purchase, the executive vice president now directly owns 37,064 shares in the company, valued at $235,727.04. This represents a 25.37 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Eric H. Hart bought 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was purchased at an average cost of $6.25 per share, for a total transaction of $31,250.00. Following the completion of the transaction, the executive vice president now owns 88,899 shares in the company, valued at $555,618.75. This trade represents a 5.96 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 90,111 shares of company stock valued at $593,054. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On B&G Foods

Several hedge funds have recently modified their holdings of BGS. Barclays PLC lifted its position 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 in the last quarter. Geode Capital Management LLC lifted its holdings in B&G Foods by 1.4% during the third quarter. Geode Capital Management LLC now owns 1,803,408 shares of the company’s stock valued at $16,018,000 after purchasing an additional 24,995 shares in the last quarter. Stifel Financial Corp grew its position in shares of B&G Foods by 1.9% in the third quarter. Stifel Financial Corp now owns 181,529 shares of the company’s stock valued at $1,612,000 after purchasing an additional 3,359 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of B&G Foods during the 3rd quarter worth about $962,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in B&G Foods in the 3rd quarter valued at about $102,000. 66.15% of the stock is owned by hedge funds and other 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.