B&G Foods (NYSE:BGS) Sees Strong Trading Volume – Here’s What Happened

B&G Foods, Inc. (NYSE:BGS) shares saw strong trading volume on Monday . 925,666 shares changed hands during mid-day trading, a decline of 16% from the previous session’s volume of 1,107,587 shares.The stock last traded at $7.71 and had previously closed at $6.88.

Analysts Set New Price Targets

Several analysts have commented on BGS shares. Evercore ISI decreased their price objective on shares of B&G Foods from $10.00 to $9.00 and set an “in-line” rating for the company in a research note on Wednesday, November 6th. TD Cowen decreased their target price on shares of B&G Foods from $8.00 to $7.50 and set a “sell” rating for the company in a research report on Wednesday, November 6th. Barclays cut their price target on B&G Foods from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 7th. Finally, StockNews.com raised B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $8.30.

B&G Foods Stock Up 12.5 %

The business’s fifty day simple moving average is $7.58 and its two-hundred day simple moving average is $8.24. The company has a market cap of $612.70 million, a PE ratio of -23.50 and a beta of 0.54. 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 announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.07). B&G Foods had a negative net margin of 1.34% and a positive return on equity of 6.97%. The business had revenue of $461.10 million during the quarter, compared to analysts’ expectations of $473.82 million. During the same quarter in the prior year, the firm earned $0.27 EPS. B&G Foods’s revenue for the quarter was down 8.3% on a year-over-year basis. On average, analysts predict that B&G Foods, Inc. will post 0.71 earnings per share for the current year.

B&G Foods Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Tuesday, December 31st will be paid a $0.19 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.76 dividend on an annualized basis and a yield of 9.82%. B&G Foods’s dividend payout ratio is currently -223.52%.

Insiders Place Their Bets

In other B&G Foods news, EVP Andrew D. Vogel purchased 7,500 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The shares were purchased at an average cost of $6.36 per share, with a total value of $47,700.00. Following the completion of the purchase, the executive vice president now owns 37,064 shares in the company, valued at approximately $235,727.04. This represents a 25.37 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Scott E. Lerner purchased 7,611 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were acquired at an average price of $6.57 per share, for a total transaction of $50,004.27. Following the completion of the transaction, the executive vice president now directly owns 196,755 shares of the company’s stock, valued at $1,292,680.35. The trade was a 4.02 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 90,111 shares of company stock worth $593,054. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. nVerses Capital LLC purchased a new position in shares of B&G Foods during the 2nd quarter worth $33,000. Innealta Capital LLC purchased a new position in B&G Foods during the second quarter worth about $33,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in B&G Foods in the 3rd quarter valued at about $102,000. CWM LLC grew its stake in shares of B&G Foods by 99.9% in the 2nd quarter. CWM LLC now owns 14,469 shares of the company’s stock valued at $117,000 after buying an additional 7,231 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of B&G Foods during the 2nd quarter worth approximately $137,000. 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.