B&G Foods (NYSE:BGS) Stock Price Down 3.3% – Here’s What Happened

B&G Foods, Inc. (NYSE:BGS)’s stock price was down 3.3% on Tuesday . The stock traded as low as $6.45 and last traded at $6.49. Approximately 345,011 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 1,095,972 shares. The stock had previously closed at $6.71.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on BGS shares. TD Cowen decreased their price target on shares of B&G Foods from $8.00 to $7.50 and set a “sell” rating on the stock in a research note on Wednesday, November 6th. Evercore ISI decreased 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. Royal Bank of Canada reissued a “sector perform” rating and issued a $10.00 price target on shares of B&G Foods in a research note on Wednesday, August 7th. StockNews.com raised shares of B&G Foods from a “sell” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, Barclays reduced their target price on shares of 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. One 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, the stock presently has a consensus rating of “Hold” and an average target price of $8.30.

B&G Foods Stock Down 3.6 %

The firm’s 50-day moving average price is $8.02 and its two-hundred day moving average price is $8.39. The firm has a market cap of $512.19 million, a PE ratio of -19.09 and a beta of 0.61. 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 announced its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $473.82 million. B&G Foods had a positive return on equity of 6.97% and a negative net margin of 1.34%. The firm’s quarterly revenue was down 8.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.27 EPS. As a group, equities research analysts expect that B&G Foods, Inc. will post 0.73 EPS for the current fiscal year.

B&G Foods Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Tuesday, December 31st will be issued a $0.19 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.76 annualized dividend and a yield of 11.75%. B&G Foods’s payout ratio is -223.53%.

Insider Activity at B&G Foods

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

Institutional Trading of B&G Foods

Several institutional investors and hedge funds have recently bought and sold shares of BGS. Russell Investments Group Ltd. grew its stake in shares of 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 buying an additional 4,624 shares in the last quarter. ProShare Advisors LLC boosted its position in B&G Foods by 16.1% during the first quarter. ProShare Advisors LLC now owns 15,697 shares of the company’s stock worth $180,000 after purchasing an additional 2,180 shares during the period. State Board of Administration of Florida Retirement System boosted its position in B&G Foods by 22.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 24,795 shares of the company’s stock worth $284,000 after purchasing an additional 4,490 shares during the period. American International Group Inc. boosted its position in B&G Foods by 7.5% during the first quarter. American International Group Inc. now owns 41,985 shares of the company’s stock worth $480,000 after purchasing an additional 2,934 shares during the period. Finally, Quadrature Capital Ltd boosted its position in B&G Foods by 324.8% during the first quarter. Quadrature Capital Ltd now owns 52,204 shares of the company’s stock worth $597,000 after purchasing an additional 39,914 shares during the period. Institutional investors and hedge funds own 66.15% of the company’s stock.

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.