B&G Foods (NYSE:BGS) Shares Down 0.9% – Here’s What Happened

B&G Foods, Inc. (NYSE:BGS)’s share price traded down 0.9% during mid-day trading on Wednesday . The stock traded as low as $7.43 and last traded at $7.58. 340,275 shares were traded during mid-day trading, a decline of 70% from the average session volume of 1,121,771 shares. The stock had previously closed at $7.65.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Evercore ISI dropped 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 report on Wednesday, November 6th. StockNews.com raised B&G Foods from a “sell” rating to a “hold” rating in a research note on Thursday, September 26th. Barclays reduced their price objective 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. Finally, TD Cowen reduced 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 report on Wednesday, November 6th. One analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $8.30.

B&G Foods Stock Performance

The company has a market cap of $606.40 million, a P/E ratio of -22.29 and a beta of 0.54. The company has a quick ratio of 0.49, a current ratio of 1.64 and a debt-to-equity ratio of 2.40. The company’s 50-day moving average is $7.53 and its two-hundred day moving average is $8.21.

B&G Foods (NYSE:BGS) last issued its quarterly 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). 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 $461.10 million for the quarter, compared to analysts’ expectations of $473.82 million. During the same quarter in the previous year, the business earned $0.27 EPS. The company’s revenue for the quarter was down 8.3% on a year-over-year basis. Equities analysts predict that B&G Foods, Inc. will post 0.71 EPS for the current year.

B&G Foods Announces Dividend

The company also recently disclosed 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. This represents a $0.76 annualized dividend and a yield of 9.92%. The ex-dividend date of this dividend is Tuesday, December 31st. B&G Foods’s dividend payout ratio (DPR) is currently -223.53%.

Insider Activity at B&G Foods

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

Institutional Investors Weigh In On B&G Foods

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Verition Fund Management LLC lifted its position in B&G Foods by 3,480.9% during the third 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 last quarter. Dana Investment Advisors Inc. grew its position in B&G Foods by 23.5% in the second quarter. Dana Investment Advisors Inc. now owns 710,244 shares of the company’s stock worth $5,739,000 after acquiring an additional 134,937 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new position in B&G Foods in the second quarter valued at $958,000. California State Teachers Retirement System raised its position in B&G Foods by 3.2% during the first quarter. California State Teachers Retirement System now owns 78,527 shares of the company’s stock valued at $898,000 after purchasing an additional 2,466 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in B&G Foods by 7.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 54,862 shares of the company’s stock valued at $628,000 after purchasing an additional 3,979 shares in the last quarter. Hedge funds and other institutional investors own 66.15% of the company’s stock.

About B&G Foods

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.