B&G Foods, Inc. (NYSE:BGS) was the target of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 24,170,000 shares, a drop of 7.7% from the September 30th total of 26,180,000 shares. Approximately 38.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,400,000 shares, the days-to-cover ratio is currently 17.3 days.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Coastal Investment Advisors Inc. raised its position in shares of B&G Foods by 333.3% during the third quarter. Coastal Investment Advisors Inc. now owns 1,300 shares of the company’s stock worth $25,000 after acquiring an additional 1,000 shares during the last quarter. NEXT Financial Group Inc bought a new stake in shares of B&G Foods during the second quarter worth $37,000. TRUE Private Wealth Advisors bought a new stake in shares of B&G Foods during the second quarter worth $44,000. Clear Perspective Advisors LLC bought a new stake in shares of B&G Foods during the second quarter worth $81,000. Finally, CHICAGO TRUST Co NA bought a new stake in shares of B&G Foods during the third quarter worth $208,000. Hedge funds and other institutional investors own 92.40% of the company’s stock.
BGS has been the subject of several analyst reports. Piper Jaffray Companies set a $17.00 target price on B&G Foods and gave the stock a “hold” rating in a research report on Friday, November 1st. BMO Capital Markets cut their target price on B&G Foods to $20.00 and set a “market perform” rating for the company in a research report on Friday, November 1st. Credit Suisse Group cut their target price on B&G Foods from $19.00 to $17.00 and set an “underperform” rating for the company in a research report on Friday, August 30th. Buckingham Research set a $17.00 target price on B&G Foods and gave the stock a “hold” rating in a research report on Friday, November 1st. Finally, ValuEngine upgraded B&G Foods from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. B&G Foods presently has an average rating of “Hold” and an average price target of $22.31.
B&G Foods (NYSE:BGS) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.54 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by ($0.03). B&G Foods had a net margin of 10.80% and a return on equity of 12.70%. The business had revenue of $406.30 million during the quarter, compared to the consensus estimate of $405.65 million. During the same quarter in the previous year, the firm posted $0.57 EPS. The company’s revenue for the quarter was down 3.9% compared to the same quarter last year. As a group, research analysts predict that B&G Foods will post 1.75 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Tuesday, December 31st will be given a $0.475 dividend. The ex-dividend date of this dividend is Monday, December 30th. This represents a $1.90 annualized dividend and a yield of 11.62%. B&G Foods’s payout ratio is 102.70%.
B&G Foods Company Profile
B&G Foods, Inc manufactures, sells, and distributes a portfolio of shelf-stable and frozen foods in the United States, Canada, and Puerto Rico. Its products include frozen and canned vegetables, oatmeal and hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegars, maple syrups, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, puffed corn and rice snacks, cookies and crackers, nut clusters, and other specialty products.
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