B&G Foods (NYSE:BGS) Trading 16.1% Higher – Here’s Why

Shares of B&G Foods, Inc. (NYSE:BGS) traded up 16.1% during trading on Monday . The stock traded as high as $8.10 and last traded at $7.99. 1,974,363 shares were traded during mid-day trading, an increase of 77% from the average session volume of 1,113,283 shares. The stock had previously closed at $6.88.

Wall Street Analysts Forecast Growth

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

B&G Foods Stock Performance

The company has a debt-to-equity ratio of 2.40, a current ratio of 1.64 and a quick ratio of 0.49. The business has a 50-day moving average of $7.58 and a 200-day moving average of $8.24. The company has a market capitalization of $602.41 million, a P/E ratio of -23.50 and a beta of 0.54.

B&G Foods (NYSE:BGS) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $461.10 million for the quarter, compared to analysts’ expectations of $473.82 million. During the same period in the prior year, the firm posted $0.27 earnings per share. B&G Foods’s revenue for the quarter was down 8.3% on a year-over-year basis. On average, sell-side analysts anticipate that B&G Foods, Inc. will post 0.71 EPS for the current year.

B&G Foods Announces Dividend

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 paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 9.99%. The ex-dividend date is Tuesday, December 31st. B&G Foods’s dividend payout ratio is currently -223.52%.

Insider Activity at B&G Foods

In other news, EVP Scott E. Lerner acquired 7,611 shares of B&G Foods stock in a transaction on Friday, November 8th. The shares were bought at an average cost of $6.57 per share, for a total transaction of $50,004.27. Following the acquisition, the executive vice president now directly owns 196,755 shares of the company’s stock, valued at $1,292,680.35. This trade represents a 4.02 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Eric H. Hart bought 5,000 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were purchased at an average cost of $6.25 per share, with a total value 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 represents a 5.96 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 90,111 shares of company stock worth $593,054 in the last quarter. 3.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Innealta Capital LLC purchased a new stake in shares of B&G Foods during the 2nd quarter worth $33,000. nVerses Capital LLC bought a new stake in shares of B&G Foods in the 2nd quarter valued at about $33,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of B&G Foods in the 3rd quarter worth approximately $102,000. CWM LLC raised its stake in shares of B&G Foods by 99.9% during the 2nd quarter. CWM LLC now owns 14,469 shares of the company’s stock worth $117,000 after acquiring an additional 7,231 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in B&G Foods during the second quarter valued at approximately $137,000. 66.15% of the stock is currently owned by institutional investors.

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.