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

Shares of B&G Foods, Inc. (NYSE:BGSGet Free Report) dropped 3.3% during trading on Tuesday . The stock traded as low as $6.45 and last traded at $6.49. Approximately 345,011 shares traded hands 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.

Analyst Upgrades and Downgrades

BGS has been the topic of a number of recent research reports. StockNews.com upgraded shares of B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. Barclays cut their target price on B&G Foods from $8.00 to $7.00 and set an “equal weight” rating on the stock in a report on Thursday, November 7th. Royal Bank of Canada reissued a “sector perform” rating and set a $10.00 price objective on shares of B&G Foods in a report on Wednesday, August 7th. Evercore ISI reduced their target price on 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. Finally, TD Cowen lowered their price target on B&G Foods from $8.00 to $7.50 and set a “sell” rating on the stock 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. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $8.30.

Read Our Latest Research Report on B&G Foods

B&G Foods Price Performance

The company has a current ratio of 1.64, a quick ratio of 0.49 and a debt-to-equity ratio of 2.40. The stock has a fifty day simple moving average of $7.97 and a 200-day simple moving average of $8.38. The stock has a market cap of $529.18 million, a price-to-earnings ratio of -19.50 and a beta of 0.61.

B&G Foods (NYSE:BGSGet Free Report) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $473.82 million. The company’s revenue was down 8.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.27 EPS. As a group, equities research analysts expect that B&G Foods, Inc. will post 0.73 EPS for the current year.

B&G Foods Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.76 annualized dividend and a dividend yield of 11.37%. B&G Foods’s payout ratio is -223.52%.

Insider Activity at B&G Foods

In other B&G Foods news, EVP Andrew D. Vogel purchased 7,500 shares of the stock in a transaction on Wednesday, November 13th. The shares were purchased at an average price of $6.36 per share, with a total value of $47,700.00. Following the acquisition, the executive vice president now directly owns 37,064 shares of the company’s stock, valued at $235,727.04. This represents a 25.37 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Eric H. Hart acquired 5,000 shares of B&G Foods stock in a transaction dated Friday, November 15th. The shares were acquired at an average cost 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 in the company, valued at $555,618.75. This trade represents a 5.96 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 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

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BGS. Dimensional Fund Advisors LP boosted its holdings in B&G Foods by 33.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,918,418 shares of the company’s stock valued at $15,501,000 after purchasing an additional 485,714 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of B&G Foods by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,803,408 shares of the company’s stock worth $16,018,000 after buying an additional 24,995 shares during the period. American Century Companies Inc. boosted its stake in B&G Foods by 71.3% in the 2nd quarter. American Century Companies Inc. now owns 1,640,354 shares of the company’s stock valued at $13,254,000 after buying an additional 682,688 shares in the last quarter. Bank of New York Mellon Corp grew its position in B&G Foods by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 1,200,039 shares of the company’s stock valued at $9,696,000 after acquiring an additional 5,842 shares during the period. Finally, Dana Investment Advisors Inc. raised its stake in B&G Foods by 23.5% during 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. Institutional investors own 66.15% of the company’s stock.

B&G Foods Company Profile

(Get Free Report)

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.

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