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

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

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Barclays decreased their target price on B&G Foods from $8.00 to $7.00 and set an “equal weight” rating for the company in a research report on Thursday, November 7th. Evercore ISI reduced their price objective on B&G Foods from $10.00 to $9.00 and set an “in-line” rating for the company in a research report on Wednesday, November 6th. Royal Bank of Canada reissued a “sector perform” rating and issued a $10.00 price objective on shares of B&G Foods in a research report on Wednesday, August 7th. TD Cowen reduced their price objective on B&G Foods from $8.00 to $7.50 and set a “sell” rating for the company in a research report on Wednesday, November 6th. Finally, StockNews.com raised B&G Foods from a “sell” rating to a “hold” rating in a research report on Thursday, September 26th. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $8.30.

B&G Foods Stock Performance

The company has a market capitalization of $512.19 million, a price-to-earnings ratio of -19.09 and a beta of 0.61. 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 stock has a 50 day moving average price of $8.02 and a two-hundred day moving average price of $8.39.

B&G Foods (NYSE:BGS) last posted 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). The firm had revenue of $461.10 million during the quarter, compared to the consensus estimate of $473.82 million. B&G Foods had a negative net margin of 1.34% and a positive return on equity of 6.97%. B&G Foods’s revenue was down 8.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.27 EPS. On average, analysts predict that B&G Foods, Inc. will post 0.73 EPS for the current fiscal year.

B&G Foods Announces Dividend

The company 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. This represents a $0.76 annualized dividend and a yield of 11.75%. The ex-dividend date of this dividend is Tuesday, December 31st. B&G Foods’s dividend payout ratio is -223.53%.

Insider Activity at B&G Foods

In other news, EVP Jordan E. Greenberg sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total transaction of $66,640.00. Following the sale, the executive vice president now owns 66,095 shares of the company’s stock, valued at $550,571.35. This trade represents a 10.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Eric H. Hart purchased 5,000 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were acquired at an average cost of $6.25 per share, for a total transaction of $31,250.00. Following the transaction, the executive vice president now owns 88,899 shares of the company’s stock, valued at $555,618.75. This trade represents a 5.96 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 90,111 shares of company stock worth $593,054 over the last 90 days. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On B&G Foods

Hedge funds have recently modified their holdings of the business. nVerses Capital LLC raised its position in B&G Foods by 34.1% in the 3rd quarter. nVerses Capital LLC now owns 5,500 shares of the company’s stock valued at $49,000 after buying an additional 1,400 shares during the last quarter. Versant Capital Management Inc raised its position in B&G Foods by 36.9% in the 2nd quarter. Versant Capital Management Inc now owns 5,768 shares of the company’s stock valued at $47,000 after buying an additional 1,555 shares during the last quarter. Rhumbline Advisers raised its position in B&G Foods by 0.7% in the 2nd quarter. Rhumbline Advisers now owns 248,716 shares of the company’s stock valued at $2,010,000 after buying an additional 1,625 shares during the last quarter. SummerHaven Investment Management LLC raised its position in B&G Foods by 3.0% in the 2nd quarter. SummerHaven Investment Management LLC now owns 55,725 shares of the company’s stock valued at $450,000 after buying an additional 1,636 shares during the last quarter. Finally, PFG Investments LLC increased its position in shares of B&G Foods by 12.5% during the 3rd quarter. PFG Investments LLC now owns 18,045 shares of the company’s stock worth $160,000 after purchasing an additional 2,008 shares during the last quarter. 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.