B&G Foods (NYSE:BGS) Shares Up 2.2% – Still a Buy?

B&G Foods, Inc. (NYSE:BGS) shares were up 2.2% on Tuesday . The company traded as high as $7.84 and last traded at $7.83. Approximately 331,735 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 1,131,276 shares. The stock had previously closed at $7.66.

Analysts Set New Price Targets

A number of analysts have recently 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 report on Thursday, November 7th. Evercore ISI reduced their price target 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. StockNews.com upgraded shares of B&G Foods from a “sell” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, TD Cowen dropped their price target on B&G Foods from $8.00 to $7.50 and set a “sell” rating on the stock in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $8.30.

B&G Foods Stock Performance

The firm’s 50-day moving average price is $7.45 and its two-hundred day moving average price is $8.15. 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 firm has a market capitalization of $573.94 million, a PE ratio of -21.32 and a beta of 0.54.

B&G Foods (NYSE:BGS) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.13 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 analyst estimates of $473.82 million. During the same quarter in the prior year, the business posted $0.27 earnings per share. The business’s revenue for the quarter was down 8.3% compared to the same quarter last year. As a group, research analysts predict that B&G Foods, Inc. will post 0.73 earnings per share for the current fiscal year.

B&G Foods Dividend Announcement

The business 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 $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 10.48%. The ex-dividend date is Tuesday, December 31st. B&G Foods’s payout ratio is presently -223.53%.

Insider Activity at B&G Foods

In other B&G Foods news, EVP Scott E. Lerner acquired 7,611 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was bought at an average cost of $6.57 per share, with a total value of $50,004.27. Following the completion of the transaction, the executive vice president now directly owns 196,755 shares in the company, valued at approximately $1,292,680.35. This represents a 4.02 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Eric H. Hart bought 5,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was purchased 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 directly owns 88,899 shares of the company’s stock, valued at $555,618.75. The trade was a 5.96 % increase in their position. 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.

Hedge Funds Weigh In On B&G Foods

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BGS. Dimensional Fund Advisors LP boosted its stake in shares of B&G Foods by 33.9% in the 2nd 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 during the last quarter. Geode Capital Management LLC lifted its position in B&G Foods by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,803,408 shares of the company’s stock valued at $16,018,000 after acquiring an additional 24,995 shares in the last quarter. American Century Companies Inc. boosted its stake in B&G Foods by 71.3% during the 2nd quarter. American Century Companies Inc. now owns 1,640,354 shares of the company’s stock valued at $13,254,000 after purchasing an additional 682,688 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in B&G Foods by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,200,039 shares of the company’s stock worth $9,696,000 after purchasing an additional 5,842 shares in the last quarter. Finally, Dana Investment Advisors Inc. raised its stake in shares of 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 purchasing an additional 134,937 shares during the last quarter. 66.15% of the stock is owned by institutional investors and hedge funds.

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.