Point72 Asset Management L.P. Makes New Investment in B&G Foods, Inc. (NYSE:BGS)

Point72 Asset Management L.P. bought a new stake in shares of B&G Foods, Inc. (NYSE:BGS) in the third quarter, Holdings Channel reports. The firm bought 108,354 shares of the company’s stock, valued at approximately $962,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Price T Rowe Associates Inc. MD grew its stake in B&G Foods by 7.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 54,862 shares of the company’s stock valued at $628,000 after purchasing an additional 3,979 shares in the last quarter. California State Teachers Retirement System grew its stake in shares of B&G Foods by 3.2% in the 1st quarter. California State Teachers Retirement System now owns 78,527 shares of the company’s stock valued at $898,000 after buying an additional 2,466 shares in the last quarter. Cetera Advisors LLC acquired a new position in B&G Foods in the first quarter worth approximately $202,000. CWM LLC raised its position in B&G Foods by 99.9% during the second quarter. CWM LLC now owns 14,469 shares of the company’s stock valued at $117,000 after acquiring an additional 7,231 shares in the last quarter. Finally, SG Americas Securities LLC lifted its stake in B&G Foods by 47.8% in the second quarter. SG Americas Securities LLC now owns 25,462 shares of the company’s stock valued at $206,000 after acquiring an additional 8,231 shares during the last quarter. 66.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Scott E. Lerner bought 7,611 shares of the stock in a transaction dated Friday, November 8th. The shares were acquired at an average price of $6.57 per share, with a total value of $50,004.27. Following the acquisition, the executive vice president now owns 196,755 shares in the company, valued at $1,292,680.35. This trade represents a 4.02 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Eric H. Hart purchased 5,000 shares of the business’s stock in a transaction that occurred 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 acquisition, the executive vice president now directly owns 88,899 shares in the company, valued at $555,618.75. The trade was a 5.96 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 90,111 shares of company stock valued at $593,054 over the last quarter. Corporate insiders own 3.20% of the company’s stock.

B&G Foods Trading Up 1.3 %

Shares of BGS opened at $7.66 on Wednesday. The stock’s 50-day moving average price is $7.53 and its 200 day moving average price is $8.21. 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 $606.40 million, a price-to-earnings ratio of -22.53 and a beta of 0.54. B&G Foods, Inc. has a 12-month low of $6.12 and a 12-month high of $11.97.

B&G Foods (NYSE:BGS) last issued its 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 negative net margin of 1.34% and a positive return on equity of 6.97%. The firm had revenue of $461.10 million during the quarter, compared to analyst estimates of $473.82 million. During the same quarter in the previous year, the company 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 0.71 earnings per share for the current year.

B&G Foods Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Tuesday, December 31st will be paid a $0.19 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.76 dividend on an annualized basis and a yield of 9.92%. B&G Foods’s payout ratio is currently -223.53%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Barclays reduced 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 research note on Thursday, November 7th. TD Cowen decreased their price target 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. Evercore ISI dropped their price objective on B&G Foods from $10.00 to $9.00 and set an “in-line” rating on the stock in a research note on Wednesday, November 6th. Finally, StockNews.com upgraded B&G Foods from a “sell” rating to a “hold” rating in a research note on Thursday, September 26th. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat.com, B&G Foods presently has an average rating of “Hold” and an average target price of $8.30.

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.