B&G Foods (NYSE:BGS) Shares Up 7.1% – Time to Buy?

Shares of B&G Foods, Inc. (NYSE:BGS) rose 7.1% during trading on Monday . The stock traded as high as $6.76 and last traded at $6.90. Approximately 599,537 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 1,339,280 shares. The stock had previously closed at $6.44.

Analyst Upgrades and Downgrades

Separately, Piper Sandler dropped their price objective on shares of B&G Foods from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. Based on data from MarketBeat, B&G Foods has a consensus rating of “Hold” and an average price target of $8.10.

B&G Foods Trading Up 7.7 %

The stock has a market capitalization of $548.82 million, a PE ratio of -20.37 and a beta of 0.47. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.49 and a current ratio of 1.64. The business’s 50-day moving average is $6.65 and its two-hundred day moving average is $7.29.

B&G Foods (NYSE:BGS) last issued its earnings results on Tuesday, February 25th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.01. The business had revenue of $551.57 million for the quarter, compared to the consensus estimate of $547.95 million. B&G Foods had a negative net margin of 1.34% and a positive return on equity of 6.97%. As a group, equities research analysts anticipate that B&G Foods, Inc. will post 0.7 earnings per share for the current year.

B&G Foods Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.19 per share. The ex-dividend date is Monday, March 31st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 10.96%. B&G Foods’s dividend payout ratio (DPR) is presently -23.90%.

Institutional Trading of B&G Foods

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Dana Investment Advisors Inc. increased its holdings in B&G Foods by 20.3% in the fourth quarter. Dana Investment Advisors Inc. now owns 764,745 shares of the company’s stock valued at $5,269,000 after buying an additional 129,202 shares in the last quarter. Barclays PLC increased its stake in B&G Foods by 310.1% in the 3rd quarter. Barclays PLC now owns 130,693 shares of the company’s stock valued at $1,160,000 after purchasing an additional 98,824 shares in the last quarter. Verition Fund Management LLC raised its holdings in B&G Foods by 3,480.9% during the third quarter. Verition Fund Management LLC now owns 379,394 shares of the company’s stock worth $3,369,000 after purchasing an additional 368,799 shares during the last quarter. Wedge Capital Management L L P NC purchased a new stake in B&G Foods during the fourth quarter worth $857,000. Finally, Principal Financial Group Inc. grew its holdings in B&G Foods by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 383,814 shares of the company’s stock valued at $2,644,000 after purchasing an additional 10,742 shares during the last quarter. Institutional investors and hedge funds own 66.15% of the company’s stock.

About B&G Foods

B&G Foods, Inc is a holding company, which engages in the manufacture, sale, and distribution of shelf-stable frozen food, and household products in the U.S., Canada, and Puerto Rico. Its products include frozen and canned vegetables, hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, and wine vinegar.