Independent Wealth Network Inc. Acquires New Shares in B&G Foods, Inc. (NYSE:BGS)

Independent Wealth Network Inc. bought a new stake in shares of B&G Foods, Inc. (NYSE:BGS) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 11,218 shares of the company’s stock, valued at approximately $77,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Barclays PLC boosted its position in shares of B&G Foods by 310.1% during the third quarter. Barclays PLC now owns 130,693 shares of the company’s stock valued at $1,160,000 after buying an additional 98,824 shares during the last quarter. Verition Fund Management LLC boosted its holdings in shares of B&G Foods by 3,480.9% during the 3rd quarter. Verition Fund Management LLC now owns 379,394 shares of the company’s stock valued at $3,369,000 after acquiring an additional 368,799 shares during the last quarter. Dana Investment Advisors Inc. grew 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 acquiring an additional 134,937 shares during the period. Mercer Global Advisors Inc. ADV purchased a new position in shares of B&G Foods during the second quarter valued at approximately $958,000. Finally, Wedge Capital Management L L P NC bought a new position in B&G Foods during the fourth quarter valued at approximately $857,000. Institutional investors own 66.15% of the company’s stock.

B&G Foods Stock Up 2.2 %

NYSE BGS opened at $6.57 on Friday. The stock’s 50-day moving average price is $6.87 and its 200-day moving average price is $7.84. The company has a market capitalization of $520.03 million, a P/E ratio of -19.32 and a beta of 0.51. The company has a quick ratio of 0.49, a current ratio of 1.64 and a debt-to-equity ratio of 2.40. B&G Foods, Inc. has a 52 week low of $6.12 and a 52 week high of $11.97.

B&G Foods (NYSE:BGS) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.07). The firm had revenue of $461.10 million for the quarter, compared to analysts’ expectations 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 for the quarter was down 8.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.27 EPS. On average, equities research analysts predict that B&G Foods, Inc. will post 0.7 earnings per share for the current year.

B&G Foods Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders 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 11.57%. B&G Foods’s payout ratio is presently -223.53%.

Wall Street Analysts Forecast Growth

BGS has been the subject of a number of research analyst reports. Evercore ISI cut their target price on shares of 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. Barclays cut their price objective 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. TD Cowen lowered their target price 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. 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. According to MarketBeat.com, B&G Foods currently has an average rating of “Hold” and a consensus price target of $8.30.

Insider Buying and Selling at B&G Foods

In other B&G Foods news, EVP Scott E. Lerner purchased 7,611 shares of the company’s stock in a transaction on Friday, November 8th. The stock was acquired at an average cost of $6.57 per share, for a total transaction of $50,004.27. Following the purchase, the executive vice president now directly owns 196,755 shares of the company’s stock, valued at $1,292,680.35. This trade represents a 4.02 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen Sherrill acquired 70,000 shares of B&G Foods stock in a transaction dated Friday, November 8th. The shares were bought at an average price of $6.63 per share, for a total transaction of $464,100.00. Following the transaction, the director now owns 353,084 shares of the company’s stock, valued at approximately $2,340,946.92. The trade was a 24.73 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 90,111 shares of company stock valued at $593,054 over the last ninety days. 3.20% of the stock is currently owned by company insiders.

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.