B&G Foods (NYSE:BGS) Shares Gap Down to $8.20

Shares of B&G Foods, Inc. (NYSE:BGS) gapped down before the market opened on Friday . The stock had previously closed at $8.20, but opened at $7.98. B&G Foods shares last traded at $8.05, with a volume of 161,806 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on BGS shares. StockNews.com cut shares of B&G Foods from a “hold” rating to a “sell” rating in a research report on Friday, May 10th. Piper Sandler upgraded shares of B&G Foods from an “underweight” rating to a “neutral” rating and set a $9.00 price target for the company in a research report on Thursday, May 16th. Two research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. Based on data from MarketBeat, B&G Foods presently has a consensus rating of “Hold” and a consensus price target of $9.50.

B&G Foods Stock Performance

The company has a current ratio of 3.22, a quick ratio of 0.92 and a debt-to-equity ratio of 2.58. The company’s 50-day simple moving average is $9.52 and its 200-day simple moving average is $10.21. The stock has a market capitalization of $638.73 million, a price-to-earnings ratio of -5.61 and a beta of 0.61.

B&G Foods (NYSE:BGS) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.02). B&G Foods had a negative net margin of 5.42% and a positive return on equity of 8.33%. The firm had revenue of $475.22 million during the quarter, compared to the consensus estimate of $480.93 million. During the same period in the prior year, the company posted $0.27 earnings per share. The company’s revenue for the quarter was down 7.1% compared to the same quarter last year. On average, analysts expect that B&G Foods, Inc. will post 0.79 EPS for the current year.

B&G Foods Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 30th. Stockholders of record on Friday, June 28th will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 9.41%. The ex-dividend date is Friday, June 28th. B&G Foods’s dividend payout ratio is currently -52.78%.

Insider Activity

In related news, Director Stephen Sherrill bought 125,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were acquired at an average cost of $8.59 per share, with a total value of $1,073,750.00. Following the completion of the purchase, the director now directly owns 270,136 shares in the company, valued at $2,320,468.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Stephen Sherrill bought 125,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were acquired at an average cost of $8.59 per share, with a total value of $1,073,750.00. Following the completion of the purchase, the director now directly owns 270,136 shares in the company, valued at $2,320,468.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Bruce C. Wacha acquired 5,200 shares of the stock in a transaction on Monday, May 13th. The shares were acquired at an average price of $8.59 per share, for a total transaction of $44,668.00. Following the acquisition, the chief financial officer now owns 91,328 shares of the company’s stock, valued at approximately $784,507.52. The disclosure for this purchase can be found here. In the last three months, insiders have bought 141,955 shares of company stock valued at $1,218,453. 3.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BGS. Deutsche Bank AG raised its holdings in B&G Foods by 8.9% during the third quarter. Deutsche Bank AG now owns 76,910 shares of the company’s stock worth $761,000 after buying an additional 6,276 shares during the last quarter. Invesco Ltd. raised its holdings in shares of B&G Foods by 72.7% in the third quarter. Invesco Ltd. now owns 1,087,931 shares of the company’s stock valued at $10,760,000 after purchasing an additional 458,082 shares during the last quarter. Stifel Financial Corp lifted its position in shares of B&G Foods by 38.8% during the third quarter. Stifel Financial Corp now owns 199,656 shares of the company’s stock valued at $1,975,000 after purchasing an additional 55,778 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of B&G Foods by 78.3% during the third quarter. Federated Hermes Inc. now owns 265,546 shares of the company’s stock valued at $2,626,000 after purchasing an additional 116,587 shares in the last quarter. Finally, Trexquant Investment LP purchased a new position in B&G Foods during the third quarter worth about $519,000. 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.