Principal Financial Group Inc. Boosts Stake in B&G Foods, Inc. (NYSE:BGS)

Principal Financial Group Inc. grew its stake in B&G Foods, Inc. (NYSE:BGS) by 2.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 383,814 shares of the company’s stock after buying an additional 10,742 shares during the period. Principal Financial Group Inc. owned 0.48% of B&G Foods worth $2,644,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Geode Capital Management LLC increased its stake in shares of B&G Foods by 1.4% in the third quarter. Geode Capital Management LLC now owns 1,803,408 shares of the company’s stock worth $16,018,000 after acquiring an additional 24,995 shares during the period. Verition Fund Management LLC increased its stake in shares of B&G Foods by 3,480.9% in the third quarter. Verition Fund Management LLC now owns 379,394 shares of the company’s stock worth $3,369,000 after acquiring an additional 368,799 shares during the period. Empowered Funds LLC increased its stake in shares of B&G Foods by 5.1% in the fourth quarter. Empowered Funds LLC now owns 331,814 shares of the company’s stock worth $2,286,000 after acquiring an additional 16,194 shares during the period. Janney Montgomery Scott LLC increased its stake in shares of B&G Foods by 1.7% in the third quarter. Janney Montgomery Scott LLC now owns 254,265 shares of the company’s stock worth $2,258,000 after acquiring an additional 4,240 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of B&G Foods by 1.2% in the fourth quarter. Rhumbline Advisers now owns 251,087 shares of the company’s stock worth $1,730,000 after acquiring an additional 2,898 shares during the period. Hedge funds and other institutional investors own 66.15% of the company’s stock.

B&G Foods Stock Up 0.5 %

Shares of NYSE BGS opened at $6.68 on Wednesday. The company’s 50-day simple moving average is $6.56 and its 200-day simple moving average is $7.46. B&G Foods, Inc. has a 52-week low of $5.45 and a 52-week high of $11.79. The firm has a market cap of $528.25 million, a price-to-earnings ratio of -19.63 and a beta of 0.50. 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 (NYSE:BGS) last announced its earnings results on Tuesday, February 25th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.01. B&G Foods had a negative net margin of 1.34% and a positive return on equity of 6.97%. The business had revenue of $551.57 million for the quarter, compared to analyst estimates of $547.95 million. Equities analysts predict that B&G Foods, Inc. will post 0.7 EPS for the current fiscal year.

B&G Foods Announces Dividend

The firm 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 $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 11.39%. The ex-dividend date of this dividend is Monday, March 31st. B&G Foods’s dividend payout ratio is currently -23.90%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Barclays dropped their price target on shares of B&G Foods from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 7th. Piper Sandler dropped their price target on shares of B&G Foods from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. TD Cowen dropped their price target on shares of 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. Finally, Evercore ISI dropped their price target on shares of B&G Foods from $10.00 to $9.00 and set an “in-line” 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 assigned a hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $8.10.

B&G Foods Company Profile

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.