Texas Permanent School Fund Corp Grows Stake in B&G Foods, Inc. (NYSE:BGS)

Texas Permanent School Fund Corp increased its holdings in shares of B&G Foods, Inc. (NYSE:BGS) by 22.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 83,901 shares of the company’s stock after purchasing an additional 15,468 shares during the quarter. Texas Permanent School Fund Corp owned approximately 0.11% of B&G Foods worth $678,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in BGS. Vanguard Group Inc. raised its holdings in B&G Foods by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 10,043,164 shares of the company’s stock worth $105,453,000 after purchasing an additional 1,190,116 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in B&G Foods by 11.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,757,114 shares of the company’s stock worth $18,450,000 after acquiring an additional 181,724 shares in the last quarter. Empowered Funds LLC lifted its position in B&G Foods by 52.4% in the first quarter. Empowered Funds LLC now owns 277,940 shares of the company’s stock valued at $3,180,000 after acquiring an additional 95,580 shares during the last quarter. Cladis Investment Advisory LLC boosted its stake in B&G Foods by 24.3% in the fourth quarter. Cladis Investment Advisory LLC now owns 46,000 shares of the company’s stock valued at $483,000 after acquiring an additional 9,000 shares in the last quarter. Finally, Brevan Howard Capital Management LP grew its holdings in shares of B&G Foods by 23.0% during the fourth quarter. Brevan Howard Capital Management LP now owns 108,116 shares of the company’s stock worth $1,135,000 after purchasing an additional 20,220 shares during the last quarter. Hedge funds and other institutional investors own 66.15% of the company’s stock.

Wall Street Analyst Weigh In

BGS has been the subject of several research reports. Piper Sandler reduced their target price on B&G Foods from $9.00 to $8.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $10.00 price objective on shares of B&G Foods in a research note on Wednesday, August 7th. Barclays lowered their target price on shares of B&G Foods from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Friday, July 19th. Evercore ISI raised shares of B&G Foods to a “hold” rating in a report on Wednesday, August 7th. Finally, StockNews.com cut shares of B&G Foods from a “hold” rating to a “sell” rating in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company. According to MarketBeat, B&G Foods presently has an average rating of “Hold” and an average target price of $8.67.

Insider Activity at B&G Foods

In other B&G Foods news, EVP Jordan E. Greenberg sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total transaction of $66,640.00. Following the transaction, the executive vice president now owns 66,095 shares in the company, valued at approximately $550,571.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.20% of the stock is owned by insiders.

B&G Foods Stock Performance

Shares of BGS stock opened at $9.18 on Friday. The company has a market capitalization of $725.69 million, a P/E ratio of -6.38 and a beta of 0.60. The company has a current ratio of 1.63, a quick ratio of 0.48 and a debt-to-equity ratio of 2.33. The business’s 50 day moving average is $8.51 and its two-hundred day moving average is $9.40. B&G Foods, Inc. has a twelve month low of $7.20 and a twelve month high of $11.97.

B&G Foods (NYSE:BGS) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.08 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.08. The firm had revenue of $444.60 million for the quarter, compared to analyst estimates of $435.83 million. B&G Foods had a negative net margin of 5.82% and a positive return on equity of 8.07%. B&G Foods’s quarterly revenue was down 5.3% on a year-over-year basis. During the same period last year, the firm posted $0.15 EPS. Equities analysts forecast that B&G Foods, Inc. will post 0.74 EPS for the current year.

B&G Foods Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 30th. Investors of record on Monday, September 30th will be issued a dividend of $0.19 per share. The ex-dividend date is Monday, September 30th. This represents a $0.76 annualized dividend and a yield of 8.28%. B&G Foods’s dividend payout ratio is currently -52.78%.

About B&G Foods

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.