B&G Foods (NYSE:BGS) Hits New 1-Year Low – Here’s Why

B&G Foods, Inc. (NYSE:BGS) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $6.46 and last traded at $6.49, with a volume of 172539 shares changing hands. The stock had previously closed at $6.50.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BGS. StockNews.com upgraded shares of B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. Barclays reduced their price target on shares of B&G Foods from $8.00 to $7.00 and set an “equal weight” rating for the company in a research report on Thursday, November 7th. TD Cowen cut their price objective on shares of B&G Foods from $8.00 to $7.50 and set a “sell” rating on the stock in a report on Wednesday, November 6th. Evercore ISI cut their price objective on shares of B&G Foods from $10.00 to $9.00 and set an “in-line” rating on the stock in a report on Wednesday, November 6th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $10.00 price objective on shares of B&G Foods in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $8.30.

B&G Foods Trading Down 2.5 %

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 stock has a 50 day moving average price of $8.44 and a 200 day moving average price of $8.68.

B&G Foods (NYSE:BGS) last released its earnings results on Tuesday, November 5th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). B&G Foods had a positive return on equity of 6.97% and a negative net margin of 1.34%. The business had revenue of $461.10 million for the quarter, compared to the consensus estimate of $473.82 million. During the same quarter in the previous year, the firm earned $0.27 earnings per share. The company’s revenue for the quarter was down 8.3% on a year-over-year basis. As a group, sell-side analysts forecast that B&G Foods, Inc. will post 0.73 EPS for the current fiscal year.

B&G Foods Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 11.99%. The ex-dividend date is Tuesday, December 31st. B&G Foods’s payout ratio is -223.52%.

Insider Buying and Selling at B&G Foods

In other B&G Foods news, EVP Scott E. Lerner bought 7,611 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was bought at an average price of $6.57 per share, for a total transaction of $50,004.27. Following the completion of the acquisition, the executive vice president now directly owns 196,755 shares in the company, valued at $1,292,680.35. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, EVP Scott E. Lerner acquired 7,611 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was acquired at an average price of $6.57 per share, for a total transaction of $50,004.27. Following the completion of the acquisition, the executive vice president now owns 196,755 shares in the company, valued at $1,292,680.35. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stephen Sherrill bought 70,000 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was bought at an average cost of $6.63 per share, for a total transaction of $464,100.00. Following the completion of the purchase, the director now owns 353,084 shares of the company’s stock, valued at approximately $2,340,946.92. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On B&G Foods

Several institutional investors have recently modified their holdings of BGS. Texas Permanent School Fund Corp grew its holdings in B&G Foods by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 68,433 shares of the company’s stock valued at $783,000 after buying an additional 960 shares in the last quarter. nVerses Capital LLC raised its position in B&G Foods by 34.1% during the 3rd quarter. nVerses Capital LLC now owns 5,500 shares of the company’s stock valued at $49,000 after purchasing an additional 1,400 shares in the last quarter. Versant Capital Management Inc raised its position in shares of B&G Foods by 36.9% in the 2nd quarter. Versant Capital Management Inc now owns 5,768 shares of the company’s stock worth $47,000 after acquiring an additional 1,555 shares in the last quarter. Rhumbline Advisers grew its stake in B&G Foods by 0.7% during the 2nd quarter. Rhumbline Advisers now owns 248,716 shares of the company’s stock worth $2,010,000 after buying an additional 1,625 shares during the last quarter. Finally, SummerHaven Investment Management LLC grew its stake in B&G Foods by 3.0% during the 2nd quarter. SummerHaven Investment Management LLC now owns 55,725 shares of the company’s stock valued at $450,000 after purchasing an additional 1,636 shares during the last quarter. 66.15% of the stock is owned by hedge funds and other institutional investors.

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.