B&G Foods (NYSE:BGS) Trading Up 7.1% – Should You Buy?

Shares of B&G Foods, Inc. (NYSE:BGS) rose 7.1% during mid-day trading on Monday . The company traded as high as $6.76 and last traded at $6.90. Approximately 599,537 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 1,339,280 shares. The stock had previously closed at $6.44.

Analyst Upgrades and Downgrades

Separately, Piper Sandler cut their target price on B&G Foods from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $8.10.

B&G Foods Trading Up 1.4 %

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 business has a 50 day simple moving average of $6.66 and a 200-day simple moving average of $7.27. The stock has a market capitalization of $551.20 million, a P/E ratio of -20.48 and a beta of 0.47.

B&G Foods (NYSE:BGS) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.31 EPS for the quarter, topping 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 firm had revenue of $551.57 million for the quarter, compared to analysts’ expectations of $547.95 million. On average, analysts predict that B&G Foods, Inc. will post 0.7 EPS for the current year.

B&G Foods Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be given a $0.19 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.76 annualized dividend and a yield of 10.91%. B&G Foods’s dividend payout ratio (DPR) is -23.90%.

Hedge Funds Weigh In On B&G Foods

A number of hedge funds have recently modified their holdings of the stock. Intech Investment Management LLC boosted its position in shares of B&G Foods by 87.8% in the 3rd quarter. Intech Investment Management LLC now owns 47,056 shares of the company’s stock valued at $418,000 after purchasing an additional 22,003 shares during the period. Quantbot Technologies LP increased its position in shares of B&G Foods by 140.3% in the third quarter. Quantbot Technologies LP now owns 75,441 shares of the company’s stock worth $670,000 after acquiring an additional 44,041 shares in the last quarter. FMR LLC increased its position in shares of B&G Foods by 67.5% in the third quarter. FMR LLC now owns 161,345 shares of the company’s stock worth $1,433,000 after acquiring an additional 65,011 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in B&G Foods by 2.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 194,926 shares of the company’s stock worth $1,731,000 after purchasing an additional 3,879 shares in the last quarter. Finally, Verition Fund Management LLC raised its position in B&G Foods by 3,480.9% during the third quarter. Verition Fund Management LLC now owns 379,394 shares of the company’s stock valued at $3,369,000 after buying an additional 368,799 shares during the period. 66.15% of the stock is currently owned by institutional investors and hedge funds.

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.