B&G Foods Inc. (BGS) Trading Down 4.1%
Shares of B&G Foods Inc. (NYSE:BGS) traded down 4.1% during mid-day trading on Tuesday . The company traded as low as $48.43 and last traded at $48.97, with a volume of 2,561,961 shares trading hands. The stock had previously closed at $51.09.
A number of analysts have recently issued reports on the stock. Zacks Investment Research raised shares of B&G Foods from a “sell” rating to a “hold” rating and set a $48.00 target price for the company in a research note on Tuesday, May 3rd. DA Davidson lowered shares of B&G Foods from a “buy” rating to a “neutral” rating and boosted their target price for the company from $40.00 to $45.00 in a research note on Friday, May 13th. Buckingham Research raised shares of B&G Foods from a “neutral” rating to a “buy” rating in a research note on Friday, April 29th. Credit Suisse Group AG reissued a “hold” rating and set a $45.00 target price on shares of B&G Foods in a research note on Thursday, July 28th. Finally, RBC Capital Markets reissued an “outperform” rating and set a $52.00 target price (up from $49.00) on shares of B&G Foods in a research note on Sunday, July 31st. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $45.33.
The stock has a market capitalization of $3.06 billion and a price-to-earnings ratio of 30.81. The company has a 50-day moving average price of $47.90 and a 200 day moving average price of $40.38.
B&G Foods (NYSE:BGS) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.11. During the same period in the previous year, the business posted $0.34 earnings per share. The business had revenue of $306.40 million for the quarter, compared to analyst estimates of $316.56 million. The firm’s revenue for the quarter was up 58.3% compared to the same quarter last year. Analysts predict that B&G Foods Inc. will post $2.21 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date of this dividend is Wednesday, September 28th.
In related news, EVP Scott E. Lerner sold 13,000 shares of the firm’s stock in a transaction dated Thursday, May 19th. The stock was sold at an average price of $42.79, for a total transaction of $556,270.00. Following the completion of the sale, the executive vice president now directly owns 51,867 shares of the company’s stock, valued at approximately $2,219,388.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Alfred Poe sold 4,920 shares of the firm’s stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $43.55, for a total value of $214,266.00. Following the sale, the director now directly owns 17,701 shares of the company’s stock, valued at $770,878.55. The disclosure for this sale can be found here.
Several hedge funds have modified their holdings of BGS. State of Tennessee Treasury Department acquired a new stake in shares of B&G Foods during the fourth quarter worth about $1,583,000. Systematic Financial Management LP increased its stake in shares of B&G Foods by 87.0% in the fourth quarter. Systematic Financial Management LP now owns 71,495 shares of the company’s stock worth $2,503,000 after buying an additional 33,260 shares during the last quarter. Suntrust Banks Inc. increased its stake in shares of B&G Foods by 20.2% in the fourth quarter. Suntrust Banks Inc. now owns 108,047 shares of the company’s stock worth $3,783,000 after buying an additional 18,148 shares during the last quarter. New York State Common Retirement Fund increased its stake in shares of B&G Foods by 36.2% in the fourth quarter. New York State Common Retirement Fund now owns 115,685 shares of the company’s stock worth $4,051,000 after buying an additional 30,775 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of B&G Foods by 72.1% in the fourth quarter. Wells Fargo & Company MN now owns 307,018 shares of the company’s stock worth $10,752,000 after buying an additional 128,578 shares during the last quarter.
B&G Foods, Inc is a holding company. The Company manufactures, sells and distributes a diverse portfolio of shelf-stable and frozen food, and household products across the United States, 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, wine vinegar, maple syrup, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, puffed corn and rice snacks, nut clusters and other specialty products.
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