Palisade Capital Management LLC NJ Has $2.33 Million Position in B&G Foods, Inc. (BGS)
Palisade Capital Management LLC NJ lowered its position in shares of B&G Foods, Inc. (NYSE:BGS) by 6.6% during the second quarter, according to its most recent filing with the SEC. The firm owned 65,315 shares of the company’s stock after selling 4,650 shares during the period. Palisade Capital Management LLC NJ’s holdings in B&G Foods were worth $2,325,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. BlackRock Inc. boosted its stake in shares of B&G Foods by 134,853.6% in the first quarter. BlackRock Inc. now owns 7,858,346 shares of the company’s stock worth $316,296,000 after buying an additional 7,852,523 shares during the last quarter. Vanguard Group Inc. raised its position in B&G Foods by 3.9% in the first quarter. Vanguard Group Inc. now owns 6,133,609 shares of the company’s stock worth $246,879,000 after buying an additional 231,982 shares during the period. FMR LLC raised its position in B&G Foods by 12.9% in the first quarter. FMR LLC now owns 5,854,515 shares of the company’s stock worth $235,645,000 after buying an additional 667,093 shares during the period. Edge Asset Management Inc. raised its position in B&G Foods by 14.4% in the first quarter. Edge Asset Management Inc. now owns 2,397,473 shares of the company’s stock worth $96,499,000 after buying an additional 302,496 shares during the period. Finally, Diamond Hill Capital Management Inc. raised its position in B&G Foods by 4.9% in the first quarter. Diamond Hill Capital Management Inc. now owns 2,369,418 shares of the company’s stock worth $95,369,000 after buying an additional 109,610 shares during the period. 88.67% of the stock is currently owned by institutional investors and hedge funds.
B&G Foods, Inc. (NYSE BGS) opened at 31.45 on Wednesday. B&G Foods, Inc. has a 52 week low of $31.15 and a 52 week high of $51.34. The stock’s 50 day moving average is $35.66 and its 200 day moving average is $40.39. The company has a market capitalization of $2.09 billion, a P/E ratio of 18.80 and a beta of 0.09.
B&G Foods (NYSE:BGS) last released its quarterly earnings results on Thursday, August 3rd. The company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by $0.06. B&G Foods had a return on equity of 15.43% and a net margin of 6.64%. The firm had revenue of $368.10 million for the quarter, compared to analysts’ expectations of $376.45 million. During the same period in the prior year, the firm posted $0.57 earnings per share. B&G Foods’s revenue for the quarter was up 20.1% on a year-over-year basis. On average, equities research analysts expect that B&G Foods, Inc. will post $2.08 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 30th. Investors of record on Friday, September 29th will be paid a dividend of $0.465 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.86 dividend on an annualized basis and a dividend yield of 5.91%. B&G Foods’s dividend payout ratio is presently 122.37%.
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BGS has been the subject of a number of recent analyst reports. Royal Bank Of Canada restated a “buy” rating and set a $52.00 price target on shares of B&G Foods in a research report on Thursday, April 20th. Zacks Investment Research upgraded shares of B&G Foods from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 26th. BMO Capital Markets reiterated a “hold” rating and issued a $45.00 target price on shares of B&G Foods in a research report on Friday, May 5th. Berenberg Bank began coverage on shares of B&G Foods in a research report on Tuesday, May 16th. They issued a “hold” rating and a $43.50 target price for the company. Finally, Credit Suisse Group lowered shares of B&G Foods from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $47.00 to $42.00 in a research report on Thursday, May 18th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $42.17.
B&G Foods Company Profile
B&G Foods, Inc (B&G Foods) is a holding company. The Company manufactures, sells and distributes a portfolio of shelf-stable and frozen foods 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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