Groesbeck Investment Management Corp NJ Takes $494,000 Position in B&G Foods, Inc. (BGS)
Groesbeck Investment Management Corp NJ purchased a new position in shares of B&G Foods, Inc. (NYSE:BGS) in the 3rd quarter, HoldingsChannel reports. The institutional investor purchased 18,000 shares of the company’s stock, valued at approximately $494,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of BGS. Ridgewood Investments LLC purchased a new position in B&G Foods in the second quarter valued at about $226,000. Russell Investments Group Ltd. increased its holdings in B&G Foods by 1.7% in the second quarter. Russell Investments Group Ltd. now owns 257,358 shares of the company’s stock valued at $7,707,000 after buying an additional 4,242 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in B&G Foods by 3.1% in the second quarter. Advisors Asset Management Inc. now owns 778,434 shares of the company’s stock valued at $23,275,000 after buying an additional 23,557 shares in the last quarter. Schwab Charles Investment Management Inc. increased its holdings in B&G Foods by 9.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 664,195 shares of the company’s stock valued at $19,860,000 after buying an additional 55,197 shares in the last quarter. Finally, Laurion Capital Management LP purchased a new position in B&G Foods in the second quarter valued at about $991,000. 99.16% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have issued reports on BGS shares. ValuEngine raised shares of B&G Foods from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 26th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $39.00 target price on shares of B&G Foods in a report on Friday, August 3rd. Finally, Zacks Investment Research cut shares of B&G Foods from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $34.13.
B&G Foods (NYSE:BGS) last released its quarterly earnings results on Thursday, August 2nd. The company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.06). The business had revenue of $388.40 million during the quarter, compared to analyst estimates of $386.91 million. B&G Foods had a net margin of 11.23% and a return on equity of 16.12%. The firm’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.41 earnings per share. As a group, sell-side analysts anticipate that B&G Foods, Inc. will post 2.09 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 30th. Stockholders of record on Friday, September 28th will be given a $0.475 dividend. The ex-dividend date is Thursday, September 27th. This represents a $1.90 annualized dividend and a dividend yield of 7.00%. B&G Foods’s dividend payout ratio is presently 89.62%.
B&G Foods Profile
B&G Foods, Inc manufactures, sells, and distributes a portfolio of shelf-stable and frozen foods in 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 vinegars, maple syrups, 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, cookies and crackers, nut clusters, and other specialty products.
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