B&G Foods, Inc. (NYSE:BGS) Sees Large Decline in Short Interest

B&G Foods, Inc. (NYSE:BGS) was the target of a significant decline in short interest in January. As of January 30th, there was short interest totaling 12,909,751 shares, a decline of 16.9% from the January 15th total of 15,542,408 shares. Currently, 16.8% of the shares of the stock are short sold. Based on an average daily volume of 1,604,598 shares, the short-interest ratio is currently 8.0 days. Based on an average daily volume of 1,604,598 shares, the short-interest ratio is currently 8.0 days. Currently, 16.8% of the shares of the stock are short sold.

B&G Foods Stock Down 0.1%

BGS stock traded down $0.01 during midday trading on Monday, hitting $5.22. 1,677,392 shares of the company’s stock were exchanged, compared to its average volume of 1,944,648. The stock has a market capitalization of $417.10 million, a price-to-earnings ratio of -1.65 and a beta of 0.48. The company has a current ratio of 3.20, a quick ratio of 1.30 and a debt-to-equity ratio of 4.29. B&G Foods has a 12-month low of $3.67 and a 12-month high of $8.06. The firm has a 50 day moving average price of $4.54 and a 200-day moving average price of $4.46.

Insider Buying and Selling

In other B&G Foods news, Director Dennis M. Mullen sold 18,795 shares of the stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $4.50, for a total value of $84,577.50. Following the completion of the sale, the director owned 83,956 shares in the company, valued at approximately $377,802. This represents a 18.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On B&G Foods

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. increased its holdings in shares of B&G Foods by 324.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,707,044 shares of the company’s stock valued at $15,940,000 after buying an additional 2,833,090 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in B&G Foods by 26.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,377,381 shares of the company’s stock worth $14,523,000 after purchasing an additional 705,958 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in B&G Foods by 5.3% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,384,298 shares of the company’s stock worth $10,086,000 after purchasing an additional 119,362 shares during the period. Geode Capital Management LLC grew its position in shares of B&G Foods by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 1,921,485 shares of the company’s stock valued at $8,264,000 after purchasing an additional 29,498 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in B&G Foods by 15,131.8% in the 1st quarter. Millennium Management LLC now owns 1,887,984 shares of the company’s stock valued at $12,970,000 after purchasing an additional 1,875,589 shares during the period. 66.15% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on BGS shares. Weiss Ratings reiterated a “sell (d)” rating on shares of B&G Foods in a research note on Monday, December 29th. TD Cowen raised their target price on shares of B&G Foods from $3.00 to $3.50 and gave the stock a “sell” rating in a research report on Friday, January 16th. Four investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $4.38.

B&G Foods Company Profile

B&G Foods, Inc is a packaged foods holding company that develops, markets and distributes a diversified portfolio of branded shelf-stable and frozen food products. Headquartered in Parsippany, New Jersey, the company serves retail and foodservice customers across the United States and Canada. Through its network of manufacturing facilities, third-party co-packers and distribution partners, B&G Foods supplies grocery chains, mass merchandisers, club stores and e-commerce platforms.

The company’s product portfolio spans multiple categories, including vegetables, beans, soups, sauces and condiments, snacks, cereals and refrigerated or frozen offerings.