B&G Foods (NYSE:BGS) Stock Price Down 8.1%

B&G Foods, Inc. (NYSE:BGS) shares fell 8.1% during trading on Wednesday . The company traded as low as $10.14 and last traded at $10.15. 246,782 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 980,267 shares. The stock had previously closed at $11.05.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on BGS shares. Piper Sandler lowered their target price on B&G Foods from $15.00 to $14.00 and set a “neutral” rating for the company in a research note on Friday, July 28th. StockNews.com assumed coverage on B&G Foods in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. TD Cowen initiated coverage on B&G Foods in a research report on Wednesday. They set an “underperform” rating and a $10.00 price objective for the company. Finally, Barclays dropped their target price on B&G Foods from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 20th. Three analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $12.93.

B&G Foods Price Performance

The firm has a market capitalization of $764.85 million, a price-to-earnings ratio of -35.79 and a beta of 0.45. The company’s 50 day moving average is $12.90 and its 200 day moving average is $13.96. The company has a quick ratio of 1.04, a current ratio of 3.96 and a debt-to-equity ratio of 2.59.

B&G Foods (NYSE:BGS) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.06. B&G Foods had a positive return on equity of 9.43% and a negative net margin of 1.00%. The business had revenue of $469.64 million during the quarter, compared to analysts’ expectations of $461.03 million. On average, equities research analysts anticipate that B&G Foods, Inc. will post 1.06 earnings per share for the current fiscal year.

B&G Foods Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 30th. Investors of record on Friday, September 29th will be paid a $0.19 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.76 dividend on an annualized basis and a yield of 7.18%. B&G Foods’s dividend payout ratio (DPR) is -262.07%.

Institutional Trading of B&G Foods

A number of hedge funds have recently added to or reduced their stakes in the stock. Rodgers Brothers Inc. increased its stake in shares of B&G Foods by 2.4% in the first quarter. Rodgers Brothers Inc. now owns 25,740 shares of the company’s stock valued at $694,000 after buying an additional 615 shares during the period. Versant Capital Management Inc grew its holdings in B&G Foods by 14.2% during the 1st quarter. Versant Capital Management Inc now owns 5,750 shares of the company’s stock worth $89,000 after acquiring an additional 715 shares during the last quarter. Avantax Advisory Services Inc. increased its position in B&G Foods by 4.1% in the 1st quarter. Avantax Advisory Services Inc. now owns 18,784 shares of the company’s stock valued at $292,000 after acquiring an additional 745 shares during the period. Richard P Slaughter Associates Inc raised its stake in shares of B&G Foods by 0.9% during the second quarter. Richard P Slaughter Associates Inc now owns 87,452 shares of the company’s stock valued at $1,217,000 after acquiring an additional 772 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of B&G Foods by 8.3% during the second quarter. ProShare Advisors LLC now owns 11,137 shares of the company’s stock worth $155,000 after purchasing an additional 854 shares during the period. Institutional investors and hedge funds own 63.15% of the company’s stock.

About B&G Foods

B&G Foods, Inc manufactures, sells, and distributes a portfolio of shelf-stable and frozen foods, and household products in the United States, Canada, and Puerto Rico. The company's products include frozen and canned vegetables, vegetables, canola and other cooking oils, vegetable shortening, cooking sprays, oatmeal and other hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegar, maple syrups, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, baking powder and soda, cookies and crackers, corn starch, nut clusters, and other specialty products.