B&G Foods, Inc. (BGS) To Go Ex-Dividend on December 28th

B&G Foods, Inc. (NYSE:BGS) declared a quarterly dividend on Monday, November 13th, Zacks reports. Shareholders of record on Friday, December 29th will be given a dividend of 0.19 per share on Tuesday, January 30th. This represents a $0.76 dividend on an annualized basis and a yield of 8.15%. The ex-dividend date of this dividend is Thursday, December 28th.

B&G Foods has decreased its dividend by an average of 5.3% annually over the last three years. B&G Foods has a dividend payout ratio of 80.0% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Analysts expect B&G Foods to earn $0.90 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 84.4%.

B&G Foods Price Performance

BGS stock traded up $0.32 during midday trading on Wednesday, reaching $9.32. 194,547 shares of the company’s stock traded hands, compared to its average volume of 1,067,943. The company has a 50-day simple moving average of $9.25 and a two-hundred day simple moving average of $11.99. The company has a quick ratio of 0.76, a current ratio of 1.52 and a debt-to-equity ratio of 2.30. B&G Foods has a 1-year low of $7.20 and a 1-year high of $16.68. The company has a market cap of $732.74 million, a price-to-earnings ratio of -15.79 and a beta of 0.53.

B&G Foods (NYSE:BGS) last announced its earnings results on Wednesday, November 8th. The company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04. The company had revenue of $502.73 million for the quarter, compared to analyst estimates of $505.34 million. B&G Foods had a negative net margin of 2.11% and a positive return on equity of 9.23%. B&G Foods’s quarterly revenue was down 4.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.31 earnings per share. On average, analysts anticipate that B&G Foods will post 0.99 earnings per share for the current year.

Hedge Funds Weigh In On B&G Foods

Several institutional investors have recently added to or reduced their stakes in BGS. Tower Research Capital LLC TRC lifted its position in shares of B&G Foods by 124.9% during the first quarter. Tower Research Capital LLC TRC now owns 1,871 shares of the company’s stock valued at $29,000 after purchasing an additional 1,039 shares in the last quarter. State of Wyoming purchased a new position in B&G Foods in the 2nd quarter valued at approximately $30,000. Nomura Asset Management Co. Ltd. raised its stake in shares of B&G Foods by 117.4% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 2,000 shares of the company’s stock valued at $31,000 after purchasing an additional 1,080 shares during the period. Russell Investments Group Ltd. bought a new stake in shares of B&G Foods during the first quarter valued at about $33,000. Finally, Steward Partners Investment Advisory LLC lifted its stake in B&G Foods by 818.7% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 3,344 shares of the company’s stock worth $52,000 after purchasing an additional 2,980 shares in the last quarter. 63.15% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BGS has been the subject of a number of analyst reports. StockNews.com cut B&G Foods from a “hold” rating to a “sell” rating in a research note on Friday, November 10th. Piper Sandler downgraded shares of B&G Foods from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $14.00 to $8.00 in a report on Tuesday, October 3rd. Barclays cut their price objective on B&G Foods from $15.00 to $10.00 and set an “equal weight” rating for the company in a report on Thursday, October 12th. TheStreet cut B&G Foods from a “c-” rating to a “d+” rating in a report on Wednesday, November 8th. Finally, TD Cowen dropped their price objective on shares of B&G Foods from $10.00 to $9.50 and set an “underperform” rating on the stock in a research report on Tuesday, September 19th. Four analysts have rated the stock with a sell rating and one has given a hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $9.13.

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.