B&G Foods (NYSE:BGS) Sees Large Volume Increase – What’s Next?

B&G Foods, Inc. (NYSE:BGS) shares saw an uptick in trading volume on Thursday . 3,343,878 shares changed hands during trading, an increase of 220% from the previous session’s volume of 1,044,573 shares.The stock last traded at $6.71 and had previously closed at $7.07.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on BGS shares. Royal Bank of Canada reiterated a “sector perform” rating and set a $10.00 target price on shares of B&G Foods in a report on Wednesday, August 7th. StockNews.com raised shares of B&G Foods from a “sell” rating to a “hold” rating in a research note on Thursday, September 26th. TD Cowen lowered their price target on shares of B&G Foods from $8.00 to $7.50 and set a “sell” rating for the company in a report on Wednesday. Evercore ISI dropped their target price on B&G Foods from $10.00 to $9.00 and set an “in-line” rating for the company in a research note on Wednesday. Finally, Piper Sandler lowered their price target on B&G Foods from $9.00 to $8.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $8.30.

B&G Foods Trading Down 6.6 %

The firm’s 50 day simple moving average is $8.58 and its 200-day simple moving average is $8.82. The company has a market capitalization of $522.46 million, a PE ratio of -4.71 and a beta of 0.61. The company has a quick ratio of 0.48, a current ratio of 1.63 and a debt-to-equity ratio of 2.33.

B&G Foods (NYSE:BGS) last issued its earnings results on Tuesday, November 5th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.07). B&G Foods had a positive return on equity of 8.07% and a negative net margin of 5.82%. The company had revenue of $461.10 million during the quarter, compared to analysts’ expectations of $473.82 million. During the same period in the previous year, the company earned $0.27 EPS. B&G Foods’s quarterly revenue was down 8.3% on a year-over-year basis. As a group, equities research analysts anticipate that B&G Foods, Inc. will post 0.74 EPS for the current year.

B&G Foods Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.76 annualized dividend and a dividend yield of 11.52%. B&G Foods’s dividend payout ratio is presently -49.35%.

Insider Buying and Selling

In other B&G Foods news, EVP Jordan E. Greenberg sold 8,000 shares of B&G Foods stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total transaction of $66,640.00. Following the sale, the executive vice president now directly owns 66,095 shares in the company, valued at $550,571.35. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BGS. Innealta Capital LLC acquired a new position in B&G Foods during the 2nd quarter valued at about $33,000. nVerses Capital LLC acquired a new position in shares of B&G Foods during the second quarter worth approximately $33,000. Russell Investments Group Ltd. grew its holdings in B&G Foods by 1,556.9% in the 1st quarter. Russell Investments Group Ltd. now owns 4,921 shares of the company’s stock worth $56,000 after buying an additional 4,624 shares in the last quarter. LRI Investments LLC acquired a new stake in B&G Foods in the 1st quarter valued at approximately $60,000. Finally, Versant Capital Management Inc raised its stake in B&G Foods by 36.9% during the 2nd quarter. Versant Capital Management Inc now owns 5,768 shares of the company’s stock valued at $47,000 after acquiring an additional 1,555 shares in the last quarter. 66.15% of the stock is currently owned by institutional investors.

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, crackers, baking powder and soda, corn starch, nut clusters, and other specialty products.