An issue of B&G Foods, Inc. (NYSE:BGS) debt rose 0.5% against its face value during trading on Wednesday. The high-yield issue of debt has a 4.625% coupon and is set to mature on June 1, 2021. The debt is now trading at $99.63 and was trading at $99.75 one week ago. Price moves in a company’s debt in credit markets often predict parallel moves in its stock price.
Several brokerages recently commented on BGS. Zacks Investment Research lowered B&G Foods from a “hold” rating to a “sell” rating in a research note on Monday, December 25th. Berenberg Bank raised B&G Foods from a “hold” rating to a “buy” rating and decreased their price target for the company from $43.50 to $40.00 in a research note on Thursday, November 16th. Buckingham Research decreased their price target on B&G Foods from $40.00 to $36.00 and set a “buy” rating on the stock in a research note on Wednesday, February 28th. Credit Suisse Group lowered B&G Foods from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $34.00 to $21.00 in a research note on Wednesday, March 7th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $37.00 price target (down previously from $39.00) on shares of B&G Foods in a research note on Thursday, March 1st. Three research analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. B&G Foods has an average rating of “Hold” and an average target price of $37.44.
B&G Foods, Inc. (BGS) traded up $1.05 during trading on Wednesday, reaching $27.85. The company’s stock had a trading volume of 1,631,203 shares, compared to its average volume of 1,360,000. The company has a current ratio of 4.40, a quick ratio of 1.91 and a debt-to-equity ratio of 2.52. The firm has a market capitalization of $1,850.00, a price-to-earnings ratio of 21.76 and a beta of 0.19. B&G Foods, Inc. has a one year low of $25.95 and a one year high of $43.10.
B&G Foods (NYSE:BGS) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. The company had revenue of $473.70 million for the quarter, compared to analyst estimates of $482.51 million. B&G Foods had a return on equity of 17.29% and a net margin of 13.04%. The business’s revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.29 earnings per share. equities analysts forecast that B&G Foods, Inc. will post 2.15 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 30th. Shareholders of record on Thursday, March 29th will be paid a $0.465 dividend. This represents a $1.86 dividend on an annualized basis and a yield of 6.68%. The ex-dividend date of this dividend is Wednesday, March 28th. B&G Foods’s dividend payout ratio is currently 145.31%.
B&G Foods declared that its board has approved a share repurchase program on Tuesday, March 13th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
In other news, CEO Robert C. Cantwell purchased 10,000 shares of the business’s stock in a transaction dated Friday, March 9th. The shares were acquired at an average price of $26.42 per share, with a total value of $264,200.00. Following the completion of the purchase, the chief executive officer now directly owns 206,239 shares of the company’s stock, valued at approximately $5,448,834.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Vanessa E. Maskal sold 8,475 shares of the company’s stock in a transaction on Monday, March 5th. The shares were sold at an average price of $30.00, for a total value of $254,250.00. Following the transaction, the executive vice president now directly owns 102,319 shares in the company, valued at approximately $3,069,570. The disclosure for this sale can be found here. In the last three months, insiders acquired 11,075 shares of company stock worth $293,701. Insiders own 2.10% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of BGS. Nationwide Fund Advisors lifted its stake in shares of B&G Foods by 16.4% during the third quarter. Nationwide Fund Advisors now owns 117,655 shares of the company’s stock valued at $3,747,000 after acquiring an additional 16,617 shares during the period. Aperio Group LLC lifted its stake in shares of B&G Foods by 43.4% during the third quarter. Aperio Group LLC now owns 36,295 shares of the company’s stock valued at $1,156,000 after acquiring an additional 10,977 shares during the period. Raymond James Financial Services Advisors Inc. lifted its stake in shares of B&G Foods by 22.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 17,734 shares of the company’s stock valued at $565,000 after acquiring an additional 3,218 shares during the period. Crossmark Global Holdings Inc. acquired a new position in shares of B&G Foods during the third quarter valued at $505,000. Finally, Victory Capital Management Inc. lifted its stake in shares of B&G Foods by 46.9% during the third quarter. Victory Capital Management Inc. now owns 20,254 shares of the company’s stock valued at $645,000 after acquiring an additional 6,468 shares during the period. 97.40% of the stock is currently owned by institutional investors and hedge funds.
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B&G Foods Company Profile
B&G Foods, Inc (B&G Foods) is a holding company. The Company manufactures, sells and distributes a portfolio of shelf-stable and frozen foods across 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 vinegar, maple syrup, 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, nut clusters and other specialty products.
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