B&G Foods Inc. (BGS) Trading Up 4.5%
Shares of B&G Foods Inc. (NYSE:BGS) were up 4.5% during mid-day trading on Wednesday . The company traded as high as $49.30 and last traded at $49.18, with a volume of 749,016 shares changing hands. The stock had previously closed at $47.06.
A number of analysts have recently issued reports on BGS shares. Zacks Investment Research upgraded B&G Foods from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research report on Monday, August 1st. DA Davidson upgraded B&G Foods from a “neutral” rating to a “buy” rating and lifted their price target for the company from $47.00 to $52.00 in a research report on Friday, July 29th. Credit Suisse Group AG reiterated a “hold” rating and set a $45.00 price target on shares of B&G Foods in a research report on Thursday, July 28th. RBC Capital Markets reiterated an “outperform” rating and set a $52.00 price target (up previously from $49.00) on shares of B&G Foods in a research report on Sunday, July 31st. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $49.00 price objective (down from $52.00) on shares of B&G Foods in a report on Friday, July 29th. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $45.33.
The company has a 50-day moving average price of $47.96 and a 200 day moving average price of $42.86. The company has a market cap of $3.11 billion, a price-to-earnings ratio of 31.29 and a beta of 0.41.
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B&G Foods (NYSE:BGS) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.11. The business earned $306.40 million during the quarter, compared to analysts’ expectations of $316.56 million. B&G Foods had a return on equity of 22.59% and a net margin of 7.76%. The business’s quarterly revenue was up 58.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.34 earnings per share. Equities analysts predict that B&G Foods Inc. will post $2.19 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, September 30th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date is Wednesday, September 28th. B&G Foods’s payout ratio is 107.01%.
A number of hedge funds have recently modified their holdings of the company. Norges Bank bought a new stake in shares of B&G Foods during the fourth quarter worth approximately $17,263,000. Mesirow Financial Investment Management Equity Management raised its position in B&G Foods by 6,297.3% in the second quarter. Mesirow Financial Investment Management Equity Management now owns 449,797 shares of the company’s stock worth $21,682,000 after buying an additional 442,766 shares during the period. Cortina Asset Management LLC acquired a new position in B&G Foods during the second quarter worth $16,952,000. Fiera Capital Corp acquired a new position in B&G Foods during the second quarter worth $14,878,000. Finally, Friess Associates LLC acquired a new position in B&G Foods during the second quarter worth $14,588,000. Institutional investors and hedge funds own 76.92% of the company’s stock.
About B&G Foods
B&G Foods, Inc is a holding company. The Company manufactures, sells and distributes a diverse portfolio of shelf-stable and frozen food, and household products 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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