B&G Foods (NYSE:BGS) announced that its Board of Directors has authorized a share repurchase plan, which authorizes the company to repurchase $50.00 million in outstanding shares on Tuesday, March 13th, EventVestor reports. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
B&G Foods (NYSE:BGS) traded up $0.57 on Wednesday, reaching $27.37. 240,344 shares of the company’s stock traded hands, compared to its average volume of 1,179,410. B&G Foods has a 12-month low of $25.95 and a 12-month high of $43.10. 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 company has a market capitalization of $1,755.57, a P/E ratio of 8.37 and a beta of 0.19.
B&G Foods (NYSE:BGS) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. B&G Foods had a net margin of 13.04% and a return on equity of 17.29%. The firm had revenue of $473.70 million during the quarter, compared to the consensus estimate of $482.51 million. During the same period in the previous year, the firm posted $0.29 earnings per share. The business’s revenue was up 14.5% compared to the same quarter last year. analysts forecast that B&G Foods will post 2.15 earnings per share for the current fiscal year.
A number of equities analysts have recently commented on BGS shares. Berenberg Bank upgraded shares of B&G Foods from a “hold” rating to a “buy” rating and cut their price target for the stock from $43.50 to $40.00 in a report on Thursday, November 16th. Stephens reissued a “buy” rating and set a $35.00 target price on shares of B&G Foods in a research note on Thursday, March 1st. Buckingham Research lowered their target price on shares of B&G Foods from $40.00 to $36.00 and set a “buy” rating for the company in a research note on Wednesday, February 28th. Zacks Investment Research raised shares of B&G Foods from a “sell” rating to a “hold” rating in a research note on Thursday, February 8th. Finally, William Blair reissued a “market perform” rating 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 a consensus rating of “Hold” and an average price target of $37.44.
In other B&G Foods news, EVP Vanessa E. Maskal sold 8,475 shares of B&G Foods 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 completion of the sale, the executive vice president now directly owns 102,319 shares of the company’s stock, valued at $3,069,570. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Robert C. Cantwell purchased 10,000 shares of the firm’s stock in a transaction on Friday, March 9th. The stock was bought at an average cost of $26.42 per share, with a total value of $264,200.00. Following the completion of the purchase, the chief executive officer now owns 206,239 shares of the company’s stock, valued at approximately $5,448,834.38. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 11,075 shares of company stock valued at $293,701. Insiders own 2.10% of the company’s stock.
About B&G Foods
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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