B&G Foods (NYSE:BGS) Shares Cross Above 200 Day Moving Average – Here’s Why
by Renee Jackson · The Cerbat GemB&G Foods, Inc. (NYSE:BGS – Get Free Report) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $4.69 and traded as high as $5.59. B&G Foods shares last traded at $5.5350, with a volume of 1,540,398 shares changing hands.
Analyst Upgrades and Downgrades
A number of analysts have commented on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of B&G Foods in a research report on Monday, December 29th. TD Cowen restated a “sell” rating on shares of B&G Foods in a report on Wednesday, March 4th. Barclays increased their price target on B&G Foods from $5.00 to $6.00 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, Evercore set a $5.00 price target on B&G Foods in a report on Wednesday, March 4th. Four analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $4.90.
Check Out Our Latest Report on BGS
B&G Foods Stock Up 2.2%
The company has a market cap of $437.03 million, a P/E ratio of -10.06 and a beta of 0.46. The stock’s 50-day moving average price is $5.20 and its 200-day moving average price is $4.70. The company has a current ratio of 3.32, a quick ratio of 1.43 and a debt-to-equity ratio of 4.30.
B&G Foods (NYSE:BGS – Get Free Report) last released its quarterly earnings data on Tuesday, March 3rd. The company reported $0.28 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.28. The company had revenue of $539.56 million for the quarter, compared to analysts’ expectations of $537.50 million. B&G Foods had a negative net margin of 2.37% and a positive return on equity of 8.43%. The business’s revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.31 EPS. As a group, research analysts forecast that B&G Foods, Inc. will post 0.7 EPS for the current year.
B&G Foods Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Tuesday, March 31st will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 14.0%. The ex-dividend date is Tuesday, March 31st. B&G Foods’s dividend payout ratio (DPR) is currently -140.74%.
Insider Buying and Selling
In related news, EVP Martin C. Schoch sold 11,321 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $5.40, for a total value of $61,133.40. Following the transaction, the executive vice president directly owned 34,347 shares in the company, valued at $185,473.80. This trade represents a 24.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Andrew D. Vogel sold 20,000 shares of the stock in a transaction on Friday, March 13th. The stock was sold at an average price of $5.19, for a total value of $103,800.00. Following the completion of the transaction, the executive vice president owned 50,679 shares in the company, valued at approximately $263,024.01. This represents a 28.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 50,821 shares of company stock worth $266,138 in the last ninety days. Corporate insiders own 3.20% of the company’s stock.
Hedge Funds Weigh In On B&G Foods
A number of large investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. lifted its position in B&G Foods by 502.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 7,443 shares of the company’s stock valued at $31,000 after acquiring an additional 6,207 shares in the last quarter. Triumph Capital Management bought a new position in B&G Foods in the 3rd quarter valued at about $34,000. Allworth Financial LP lifted its position in B&G Foods by 49.5% in the 3rd quarter. Allworth Financial LP now owns 7,891 shares of the company’s stock valued at $35,000 after acquiring an additional 2,612 shares in the last quarter. Federated Hermes Inc. bought a new position in B&G Foods in the 2nd quarter valued at about $35,000. Finally, Integrated Wealth Concepts LLC bought a new position in B&G Foods in the 3rd quarter valued at about $45,000. 66.15% of the stock is currently owned by institutional investors.
B&G Foods Company Profile
B&G Foods, Inc is a packaged foods holding company that develops, markets and distributes a diversified portfolio of branded shelf-stable and frozen food products. Headquartered in Parsippany, New Jersey, the company serves retail and foodservice customers across the United States and Canada. Through its network of manufacturing facilities, third-party co-packers and distribution partners, B&G Foods supplies grocery chains, mass merchandisers, club stores and e-commerce platforms.
The company’s product portfolio spans multiple categories, including vegetables, beans, soups, sauces and condiments, snacks, cereals and refrigerated or frozen offerings.