B&G Foods (NYSE:BGS) Stock Price Down 5.1% – Here’s What Happened

B&G Foods, Inc. (NYSE:BGS) was down 5.1% during mid-day trading on Thursday . The company traded as low as $6.86 and last traded at $6.85. Approximately 808,315 shares changed hands during trading, a decline of 36% from the average daily volume of 1,253,704 shares. The stock had previously closed at $7.21.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler cut their price objective on B&G Foods from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. According to MarketBeat.com, B&G Foods presently has a consensus rating of “Hold” and a consensus price target of $8.10.

B&G Foods Price Performance

The stock has a fifty day moving average of $6.61 and a 200-day moving average of $7.37. The company has a quick ratio of 0.49, a current ratio of 1.64 and a debt-to-equity ratio of 2.40. The firm has a market capitalization of $546.45 million, a P/E ratio of -20.31 and a beta of 0.47.

B&G Foods (NYSE:BGS) last released its quarterly earnings results on Tuesday, February 25th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.01. B&G Foods had a positive return on equity of 6.97% and a negative net margin of 1.34%. The business had revenue of $551.57 million during the quarter, compared to analysts’ expectations of $547.95 million. Equities analysts predict that B&G Foods, Inc. will post 0.7 EPS for the current fiscal year.

B&G Foods Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be issued a $0.19 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 11.01%. B&G Foods’s dividend payout ratio is -23.90%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its holdings in B&G Foods by 28.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,353,557 shares of the company’s stock worth $23,106,000 after purchasing an additional 744,898 shares during the last quarter. Two Sigma Investments LP raised its holdings in B&G Foods by 113.2% during the 4th quarter. Two Sigma Investments LP now owns 830,817 shares of the company’s stock worth $5,724,000 after purchasing an additional 441,117 shares during the last quarter. Invesco Ltd. raised its holdings in B&G Foods by 55.7% during the 4th quarter. Invesco Ltd. now owns 1,132,834 shares of the company’s stock worth $7,805,000 after purchasing an additional 405,033 shares during the last quarter. Verition Fund Management LLC raised its holdings in B&G Foods by 3,480.9% during the 3rd quarter. Verition Fund Management LLC now owns 379,394 shares of the company’s stock worth $3,369,000 after purchasing an additional 368,799 shares during the last quarter. Finally, Barclays PLC raised its holdings in B&G Foods by 267.5% during the 4th quarter. Barclays PLC now owns 480,312 shares of the company’s stock worth $3,308,000 after purchasing an additional 349,619 shares during the last quarter. 66.15% of the stock is owned by institutional investors.

About B&G Foods

B&G Foods, Inc is a holding company, which engages in the manufacture, sale, and distribution of shelf-stable frozen food, and household products in the U.S., 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, and wine vinegar.