B&G Foods (NYSE:BGS) announced that its board has initiated a stock buyback program, which permits the company to repurchase $50.00 million in shares on Tuesday, March 13th. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
BGS has been the subject of several analyst reports. ValuEngine lowered shares of B&G Foods from a “hold” rating to a “sell” rating in a report on Monday, April 2nd. Zacks Investment Research lowered shares of B&G Foods from a “hold” rating to a “sell” rating in a report on Monday, December 25th. Credit Suisse Group lowered shares of B&G Foods from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $34.00 to $21.00 in a report on Wednesday, March 7th. Berenberg Bank lowered shares of B&G Foods from a “buy” rating to a “hold” rating and set a $40.00 target price for the company. in a report on Thursday, March 1st. Finally, Stephens reaffirmed a “buy” rating and issued a $35.00 price target on shares of B&G Foods in a research note on Thursday, March 1st. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. B&G Foods has a consensus rating of “Hold” and an average price target of $35.89.
BGS stock traded up $0.60 during trading on Friday, hitting $24.65. The company had a trading volume of 1,031,037 shares, compared to its average volume of 1,294,690. The company has a market capitalization of $1,639.20, a PE ratio of 11.63 and a beta of 0.27. B&G Foods has a 52-week low of $22.35 and a 52-week high of $43.10. The company has a debt-to-equity ratio of 2.52, a current ratio of 4.40 and a quick ratio of 1.91.
B&G Foods (NYSE:BGS) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $0.57 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.01. The company had revenue of $473.70 million for the quarter, compared to the consensus estimate of $482.51 million. B&G Foods had a net margin of 13.04% and a return on equity of 17.29%. The firm’s revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.29 EPS. sell-side analysts forecast that B&G Foods will post 2.12 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 30th. Shareholders of record on Thursday, March 29th will be given a dividend of $0.465 per share. This represents a $1.86 dividend on an annualized basis and a yield of 7.55%. The ex-dividend date of this dividend is Wednesday, March 28th. B&G Foods’s dividend payout ratio (DPR) is 87.74%.
In other B&G Foods news, CEO Robert C. Cantwell bought 10,000 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer now owns 206,239 shares of the company’s stock, valued at approximately $5,448,834.38. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Vanessa E. Maskal sold 8,475 shares of the firm’s stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $30.00, for a total transaction 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. Insiders have acquired a total of 11,075 shares of company stock worth $293,701 in the last three months. Insiders own 2.10% of the company’s stock.
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About B&G Foods
B&G Foods, Inc manufactures, sells, and distributes a portfolio of shelf-stable and frozen foods in 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 vinegars, maple syrups, 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, cookies and crackers, nut clusters, and other specialty products.
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