Wells Fargo & Company MN increased its position in shares of B&G Foods, Inc. (NYSE:BGS) by 25.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 371,578 shares of the company’s stock after purchasing an additional 76,352 shares during the period. Wells Fargo & Company MN owned approximately 0.56% of B&G Foods worth $13,061,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its position in B&G Foods by 14.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,809,327 shares of the company’s stock valued at $57,625,000 after buying an additional 221,931 shares during the period. Deprince Race & Zollo Inc. boosted its position in B&G Foods by 19.5% in the 4th quarter. Deprince Race & Zollo Inc. now owns 1,151,231 shares of the company’s stock valued at $40,466,000 after buying an additional 187,500 shares during the period. Epoch Investment Partners Inc. boosted its position in B&G Foods by 22.3% in the 3rd quarter. Epoch Investment Partners Inc. now owns 971,440 shares of the company’s stock valued at $30,940,000 after buying an additional 176,921 shares during the period. Wedge Capital Management L L P NC boosted its position in B&G Foods by 18.2% in the 4th quarter. Wedge Capital Management L L P NC now owns 837,365 shares of the company’s stock valued at $29,433,000 after buying an additional 128,731 shares during the period. Finally, Point72 Asset Management L.P. boosted its position in B&G Foods by 1,503.5% in the 3rd quarter. Point72 Asset Management L.P. now owns 588,485 shares of the company’s stock valued at $18,743,000 after buying an additional 551,785 shares during the period. 97.35% of the stock is owned by institutional investors.
Shares of NYSE:BGS traded up $0.60 during trading hours on Friday, hitting $24.65. The company’s stock had a trading volume of 1,031,037 shares, compared to its average volume of 1,294,690. B&G Foods, Inc. 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 quick ratio of 1.91 and a current ratio of 4.40. The firm has a market cap of $1,639.20, a P/E ratio of 11.63 and a beta of 0.27.
B&G Foods (NYSE:BGS) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $0.57 EPS 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 business had revenue of $473.70 million during the quarter, compared to analyst estimates of $482.51 million. During the same quarter in the previous year, the business posted $0.29 EPS. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. research analysts predict that B&G Foods, Inc. will post 2.12 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 30th. Stockholders of record on Thursday, March 29th will be issued a $0.465 dividend. The ex-dividend date is Wednesday, March 28th. This represents a $1.86 annualized dividend and a dividend yield of 7.55%. B&G Foods’s dividend payout ratio is currently 87.74%.
B&G Foods declared that its board has approved a stock repurchase program on Tuesday, March 13th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
Several research firms have issued reports on BGS. Royal Bank of Canada reissued a “buy” rating and issued a $38.00 price objective on shares of B&G Foods in a research report on Tuesday, April 3rd. ValuEngine cut shares of B&G Foods from a “hold” rating to a “sell” rating in a research report on Monday, April 2nd. Credit Suisse Group cut shares of B&G Foods from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $34.00 to $21.00 in a research report on Wednesday, March 7th. Zacks Investment Research cut shares of B&G Foods from a “hold” rating to a “sell” rating in a research report on Friday, March 2nd. Finally, William Blair reissued a “market perform” rating on shares of B&G Foods in a research report on Thursday, March 1st. Four research analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $35.89.
In related news, EVP Vanessa E. Maskal sold 8,475 shares of the business’s stock in a transaction that occurred on Monday, March 5th. The shares were sold at an average price of $30.00, for a total transaction of $254,250.00. Following the completion of the transaction, the executive vice president now owns 102,319 shares in the company, valued at approximately $3,069,570. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert C. Cantwell acquired 10,000 shares of B&G Foods stock in a transaction that occurred on Friday, March 9th. The shares were purchased at an average price of $26.42 per share, with a total value of $264,200.00. Following the purchase, the chief executive officer now owns 206,239 shares in the company, valued at $5,448,834.38. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 11,075 shares of company stock valued at $293,701. Company insiders own 2.10% of the company’s stock.
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B&G Foods Profile
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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