TIAA CREF Investment Management LLC Has $5.73 Million Holdings in B&G Foods, Inc. (BGS)

TIAA CREF Investment Management LLC decreased its stake in B&G Foods, Inc. (NYSE:BGS) by 5.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 163,011 shares of the company’s stock after selling 10,233 shares during the period. TIAA CREF Investment Management LLC’s holdings in B&G Foods were worth $5,730,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of BGS. SG Capital Management LLC purchased a new stake in B&G Foods in the fourth quarter worth about $15,266,000. Bank of New York Mellon Corp grew its position in shares of B&G Foods by 38.7% during the fourth quarter. Bank of New York Mellon Corp now owns 1,337,773 shares of the company’s stock worth $47,023,000 after purchasing an additional 372,999 shares in the last quarter. Monarch Partners Asset Management LLC grew its position in shares of B&G Foods by 185.6% during the fourth quarter. Monarch Partners Asset Management LLC now owns 563,780 shares of the company’s stock worth $19,817,000 after purchasing an additional 366,400 shares in the last quarter. Virtus Fund Advisers LLC grew its position in shares of B&G Foods by 23.1% during the fourth quarter. Virtus Fund Advisers LLC now owns 1,874,792 shares of the company’s stock worth $66,766,000 after purchasing an additional 351,503 shares in the last quarter. Finally, Champlain Investment Partners LLC grew its position in shares of B&G Foods by 16.6% during the fourth quarter. Champlain Investment Partners LLC now owns 2,386,630 shares of the company’s stock worth $83,890,000 after purchasing an additional 339,862 shares in the last quarter. Institutional investors and hedge funds own 97.29% of the company’s stock.

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In related news, EVP Vanessa E. Maskal sold 8,475 shares of the stock in a transaction that occurred on Monday, March 5th. The stock was 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 directly owns 102,319 shares of the company’s stock, valued at $3,069,570. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Robert C. Cantwell purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, March 9th. The shares were purchased 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 three months, insiders have purchased 11,075 shares of company stock valued at $293,701. 2.90% of the stock is owned by corporate insiders.

Several research firms recently issued reports on BGS. Royal Bank of Canada reiterated a “buy” rating and set a $38.00 target price on shares of B&G Foods in a research report on Tuesday, April 3rd. ValuEngine cut B&G Foods from a “hold” rating to a “sell” rating in a research report on Monday, April 2nd. Credit Suisse Group cut B&G Foods from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $34.00 to $21.00 in a research report on Wednesday, March 7th. Zacks Investment Research cut B&G Foods from a “hold” rating to a “sell” rating in a research report on Friday, March 2nd. Finally, William Blair reiterated 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 assigned a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $35.89.

Shares of B&G Foods stock opened at $25.55 on Tuesday. B&G Foods, Inc. has a 12 month low of $22.35 and a 12 month high of $43.10. The company has a market cap of $1,675.78, a P/E ratio of 11.94 and a beta of 0.27. 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 announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. B&G Foods had a return on equity of 17.29% and a net margin of 13.04%. The company had revenue of $473.70 million during the quarter, compared to analyst estimates of $482.51 million. During the same period in the prior year, the company earned $0.29 earnings per share. The firm’s revenue was up 14.5% on a year-over-year basis. research analysts predict that B&G Foods, Inc. will post 2.12 earnings per share for the current year.

B&G Foods declared that its Board of Directors has approved a share repurchase plan on Tuesday, March 13th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Monday, April 30th. Investors of record on Thursday, March 29th will be paid a dividend of $0.465 per share. This represents a $1.86 dividend on an annualized basis and a yield of 7.28%. The ex-dividend date is Wednesday, March 28th. B&G Foods’s payout ratio is presently 87.74%.

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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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Institutional Ownership by Quarter for B&G Foods (NYSE:BGS)

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