PNC Financial Services Group Inc. lessened its holdings in shares of B&G Foods, Inc. (NYSE:BGS – Get Rating) by 22.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,288 shares of the company’s stock after selling 11,834 shares during the period. PNC Financial Services Group Inc. owned about 0.06% of B&G Foods worth $460,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the business. Accel Wealth Management raised its stake in shares of B&G Foods by 206.3% during the fourth quarter. Accel Wealth Management now owns 2,291 shares of the company’s stock valued at $26,000 after acquiring an additional 1,543 shares in the last quarter. Phocas Financial Corp. bought a new stake in shares of B&G Foods during the fourth quarter valued at approximately $27,000. Parallel Advisors LLC raised its stake in shares of B&G Foods by 1,675.9% during the fourth quarter. Parallel Advisors LLC now owns 3,321 shares of the company’s stock valued at $37,000 after acquiring an additional 3,134 shares in the last quarter. CWM LLC raised its stake in shares of B&G Foods by 26.5% during the fourth quarter. CWM LLC now owns 4,025 shares of the company’s stock valued at $45,000 after acquiring an additional 842 shares in the last quarter. Finally, Ellevest Inc. raised its stake in shares of B&G Foods by 256.1% during the fourth quarter. Ellevest Inc. now owns 4,148 shares of the company’s stock valued at $46,000 after acquiring an additional 2,983 shares in the last quarter. Hedge funds and other institutional investors own 63.71% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on BGS. StockNews.com began coverage on shares of B&G Foods in a research note on Thursday, May 18th. They set a “hold” rating for the company. Barclays boosted their price objective on shares of B&G Foods from $15.00 to $16.00 in a research note on Monday, May 8th. Finally, TheStreet raised shares of B&G Foods from a “d+” rating to a “c-” rating in a research note on Friday, March 24th. Two analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $15.75.
B&G Foods Stock Performance
Shares of NYSE:BGS opened at $13.54 on Friday. The firm has a 50 day moving average of $14.74 and a 200 day moving average of $13.80. The company has a market capitalization of $977.72 million, a price-to-earnings ratio of -30.77 and a beta of 0.43. The company has a quick ratio of 1.02, a current ratio of 4.06 and a debt-to-equity ratio of 2.65. B&G Foods, Inc. has a 52 week low of $10.91 and a 52 week high of $26.13.
B&G Foods (NYSE:BGS – Get Rating) last issued its quarterly earnings results on Thursday, May 4th. The company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.01. The business had revenue of $511.81 million for the quarter, compared to the consensus estimate of $528.18 million. B&G Foods had a positive return on equity of 8.59% and a negative net margin of 1.48%. The business’s quarterly revenue was down 3.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.34 earnings per share. On average, sell-side analysts predict that B&G Foods, Inc. will post 1.01 earnings per share for the current fiscal year.
B&G Foods Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 31st. Stockholders of record on Friday, June 30th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 5.61%. The ex-dividend date of this dividend is Thursday, June 29th. B&G Foods’s payout ratio is presently -172.73%.
Insider Transactions at B&G Foods
In other news, CFO Bruce C. Wacha sold 12,500 shares of the company’s stock in a transaction on Friday, March 10th. The stock was sold at an average price of $14.81, for a total transaction of $185,125.00. Following the transaction, the chief financial officer now directly owns 46,491 shares of the company’s stock, valued at $688,531.71. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.80% of the company’s stock.
B&G Foods Company Profile
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.
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