PNC Financial Services Group Inc. reduced its position in B&G Foods, Inc. (NYSE:BGS – Free Report) by 45.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,680 shares of the company’s stock after selling 8,225 shares during the quarter. PNC Financial Services Group Inc.’s holdings in B&G Foods were worth $102,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of B&G Foods by 13.4% in the fourth quarter. Vanguard Group Inc. now owns 10,043,164 shares of the company’s stock worth $105,453,000 after purchasing an additional 1,190,116 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of B&G Foods by 11.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,757,114 shares of the company’s stock worth $18,450,000 after purchasing an additional 181,724 shares during the period. Smith Graham & Co. Investment Advisors LP boosted its position in shares of B&G Foods by 4.3% in the fourth quarter. Smith Graham & Co. Investment Advisors LP now owns 630,628 shares of the company’s stock worth $6,622,000 after purchasing an additional 25,891 shares during the period. Principal Financial Group Inc. boosted its position in shares of B&G Foods by 5.0% in the fourth quarter. Principal Financial Group Inc. now owns 408,915 shares of the company’s stock worth $4,294,000 after purchasing an additional 19,613 shares during the period. Finally, Savoir Faire Capital Management L.P. boosted its position in shares of B&G Foods by 3.5% in the fourth quarter. Savoir Faire Capital Management L.P. now owns 386,850 shares of the company’s stock worth $4,062,000 after purchasing an additional 12,948 shares during the period. 66.15% of the stock is currently owned by institutional investors.
Insider Activity at B&G Foods
In other B&G Foods news, Director Stephen Sherrill purchased 125,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were bought at an average price of $8.59 per share, with a total value of $1,073,750.00. Following the completion of the purchase, the director now directly owns 270,136 shares in the company, valued at $2,320,468.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Bruce C. Wacha bought 5,200 shares of B&G Foods stock in a transaction dated Monday, May 13th. The shares were acquired at an average price of $8.59 per share, with a total value of $44,668.00. Following the completion of the purchase, the chief financial officer now owns 91,328 shares in the company, valued at approximately $784,507.52. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Stephen Sherrill bought 125,000 shares of B&G Foods stock in a transaction dated Monday, May 13th. The stock was purchased at an average cost of $8.59 per share, for a total transaction of $1,073,750.00. Following the purchase, the director now owns 270,136 shares of the company’s stock, valued at approximately $2,320,468.24. The disclosure for this purchase can be found here. Insiders have acquired a total of 141,955 shares of company stock valued at $1,218,453 over the last 90 days. 3.20% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
A number of equities analysts recently weighed in on the stock. StockNews.com lowered shares of B&G Foods from a “hold” rating to a “sell” rating in a research report on Friday, May 10th. Piper Sandler upgraded shares of B&G Foods from an “underweight” rating to a “neutral” rating and set a $9.00 target price for the company in a research report on Thursday, May 16th. Two investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $9.50.
Check Out Our Latest Research Report on BGS
B&G Foods Price Performance
Shares of NYSE:BGS opened at $7.80 on Friday. The company has a debt-to-equity ratio of 2.58, a quick ratio of 0.92 and a current ratio of 3.22. The firm has a fifty day moving average price of $9.21 and a 200 day moving average price of $10.11. B&G Foods, Inc. has a fifty-two week low of $7.20 and a fifty-two week high of $15.15. The firm has a market cap of $616.19 million, a price-to-earnings ratio of -5.41 and a beta of 0.61.
B&G Foods (NYSE:BGS – Get Free Report) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.02). The business had revenue of $475.22 million for the quarter, compared to analysts’ expectations of $480.93 million. B&G Foods had a negative net margin of 5.42% and a positive return on equity of 8.33%. B&G Foods’s revenue for the quarter was down 7.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.27 EPS. As a group, sell-side analysts expect that B&G Foods, Inc. will post 0.79 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 Tuesday, July 30th. Investors of record on Friday, June 28th will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 9.75%. The ex-dividend date of this dividend is Friday, June 28th. B&G Foods’s payout ratio is -52.78%.
B&G Foods Profile
B&G Foods, Inc manufactures, sells, and distributes a portfolio of shelf-stable and frozen foods, and household products in the United States, Canada, and Puerto Rico. The company’s products include frozen and canned vegetables, vegetables, canola and other cooking oils, vegetable shortening, cooking sprays, oatmeal and other hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegar, maple syrups, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, crackers, baking powder and soda, corn starch, nut clusters, and other specialty products.
Further Reading
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Source: defenseworld.net
