B&G Foods, Inc. (NYSE:BGS) Shares Sold by Rhumbline Advisers

Rhumbline Advisers trimmed its stake in B&G Foods, Inc. (NYSE:BGS) by 6.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 235,072 shares of the company’s stock after selling 16,015 shares during the period. Rhumbline Advisers owned approximately 0.30% of B&G Foods worth $1,615,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its stake in B&G Foods by 50.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 7,913 shares of the company’s stock valued at $55,000 after acquiring an additional 2,658 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of B&G Foods in the 4th quarter valued at about $79,000. Quarry LP boosted its position in shares of B&G Foods by 45,526.9% in the 4th quarter. Quarry LP now owns 11,863 shares of the company’s stock valued at $82,000 after purchasing an additional 11,837 shares during the period. Freestone Grove Partners LP purchased a new position in B&G Foods during the 4th quarter worth approximately $91,000. Finally, KLP Kapitalforvaltning AS purchased a new position in B&G Foods during the 4th quarter worth approximately $92,000. 66.15% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BGS has been the subject of a number of research reports. Barclays reduced their price objective on B&G Foods from $7.00 to $5.00 and set an “equal weight” rating for the company in a research note on Thursday, May 8th. Piper Sandler reduced their price target on shares of B&G Foods from $7.00 to $5.00 and set a “neutral” rating for the company in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $7.30.

B&G Foods Stock Down 0.8%

B&G Foods stock opened at $4.38 on Wednesday. The stock has a 50 day moving average of $5.21 and a two-hundred day moving average of $6.24. B&G Foods, Inc. has a twelve month low of $3.97 and a twelve month high of $9.44. The stock has a market capitalization of $349.13 million, a price-to-earnings ratio of -1.64 and a beta of 0.53. The company has a current ratio of 3.32, a quick ratio of 1.07 and a debt-to-equity ratio of 3.90.

B&G Foods (NYSE:BGS) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.12). The company had revenue of $425.40 million for the quarter, compared to analyst estimates of $459.40 million. B&G Foods had a positive return on equity of 7.00% and a negative net margin of 11.16%. B&G Foods’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.18 earnings per share. As a group, research analysts expect that B&G Foods, Inc. will post 0.7 earnings per share for the current year.

B&G Foods Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 30th. Investors of record on Monday, June 30th will be given a $0.19 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.76 dividend on an annualized basis and a yield of 17.37%. B&G Foods’s payout ratio is currently -28.57%.

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. It operates through the following segments: Specialty, Meals, Frozen & Vegetables, and Spices & Flavor Solutions.