B&G Foods (NYSE:BGS) Shares Gap Up After Insider Buying Activity

B&G Foods, Inc. (NYSE:BGS) shares gapped up prior to trading on Monday following insider buying activity. The stock had previously closed at $6.49, but opened at $6.99. B&G Foods shares last traded at $6.76, with a volume of 554,340 shares trading hands.

Specifically, EVP Scott E. Lerner bought 7,611 shares of the stock in a transaction dated Friday, November 8th. The shares were acquired at an average cost of $6.57 per share, with a total value of $50,004.27. Following the purchase, the executive vice president now directly owns 196,755 shares in the company, valued at $1,292,680.35. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Stephen Sherrill purchased 70,000 shares of B&G Foods stock in a transaction that occurred on Friday, November 8th. The stock was acquired at an average cost of $6.63 per share, with a total value of $464,100.00. Following the acquisition, the director now directly owns 353,084 shares in the company, valued at $2,340,946.92. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $10.00 price objective on shares of B&G Foods in a research report on Wednesday, August 7th. TD Cowen cut their price objective on B&G Foods from $8.00 to $7.50 and set a “sell” rating for the company in a research note on Wednesday, November 6th. Barclays lowered their price target on B&G Foods from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Thursday. StockNews.com raised B&G Foods from a “sell” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, Evercore ISI lowered their target price on shares of B&G Foods from $10.00 to $9.00 and set an “in-line” rating on the stock in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat.com, B&G Foods presently has an average rating of “Hold” and an average price target of $8.30.

B&G Foods Price Performance

The stock’s 50 day moving average is $8.51 and its two-hundred day moving average is $8.74. The stock has a market capitalization of $533.54 million, a PE ratio of -19.09 and a beta of 0.61. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.64 and a quick ratio of 0.48.

B&G Foods (NYSE:BGS) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). B&G Foods had a positive return on equity of 6.97% and a negative net margin of 1.34%. The business had revenue of $461.10 million for the quarter, compared to analysts’ expectations of $473.82 million. During the same period last year, the firm earned $0.27 earnings per share. The firm’s quarterly revenue was down 8.3% on a year-over-year basis. As a group, sell-side analysts forecast that B&G Foods, Inc. will post 0.73 earnings per share for the current fiscal year.

B&G Foods Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Tuesday, December 31st will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 11.28%. The ex-dividend date of this dividend is Tuesday, December 31st. B&G Foods’s payout ratio is -223.52%.

Institutional Investors Weigh In On B&G Foods

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Innealta Capital LLC purchased a new position in shares of B&G Foods during the second quarter worth about $33,000. nVerses Capital LLC purchased a new stake in B&G Foods in the second quarter valued at approximately $33,000. Versant Capital Management Inc lifted its stake in B&G Foods by 36.9% in the second quarter. Versant Capital Management Inc now owns 5,768 shares of the company’s stock valued at $47,000 after buying an additional 1,555 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of B&G Foods by 1,556.9% in the first quarter. Russell Investments Group Ltd. now owns 4,921 shares of the company’s stock valued at $56,000 after acquiring an additional 4,624 shares during the period. Finally, LRI Investments LLC acquired a new position in shares of B&G Foods in the 1st quarter valued at $60,000. 66.15% of the stock is currently owned by institutional investors and hedge funds.

B&G Foods Company 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.