Panagora Asset Management Inc. raised its stake in B&G Foods, Inc. (NYSE:BGS) by 7,612.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,039 shares of the company’s stock after purchasing an additional 14,844 shares during the quarter. Panagora Asset Management Inc.’s holdings in B&G Foods were worth $313,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Inlet Private Wealth LLC bought a new position in shares of B&G Foods during the 2nd quarter worth approximately $2,934,000. SG Americas Securities LLC boosted its stake in shares of B&G Foods by 476.8% during the 2nd quarter. SG Americas Securities LLC now owns 141,381 shares of the company’s stock worth $2,941,000 after acquiring an additional 116,868 shares during the period. Champlain Investment Partners LLC boosted its stake in shares of B&G Foods by 3.5% during the 1st quarter. Champlain Investment Partners LLC now owns 2,894,480 shares of the company’s stock worth $70,683,000 after acquiring an additional 98,665 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in shares of B&G Foods during the 1st quarter worth approximately $1,939,000. Finally, Geode Capital Management LLC boosted its stake in shares of B&G Foods by 8.8% during the 4th quarter. Geode Capital Management LLC now owns 700,455 shares of the company’s stock worth $20,250,000 after acquiring an additional 56,792 shares during the period. Hedge funds and other institutional investors own 97.34% of the company’s stock.
Several research analysts have recently commented on BGS shares. ValuEngine downgraded B&G Foods from a “sell” rating to a “strong sell” rating in a research note on Saturday, June 22nd. Barclays reissued a “hold” rating and set a $22.00 price target on shares of B&G Foods in a report on Monday, July 15th. Credit Suisse Group dropped their price target on B&G Foods from $19.00 to $17.00 and set an “underperform” rating for the company in a report on Friday, August 30th. Finally, Evercore ISI assumed coverage on B&G Foods in a report on Tuesday, June 11th. They set an “in-line” rating and a $25.00 price target for the company. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $25.94.
B&G Foods (NYSE:BGS) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.03. The business had revenue of $371.20 million during the quarter, compared to analysts’ expectations of $370.24 million. B&G Foods had a return on equity of 13.04% and a net margin of 10.75%. The firm’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period last year, the firm posted $0.38 EPS. On average, analysts predict that B&G Foods, Inc. will post 1.8 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 30th. Shareholders of record on Monday, September 30th will be issued a $0.475 dividend. The ex-dividend date is Friday, September 27th. This represents a $1.90 annualized dividend and a yield of 9.55%. B&G Foods’s dividend payout ratio is presently 102.70%.
In related news, Director Deann L. Brunts acquired 2,483 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was purchased at an average cost of $18.98 per share, with a total value of $47,127.34. Following the acquisition, the director now directly owns 22,272 shares of the company’s stock, valued at $422,722.56. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.20% of the stock is owned by insiders.
About B&G Foods
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, oatmeal and 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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