Traders Buy Shares of B&G Foods (BGS) on Weakness After Earnings Miss

Traders bought shares of B&G Foods, Inc. (NYSE:BGS) on weakness during trading on Friday after the company announced weaker than expected quarterly earnings. $39.15 million flowed into the stock on the tick-up and $20.44 million flowed out of the stock on the tick-down, for a money net flow of $18.71 million into the stock. Of all companies tracked, B&G Foods had the 18th highest net in-flow for the day. B&G Foods traded down ($2.23) for the day and closed at $22.72The company reported $0.44 EPS for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.05). B&G Foods had a net margin of 10.14% and a return on equity of 14.13%. The business had revenue of $412.70 million during the quarter, compared to analysts’ expectations of $406.04 million. During the same period in the prior year, the business posted $0.55 EPS. The business’s revenue was down 4.4% on a year-over-year basis.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Friday, March 29th were paid a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 8.36%. The ex-dividend date of this dividend was Thursday, March 28th. B&G Foods’s dividend payout ratio is presently 102.70%.

A number of brokerages have recently commented on BGS. ValuEngine downgraded shares of B&G Foods from a “hold” rating to a “sell” rating in a research note on Saturday. Zacks Investment Research raised shares of B&G Foods from a “sell” rating to a “hold” rating in a research note on Wednesday. Piper Jaffray Companies set a $26.00 price target on shares of B&G Foods and gave the company a “hold” rating in a report on Friday, March 1st. Barclays reaffirmed a “hold” rating and set a $23.00 price target on shares of B&G Foods in a report on Thursday, February 28th. Finally, BMO Capital Markets lowered their price target on shares of B&G Foods from $33.00 to $28.00 and set a “market perform” rating for the company in a report on Thursday, February 28th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $28.72.

In other news, COO Kenneth G. Romanzi purchased 1,200 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was acquired at an average cost of $24.64 per share, with a total value of $29,568.00. Following the acquisition, the chief operating officer now owns 1,200 shares in the company, valued at $29,568. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.20% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ERTS Wealth Advisors LLC acquired a new stake in B&G Foods during the 4th quarter valued at $54,000. Versant Capital Management Inc grew its holdings in B&G Foods by 124.9% during the 1st quarter. Versant Capital Management Inc now owns 2,092 shares of the company’s stock valued at $51,000 after purchasing an additional 1,162 shares in the last quarter. Flagship Harbor Advisors LLC grew its holdings in B&G Foods by 218.5% during the 4th quarter. Flagship Harbor Advisors LLC now owns 2,169 shares of the company’s stock valued at $62,000 after purchasing an additional 1,488 shares in the last quarter. Covington Capital Management acquired a new position in B&G Foods during the 4th quarter worth $94,000. Finally, Hanson & Doremus Investment Management grew its holdings in B&G Foods by 17.1% during the 4th quarter. Hanson & Doremus Investment Management now owns 3,387 shares of the company’s stock worth $98,000 after acquiring an additional 495 shares in the last quarter. 96.56% of the stock is owned by institutional investors and hedge funds.

The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of 12.28 and a beta of 0.44. The company has a debt-to-equity ratio of 1.82, a quick ratio of 0.71 and a current ratio of 2.27.

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B&G Foods Company Profile (NYSE:BGS)

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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