First Trust Advisors LP increased its holdings in B&G Foods, Inc. (NYSE:BGS) by 120.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 135,281 shares of the company’s stock after acquiring an additional 73,861 shares during the quarter. First Trust Advisors LP owned about 0.21% of B&G Foods worth $3,713,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also made changes to their positions in the company. Ridgewood Investments LLC purchased a new stake in B&G Foods in the second quarter worth $226,000. Russell Investments Group Ltd. lifted its position in B&G Foods by 1.7% during the second quarter. Russell Investments Group Ltd. now owns 257,358 shares of the company’s stock valued at $7,707,000 after buying an additional 4,242 shares during the period. Advisors Asset Management Inc. lifted its position in B&G Foods by 3.1% during the second quarter. Advisors Asset Management Inc. now owns 778,434 shares of the company’s stock valued at $23,275,000 after buying an additional 23,557 shares during the period. Laurion Capital Management LP purchased a new position in B&G Foods during the second quarter valued at $991,000. Finally, Schwab Charles Investment Management Inc. lifted its position in B&G Foods by 9.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 664,195 shares of the company’s stock valued at $19,860,000 after buying an additional 55,197 shares during the period. 99.65% of the stock is owned by institutional investors.
In other news, Director Cheryl M. Palmer sold 12,000 shares of the firm’s stock in a transaction on Tuesday, November 13th. The stock was sold at an average price of $29.52, for a total transaction of $354,240.00. Following the completion of the transaction, the director now directly owns 12,839 shares in the company, valued at $379,007.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.90% of the stock is owned by company insiders.
B&G Foods (NYSE:BGS) last issued its quarterly earnings results on Tuesday, October 30th. The company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. B&G Foods had a return on equity of 16.01% and a net margin of 11.09%. The firm had revenue of $422.60 million during the quarter, compared to the consensus estimate of $429.53 million. During the same period last year, the company earned $0.55 earnings per share. The company’s revenue was up 4.1% on a year-over-year basis. On average, sell-side analysts predict that B&G Foods, Inc. will post 2.02 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 30th. Stockholders of record on Monday, December 31st will be issued a dividend of $0.475 per share. The ex-dividend date is Friday, December 28th. This represents a $1.90 annualized dividend and a dividend yield of 6.24%. B&G Foods’s payout ratio is presently 89.62%.
BGS has been the subject of several recent research reports. Royal Bank of Canada reissued a “buy” rating and set a $39.00 price objective on shares of B&G Foods in a research report on Friday, August 3rd. Citigroup lowered their price objective on B&G Foods from $34.00 to $33.00 and set a “buy” rating for the company in a research report on Wednesday, October 31st. ValuEngine lowered B&G Foods from a “sell” rating to a “strong sell” rating in a research report on Thursday, November 1st. Credit Suisse Group raised their price objective on B&G Foods from $21.00 to $23.00 and gave the company an “underperform” rating in a research report on Wednesday, October 31st. Finally, Zacks Investment Research lowered B&G Foods from a “hold” rating to a “sell” rating in a research report on Tuesday, November 20th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $34.22.
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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, 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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