Vanguard Group Inc. Cuts Position in B&G Foods, Inc. (NYSE:BGS)

Vanguard Group Inc. trimmed its stake in shares of B&G Foods, Inc. (NYSE:BGS - Free Report) by 17.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,904,865 shares of the company's stock after selling 1,680,994 shares during the quarter. Vanguard Group Inc. owned about 9.99% of B&G Foods worth $54,465,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of BGS. PNC Financial Services Group Inc. grew its position in B&G Foods by 50.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 7,913 shares of the company's stock valued at $55,000 after buying an additional 2,658 shares during the last quarter. Independent Wealth Network Inc. acquired a new stake in B&G Foods in the fourth quarter valued at about $77,000. SBI Securities Co. Ltd. purchased a new stake in B&G Foods in the 4th quarter valued at approximately $79,000. Regent Peak Wealth Advisors LLC purchased a new position in shares of B&G Foods during the 4th quarter worth approximately $81,000. Finally, Prism Advisors Inc. acquired a new stake in shares of B&G Foods in the 4th quarter valued at approximately $82,000. Institutional investors and hedge funds own 66.15% of the company's stock.

B&G Foods Trading Up 4.5 %

Shares of NYSE BGS traded up $0.28 during midday trading on Thursday, reaching $6.40. 505,178 shares of the stock were exchanged, compared to its average volume of 1,946,717. The stock has a 50 day moving average price of $6.63 and a 200-day moving average price of $7.03. The company has a current ratio of 1.64, a quick ratio of 0.49 and a debt-to-equity ratio of 2.40. The company has a market capitalization of $506.09 million, a P/E ratio of -18.81 and a beta of 0.74. B&G Foods, Inc. has a 52-week low of $5.45 and a 52-week high of $11.72.

B&G Foods (NYSE:BGS - Get Free Report) last released its earnings results on Tuesday, February 25th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.30 by $0.01. B&G Foods had a negative net margin of 1.34% and a positive return on equity of 6.97%. The firm had revenue of $551.57 million during the quarter, compared to analysts' expectations of $547.95 million. Equities research analysts expect that B&G Foods, Inc. will post 0.7 earnings per share for the current fiscal year.

B&G Foods Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 11.88%. The ex-dividend date is Monday, March 31st. B&G Foods's dividend payout ratio is currently -23.90%.

Analysts Set New Price Targets

Separately, Piper Sandler cut their price objective on B&G Foods from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Wednesday, February 26th. One analyst has rated the stock with a sell rating and five have given a hold rating to the company. Based on data from MarketBeat, B&G Foods currently has an average rating of "Hold" and an average price target of $8.10.

About B&G Foods

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. Its products include frozen and canned vegetables, hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, and wine vinegar.