B&G Foods, Inc. (NYSE:BGS) Short Interest Down 21.1% in April

Key Points

• Short interest fell 21.1% in April to 10,960,803 shares, equal to about 14.4% of the float and a short-interest ratio of 5.9 days.
• Analysts have a consensus rating of "Reduce" with an average price target of $4.90 (four Hold and two Sell ratings reported).
• Company insiders sold a total of 50,821 shares (≈$266,138) in the last 90 days, and B&G Foods declared a quarterly dividend of $0.19 (a 13.7% yield), though the payout ratio is reported as negative, raising sustainability concerns.

B&G Foods, Inc. (NYSE:BGS - Get Free Report) was the recipient of a large drop in short interest in the month of April. As of April 15th, there was short interest totaling 10,960,803 shares, a drop of 21.1% from the March 31st total of 13,895,543 shares. Based on an average trading volume of 1,868,790 shares, the short-interest ratio is currently 5.9 days. Approximately 14.4% of the shares of the stock are sold short.

Analysts Set New Price Targets

Several brokerages recently issued reports on BGS. TD Cowen reaffirmed a "sell" rating on shares of B&G Foods in a research report on Wednesday, March 4th. Barclays lifted their price objective on B&G Foods from $5.00 to $6.00 and gave the stock an "equal weight" rating in a research report on Tuesday, April 14th. Finally, Evercore set a $5.00 price objective on B&G Foods in a research report on Wednesday, March 4th. Four investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average price target of $4.90.

Insiders Place Their Bets

In other B&G Foods news, EVP Andrew D. Vogel sold 20,000 shares of the firm's stock in a transaction on Friday, March 13th. The stock was sold at an average price of $5.19, for a total value of $103,800.00. Following the sale, the executive vice president owned 50,679 shares of the company's stock, valued at approximately $263,024.01. This trade represents a 28.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Martin C. Schoch sold 11,321 shares of the firm's stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $5.40, for a total value of $61,133.40. Following the sale, the executive vice president directly owned 34,347 shares in the company, valued at approximately $185,473.80. This trade represents a 24.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 50,821 shares of company stock worth $266,138 in the last 90 days. Company insiders own 5.30% of the company's stock.

Hedge Funds Weigh In On B&G Foods

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Kestra Advisory Services LLC boosted its stake in shares of B&G Foods by 29.4% in the 1st quarter. Kestra Advisory Services LLC now owns 21,765 shares of the company's stock worth $105,000 after buying an additional 4,943 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV boosted its stake in shares of B&G Foods by 28.7% in the 1st quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 84,260 shares of the company's stock worth $405,000 after buying an additional 18,804 shares during the last quarter. PFG Investments LLC purchased a new position in shares of B&G Foods in the 1st quarter worth approximately $1,347,000. Comprehensive Money Management Services LLC purchased a new position in shares of B&G Foods in the 1st quarter worth approximately $50,000. Finally, Sterling Capital Management LLC boosted its stake in shares of B&G Foods by 1,016.6% in the 1st quarter. Sterling Capital Management LLC now owns 50,215 shares of the company's stock worth $242,000 after buying an additional 45,718 shares during the last quarter. Hedge funds and other institutional investors own 66.15% of the company's stock.

B&G Foods Stock Up 4.4%

B&G Foods stock traded up $0.24 during midday trading on Thursday, reaching $5.54. The stock had a trading volume of 1,559,297 shares, compared to its average volume of 1,580,694. B&G Foods has a 12 month low of $3.67 and a 12 month high of $6.91. The company has a market capitalization of $445.07 million, a P/E ratio of -10.25 and a beta of 0.46. The company has a fifty day moving average price of $5.25 and a two-hundred day moving average price of $4.77. The company has a current ratio of 3.32, a quick ratio of 1.43 and a debt-to-equity ratio of 4.30.

B&G Foods (NYSE:BGS - Get Free Report) last issued its earnings results on Tuesday, March 3rd. The company reported $0.28 EPS for the quarter, meeting analysts' consensus estimates of $0.28. The business had revenue of $539.56 million during the quarter, compared to analyst estimates of $537.50 million. B&G Foods had a positive return on equity of 8.43% and a negative net margin of 2.37%.The firm's revenue was down 2.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.31 EPS. As a group, equities analysts expect that B&G Foods will post 0.54 EPS for the current fiscal year.

B&G Foods Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Tuesday, March 31st will be paid a dividend of $0.19 per share. The ex-dividend date is Tuesday, March 31st. This represents a $0.76 dividend on an annualized basis and a yield of 13.7%. B&G Foods's payout ratio is -140.74%.

About B&G Foods

B&G Foods, Inc is a packaged foods holding company that develops, markets and distributes a diversified portfolio of branded shelf-stable and frozen food products. Headquartered in Parsippany, New Jersey, the company serves retail and foodservice customers across the United States and Canada. Through its network of manufacturing facilities, third-party co-packers and distribution partners, B&G Foods supplies grocery chains, mass merchandisers, club stores and e-commerce platforms.

The company's product portfolio spans multiple categories, including vegetables, beans, soups, sauces and condiments, snacks, cereals and refrigerated or frozen offerings.

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