Bank of New York Mellon Corp Increases Holdings in B&G Foods, Inc. (NYSE:BGS)

Bank of New York Mellon Corp grew its stake in B&G Foods, Inc. (NYSE:BGS - Free Report) by 14.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 789,956 shares of the company's stock after purchasing an additional 97,209 shares during the period. Bank of New York Mellon Corp owned approximately 1.00% of B&G Foods worth $5,427,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Raymond James Financial Inc. purchased a new stake in shares of B&G Foods during the fourth quarter worth $1,132,000. PNC Financial Services Group Inc. increased its holdings in B&G Foods by 50.6% in the fourth 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. Quantbot Technologies LP increased its holdings in B&G Foods by 21.5% in the fourth quarter. Quantbot Technologies LP now owns 91,627 shares of the company's stock valued at $631,000 after buying an additional 16,186 shares during the last quarter. Virtu Financial LLC purchased a new position in B&G Foods in the fourth quarter valued at $170,000. Finally, American Century Companies Inc. increased its holdings in B&G Foods by 13.7% in the fourth quarter. American Century Companies Inc. now owns 2,226,706 shares of the company's stock valued at $15,342,000 after buying an additional 267,455 shares during the last quarter. 66.15% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on BGS shares. Piper Sandler dropped their price objective on B&G Foods from $7.00 to $5.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. Barclays reduced their price objective on shares of B&G Foods from $5.00 to $4.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. According to MarketBeat.com, B&G Foods currently has an average rating of "Hold" and a consensus price target of $7.10.

B&G Foods Price Performance

Shares of B&G Foods stock traded down $0.21 during trading on Monday, hitting $4.30. 1,929,741 shares of the company were exchanged, compared to its average volume of 2,926,382. The company has a quick ratio of 1.07, a current ratio of 3.32 and a debt-to-equity ratio of 3.90. B&G Foods, Inc. has a fifty-two week low of $3.97 and a fifty-two week high of $9.44. The stock has a market capitalization of $343.14 million, a price-to-earnings ratio of -1.62 and a beta of 0.54. The firm has a 50 day moving average price of $4.30 and a 200 day moving average price of $5.66.

B&G Foods (NYSE:BGS - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.12). B&G Foods had a positive return on equity of 7.00% and a negative net margin of 11.16%. The company had revenue of $425.40 million for the quarter, compared to analyst estimates of $459.40 million. During the same quarter in the prior year, the firm earned $0.18 earnings per share. The company's revenue for the quarter was down 10.5% on a year-over-year basis. On average, equities analysts expect that B&G Foods, Inc. will post 0.7 earnings per share for the current fiscal year.

B&G Foods Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 30th. Stockholders of record on Monday, June 30th will be paid a dividend of $0.19 per share. The ex-dividend date is Monday, June 30th. This represents a $0.76 annualized dividend and a dividend yield of 17.67%. B&G Foods's dividend payout ratio is presently -28.57%.

B&G Foods Profile

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. It operates through the following segments: Specialty, Meals, Frozen & Vegetables, and Spices & Flavor Solutions.