Renaissance Technologies LLC Increases Stake in B&G Foods, Inc. $BGS

Key Points

• Renaissance Technologies increased its B&G Foods stake by 395.1% in the first quarter, reaching 420,800 shares valued at approximately $2.0 million. Institutional investors collectively own 66.15% of the company.
• B&G Foods reported quarterly EPS of $0.08, matching estimates, but revenue of $365.1 million fell short of expectations and declined 3.9% year over year. The stock opened at $3.40, near its 52-week low.
• The company declared a quarterly dividend of $0.095, or $0.38 annualized, implying an 11.2% yield. Analysts remain cautious, with a consensus “Reduce” rating and a $4.38 price target.

Renaissance Technologies LLC raised its stake in B&G Foods, Inc. (NYSE:BGS - Free Report) by 395.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 420,800 shares of the company's stock after acquiring an additional 335,800 shares during the quarter. Renaissance Technologies LLC owned approximately 0.52% of B&G Foods worth $2,024,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of BGS. Royal Bank of Canada grew its stake in shares of B&G Foods by 14.4% during the 1st quarter. Royal Bank of Canada now owns 256,421 shares of the company's stock worth $1,761,000 after purchasing an additional 32,253 shares during the period. AQR Capital Management LLC lifted its stake in shares of B&G Foods by 5.3% in the 1st quarter. AQR Capital Management LLC now owns 163,781 shares of the company's stock valued at $1,125,000 after purchasing an additional 8,272 shares during the period. Millennium Management LLC lifted its stake in shares of B&G Foods by 15,131.8% in the 1st quarter. Millennium Management LLC now owns 1,887,984 shares of the company's stock valued at $12,970,000 after purchasing an additional 1,875,589 shares during the period. Goldman Sachs Group Inc. boosted its holdings in B&G Foods by 28.2% during the first quarter. Goldman Sachs Group Inc. now owns 706,117 shares of the company's stock worth $4,851,000 after buying an additional 155,503 shares in the last quarter. Finally, Empowered Funds LLC grew its position in B&G Foods by 6.6% during the first quarter. Empowered Funds LLC now owns 353,878 shares of the company's stock valued at $2,431,000 after buying an additional 22,064 shares during the period. Hedge funds and other institutional investors own 66.15% of the company's stock.

B&G Foods Stock Performance

BGS opened at $3.40 on Tuesday. The firm's fifty day simple moving average is $3.82 and its two-hundred day simple moving average is $4.56. B&G Foods, Inc. has a 52-week low of $3.35 and a 52-week high of $6.38. The company has a market cap of $275.98 million, a price-to-earnings ratio of -3.54 and a beta of 0.50. The company has a quick ratio of 1.42, a current ratio of 2.99 and a debt-to-equity ratio of 4.96.

B&G Foods (NYSE:BGS - Get Free Report) last released its earnings results on Tuesday, May 12th. The company reported $0.08 EPS for the quarter, hitting analysts' consensus estimates of $0.08. The business had revenue of $365.13 million during the quarter, compared to analysts' expectations of $398.81 million. B&G Foods had a negative net margin of 4.23% and a positive return on equity of 9.67%. The company's quarterly revenue was down 3.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.04 earnings per share. Equities analysts anticipate that B&G Foods, Inc. will post 0.57 earnings per share for the current fiscal year.

B&G Foods Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Wednesday, September 30th will be given a $0.095 dividend. This represents a $0.38 annualized dividend and a dividend yield of 11.2%. The ex-dividend date is Wednesday, September 30th. B&G Foods's dividend payout ratio (DPR) is -39.58%.

Analysts Set New Price Targets

A number of research firms have weighed in on BGS. Barclays cut their price objective on shares of B&G Foods from $6.00 to $5.00 and set an "equal weight" rating for the company in a report on Tuesday, July 21st. Weiss Ratings cut B&G Foods from a "sell (d+)" rating to a "sell (d-)" rating in a research report on Thursday, May 14th. Finally, Jefferies Financial Group set a $4.00 price target on B&G Foods in a research note on Wednesday, July 22nd. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, B&G Foods presently has a consensus rating of "Reduce" and a consensus price target of $4.38.

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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