B&G Foods (NYSE:BGS) Shares Gap Up on Insider Buying Activity

B&G Foods, Inc. (NYSE:BGS - Get Free Report) shares gapped up before the market opened on Wednesday following insider buying activity. The stock had previously closed at $8.54, but opened at $9.16. B&G Foods shares last traded at $9.42, with a volume of 607,258 shares changing hands.

Specifically, EVP Scott E. Lerner acquired 11,755 shares of the company's stock in a transaction dated Monday, May 13th. The shares were bought at an average price of $8.51 per share, for a total transaction of $100,035.05. Following the acquisition, the executive vice president now owns 189,144 shares in the company, valued at approximately $1,609,615.44. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other B&G Foods news, EVP Scott E. Lerner bought 11,755 shares of the firm's stock in a transaction dated Monday, May 13th. The shares were acquired at an average cost of $8.51 per share, for a total transaction of $100,035.05. Following the transaction, the executive vice president now owns 189,144 shares in the company, valued at $1,609,615.44. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Bruce C. Wacha bought 5,200 shares of the firm's stock in a transaction dated Monday, May 13th. The shares were acquired at an average price of $8.59 per share, for a total transaction of $44,668.00. Following the completion of the transaction, the chief financial officer now owns 91,328 shares in the company, valued at approximately $784,507.52. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 141,955 shares of company stock worth $1,218,453. 3.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on BGS shares. StockNews.com lowered shares of B&G Foods from a "hold" rating to a "sell" rating in a research report on Friday, May 10th. Piper Sandler boosted their price target on shares of B&G Foods from $8.00 to $9.00 and gave the company an "underweight" rating in a research report on Wednesday, February 28th. Three analysts have rated the stock with a sell rating and one has issued a hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus price target of $9.50.

B&G Foods Stock Performance

The stock's 50-day simple moving average is $10.81 and its 200 day simple moving average is $10.25. The stock has a market capitalization of $715.01 million, a price-to-earnings ratio of -6.28 and a beta of 0.70. The company has a quick ratio of 0.92, a current ratio of 3.22 and a debt-to-equity ratio of 2.58.

B&G Foods (NYSE:BGS - Get Free Report) last announced its earnings results on Wednesday, May 8th. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.20 by ($0.02). B&G Foods had a positive return on equity of 8.33% and a negative net margin of 5.42%. The company had revenue of $475.22 million for the quarter, compared to analyst estimates of $480.93 million. During the same quarter in the previous year, the company posted $0.27 earnings per share. B&G Foods's revenue for the quarter was down 7.1% on a year-over-year basis. Analysts expect that B&G Foods, Inc. will post 0.81 earnings per share for the current fiscal year.

B&G Foods Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th were given a dividend of $0.19 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 8.40%. B&G Foods's payout ratio is -52.78%.

Hedge Funds Weigh In On B&G Foods

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of B&G Foods by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 10,043,164 shares of the company's stock worth $105,453,000 after buying an additional 1,190,116 shares during the last quarter. Invesco Ltd. increased its stake in B&G Foods by 72.7% in the third quarter. Invesco Ltd. now owns 1,087,931 shares of the company's stock valued at $10,760,000 after purchasing an additional 458,082 shares in the last quarter. Savoir Faire Capital Management L.P. bought a new stake in B&G Foods in the third quarter valued at approximately $3,698,000. GSA Capital Partners LLP bought a new stake in B&G Foods in the first quarter valued at approximately $2,835,000. Finally, Teacher Retirement System of Texas bought a new stake in B&G Foods in the fourth quarter valued at approximately $2,561,000. 66.15% of the stock is currently owned by institutional investors and hedge funds.

B&G Foods Company Profile

B&G Foods, Inc manufactures, sells, and distributes a portfolio of shelf-stable and frozen foods, and household products in the United States, Canada, and Puerto Rico. The company's products include frozen and canned vegetables, vegetables, canola and other cooking oils, vegetable shortening, cooking sprays, oatmeal and other hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegar, maple syrups, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, crackers, baking powder and soda, corn starch, nut clusters, and other specialty products.