Kornitzer Capital Management Inc. KS Reduces Holdings in B&G Foods, Inc. (NYSE:BGS)

Kornitzer Capital Management Inc. KS reduced its stake in shares of B&G Foods, Inc. (NYSE:BGS - Free Report) by 38.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 390,465 shares of the company's stock after selling 244,575 shares during the period. Kornitzer Capital Management Inc. KS owned approximately 0.50% of B&G Foods worth $4,100,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its stake in shares of B&G Foods by 10.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,575,390 shares of the company's stock worth $15,581,000 after acquiring an additional 148,548 shares during the period. Aigen Investment Management LP increased its stake in shares of B&G Foods by 274.0% in the third quarter. Aigen Investment Management LP now owns 78,181 shares of the company's stock worth $773,000 after acquiring an additional 57,276 shares during the period. Invesco Ltd. increased its stake in shares of B&G Foods by 72.7% in the third quarter. Invesco Ltd. now owns 1,087,931 shares of the company's stock worth $10,760,000 after acquiring an additional 458,082 shares during the period. Federated Hermes Inc. boosted its stake in shares of B&G Foods by 78.3% in the third quarter. Federated Hermes Inc. now owns 265,546 shares of the company's stock worth $2,626,000 after buying an additional 116,587 shares during the last quarter. Finally, Hudson Bay Capital Management LP purchased a new stake in shares of B&G Foods in the third quarter worth about $1,160,000. 66.15% of the stock is currently owned by institutional investors and hedge funds.

B&G Foods Price Performance

BGS stock traded up $0.15 during mid-day trading on Friday, reaching $10.73. 580,995 shares of the company's stock were exchanged, compared to its average volume of 616,771. The company has a market cap of $848.21 million, a price-to-earnings ratio of -12.19 and a beta of 0.71. B&G Foods, Inc. has a 12-month low of $7.20 and a 12-month high of $16.68. The stock's 50 day moving average is $10.75 and its 200 day moving average is $10.00. The company has a debt-to-equity ratio of 2.42, a current ratio of 3.06 and a quick ratio of 0.89.

B&G Foods (NYSE:BGS - Get Free Report) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.28 by $0.02. The company had revenue of $578.13 million during the quarter, compared to analyst estimates of $569.65 million. B&G Foods had a negative net margin of 3.21% and a positive return on equity of 8.68%. The firm's revenue was down 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.40 EPS. On average, research analysts expect that B&G Foods, Inc. will post 0.83 EPS for the current year.

B&G Foods Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 7.08%. The ex-dividend date is Wednesday, March 27th. B&G Foods's dividend payout ratio is presently -86.36%.

Analyst Ratings Changes

A number of analysts have recently commented on the company. StockNews.com upgraded B&G Foods from a "sell" rating to a "hold" rating in a research note on Saturday, March 9th. Piper Sandler raised 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. Two investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company's stock. Based on data from MarketBeat, B&G Foods presently has a consensus rating of "Hold" and an average target price of $9.50.

B&G Foods 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.