B&G Foods, Inc. (NYSE:BGS) Sees Large Increase in Short Interest

B&G Foods, Inc. (NYSE:BGS - Get Free Report) was the recipient of a significant increase in short interest during the month of May. As of May 15th, there was short interest totalling 18,570,000 shares, an increase of 34.4% from the April 30th total of 13,820,000 shares. Based on an average daily volume of 2,740,000 shares, the days-to-cover ratio is currently 6.8 days. Currently, 24.2% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BGS. Piper Sandler cut their price target on B&G Foods from $7.00 to $5.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Barclays lowered their price objective on B&G Foods from $7.00 to $5.00 and set an "equal weight" rating for the company in a research report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $7.30.

B&G Foods Trading Up 3.8%

Shares of NYSE:BGS traded up $0.16 during midday trading on Friday, reaching $4.36. The company's stock had a trading volume of 2,546,713 shares, compared to its average volume of 1,688,955. The firm has a market cap of $347.92 million, a price-to-earnings ratio of -12.82 and a beta of 0.53. The company has a quick ratio of 0.49, a current ratio of 1.64 and a debt-to-equity ratio of 2.40. B&G Foods has a 1 year low of $3.97 and a 1 year high of $9.68. The business has a 50 day moving average price of $5.47 and a 200 day moving average price of $6.34.

B&G Foods (NYSE:BGS - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.16 by ($0.12). B&G Foods had a negative net margin of 1.34% and a positive return on equity of 6.97%. The firm had revenue of $425.40 million for the quarter, compared to analysts' expectations of $459.40 million. During the same period last year, the firm posted $0.18 EPS. B&G Foods's revenue was down 10.5% on a year-over-year basis. Research analysts forecast that B&G Foods will post 0.7 EPS for the current year.

B&G Foods Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 30th. Shareholders of record on Monday, June 30th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 17.43%. The ex-dividend date is Monday, June 30th. B&G Foods's dividend payout ratio (DPR) is presently -28.57%.

Institutional Investors Weigh In On B&G Foods

A number of institutional investors have recently added to or reduced their stakes in the company. Stratos Wealth Partners LTD. grew its position in B&G Foods by 12.3% during the fourth quarter. Stratos Wealth Partners LTD. now owns 14,647 shares of the company's stock valued at $101,000 after acquiring an additional 1,599 shares during the period. Investors Asset Management of Georgia Inc. GA ADV grew its position in B&G Foods by 3.1% during the first quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 53,791 shares of the company's stock valued at $370,000 after acquiring an additional 1,602 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of B&G Foods by 5.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 31,158 shares of the company's stock worth $215,000 after buying an additional 1,718 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of B&G Foods by 4.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,463 shares of the company's stock worth $306,000 after buying an additional 1,900 shares during the period. Finally, SummerHaven Investment Management LLC boosted its position in shares of B&G Foods by 2.3% in the first quarter. SummerHaven Investment Management LLC now owns 100,737 shares of the company's stock worth $692,000 after buying an additional 2,219 shares during the period. Hedge funds and other institutional investors own 66.15% of the company's stock.

B&G Foods Company 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.