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

B&G Foods, Inc. (NYSE:BGS) was the target of a large decline in short interest in the month of April. As of April 15th, there was short interest totalling 6,800,000 shares, a decline of 6.2% from the March 31st total of 7,250,000 shares. Based on an average daily volume of 987,400 shares, the days-to-cover ratio is currently 6.9 days.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Signaturefd LLC lifted its stake in B&G Foods by 58.2% during the fourth quarter. Signaturefd LLC now owns 6,124 shares of the company’s stock worth $64,000 after purchasing an additional 2,254 shares during the last quarter. CWM LLC lifted its position in shares of B&G Foods by 57.6% during the 4th quarter. CWM LLC now owns 6,257 shares of the company’s stock worth $66,000 after buying an additional 2,287 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in B&G Foods in the third quarter valued at about $70,000. GAMMA Investing LLC acquired a new position in B&G Foods during the fourth quarter worth about $76,000. Finally, SG Americas Securities LLC bought a new position in shares of B&G Foods in the third quarter worth about $104,000. 66.15% of the stock is owned by institutional investors.

B&G Foods Stock Performance

NYSE:BGS opened at $11.08 on Thursday. The company has a market cap of $875.48 million, a price-to-earnings ratio of -12.59 and a beta of 0.71. B&G Foods has a fifty-two week low of $7.20 and a fifty-two week high of $16.62. The company has a debt-to-equity ratio of 2.42, a quick ratio of 0.89 and a current ratio of 3.06. The stock has a fifty day moving average price of $10.94 and a 200-day moving average price of $10.16.

B&G Foods (NYSE:BGS) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.02. B&G Foods had a negative net margin of 3.21% and a positive return on equity of 8.68%. The business had revenue of $578.13 million during the quarter, compared to analysts’ expectations of $569.65 million. During the same quarter in the prior year, the business posted $0.40 earnings per share. B&G Foods’s revenue was down 7.2% compared to the same quarter last year. As a group, equities analysts anticipate that B&G Foods will post 0.83 EPS for the current fiscal year.

B&G Foods Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Thursday, March 28th were given a dividend of $0.19 per share. The ex-dividend date was Wednesday, March 27th. This represents a $0.76 annualized dividend and a dividend yield of 6.86%. B&G Foods’s dividend payout ratio is -86.36%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BGS. Piper Sandler upped 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 note on Wednesday, February 28th. StockNews.com raised shares of B&G Foods from a “sell” rating to a “hold” rating in a report on Saturday, March 9th. Two investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company. According to MarketBeat, B&G Foods presently has an average rating of “Hold” and an average price target of $9.50.

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.