Renaissance Technologies LLC Grows Position in B&G Foods, Inc. $BGS

Renaissance Technologies LLC grew its holdings in B&G Foods, Inc. (NYSE:BGS) by 395.1% in the first quarter, Holdings Channel.com reports. The institutional investor owned 420,800 shares of the company’s stock after buying an additional 335,800 shares during the quarter. Renaissance Technologies LLC’s holdings in B&G Foods were worth $2,024,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Comerica Bank raised its holdings in B&G Foods by 53.3% in the 4th quarter. Comerica Bank now owns 10,706 shares of the company’s stock valued at $46,000 after acquiring an additional 3,722 shares during the last quarter. Summit Securities Group LLC boosted its holdings in shares of B&G Foods by 37.1% during the 4th quarter. Summit Securities Group LLC now owns 14,400 shares of the company’s stock worth $62,000 after purchasing an additional 3,900 shares during the last quarter. Prudential Financial Inc. grew its position in shares of B&G Foods by 5.6% in the second quarter. Prudential Financial Inc. now owns 83,807 shares of the company’s stock valued at $355,000 after purchasing an additional 4,447 shares in the last quarter. Kestra Advisory Services LLC grew its position in shares of B&G Foods by 29.4% in the first quarter. Kestra Advisory Services LLC now owns 21,765 shares of the company’s stock valued at $105,000 after purchasing an additional 4,943 shares in the last quarter. Finally, Rockefeller Capital Management L.P. increased its holdings in shares of B&G Foods by 91.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 10,612 shares of the company’s stock valued at $46,000 after purchasing an additional 5,055 shares during the last quarter. 66.15% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

B&G Foods Stock Performance

NYSE BGS opened at $3.40 on Tuesday. The stock has a fifty day simple moving average of $3.82 and a 200-day simple moving average of $4.56. The company has a current ratio of 2.99, a quick ratio of 1.42 and a debt-to-equity ratio of 4.96. The stock has a market cap of $275.98 million, a PE ratio of -3.54 and a beta of 0.50. B&G Foods, Inc. has a twelve month low of $3.35 and a twelve month high of $6.38.

B&G Foods (NYSE:BGS) last posted its earnings results on Tuesday, May 12th. The company reported $0.08 EPS for the quarter, meeting analysts’ consensus estimates of $0.08. The company had revenue of $365.13 million for 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%. B&G Foods’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.04 earnings per share. Equities analysts anticipate that B&G Foods, Inc. will post 0.57 earnings per share for the current year.

B&G Foods Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Wednesday, September 30th will be paid a $0.095 dividend. This represents a $0.38 dividend on an annualized basis and a dividend yield of 11.2%. The ex-dividend date of this dividend is Wednesday, September 30th. B&G Foods’s payout ratio is -39.58%.

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.