Bank of New York Mellon Corp Decreases Stake in B&G Foods, Inc. (NYSE:BGS)

Bank of New York Mellon Corp cut its holdings in shares of B&G Foods, Inc. (NYSE:BGS - Free Report) by 38.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 692,747 shares of the company's stock after selling 423,736 shares during the period. Bank of New York Mellon Corp owned approximately 0.88% of B&G Foods worth $4,773,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Independent Wealth Network Inc. purchased a new position in B&G Foods in the 4th quarter valued at about $77,000. Regent Peak Wealth Advisors LLC purchased a new position in shares of B&G Foods in the fourth quarter valued at approximately $81,000. Prism Advisors Inc. acquired a new stake in shares of B&G Foods in the fourth quarter worth approximately $82,000. Fifth Third Bancorp raised its position in shares of B&G Foods by 260.9% in the fourth quarter. Fifth Third Bancorp now owns 13,500 shares of the company's stock valued at $93,000 after buying an additional 9,759 shares during the last quarter. Finally, Stratos Wealth Partners LTD. lifted 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 worth $101,000 after buying an additional 1,599 shares in the last quarter. 66.15% of the stock is owned by institutional investors and hedge funds.

B&G Foods Trading Up 2.7 %

Shares of B&G Foods stock traded up $0.19 during trading hours on Friday, hitting $7.09. The company's stock had a trading volume of 1,357,686 shares, compared to its average volume of 1,265,613. The stock has a market cap of $560.69 million, a price-to-earnings ratio of -20.84 and a beta of 0.47. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.49 and a current ratio of 1.64. B&G Foods, Inc. has a twelve month low of $5.45 and a twelve month high of $11.79. The firm has a fifty day moving average of $6.62 and a 200-day moving average of $7.37.

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B&G Foods (NYSE:BGS - Get Free Report) last announced its earnings results on Tuesday, February 25th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.01. B&G Foods had a negative net margin of 1.34% and a positive return on equity of 6.97%. The company had revenue of $551.57 million during the quarter, compared to analyst estimates of $547.95 million. Research analysts forecast that B&G Foods, Inc. will post 0.7 EPS for the current year.

B&G Foods Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 10.73%. The ex-dividend date is Monday, March 31st. B&G Foods's payout ratio is -23.90%.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler dropped their target price on B&G Foods from $8.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $8.10.

B&G Foods 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. Its products include frozen and canned vegetables, hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, and wine vinegar.