B&G Foods (NYSE:BGS) Shares Up 7.1% - Time to Buy?

B&G Foods, Inc. (NYSE:BGS - Get Free Report) rose 7.1% during trading on Monday . The stock traded as high as $6.76 and last traded at $6.90. Approximately 599,537 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 1,339,280 shares. The stock had previously closed at $6.44.

Analysts Set New Price Targets

Separately, Piper Sandler decreased their price objective on shares of B&G Foods from $8.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $8.10.

B&G Foods Trading Down 0.1 %

The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.49 and a current ratio of 1.64. The company has a 50 day moving average of $6.68 and a 200 day moving average of $7.24. The stock has a market capitalization of $521.12 million, a price-to-earnings ratio of -19.37 and a beta of 0.47.

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

B&G Foods Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be issued a $0.19 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.76 annualized dividend and a dividend yield of 11.54%. B&G Foods's dividend payout ratio is presently -23.90%.

Hedge Funds Weigh In On B&G Foods

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BGS. FMR LLC raised its holdings in shares of B&G Foods by 67.5% during the 3rd quarter. FMR LLC now owns 161,345 shares of the company's stock worth $1,433,000 after acquiring an additional 65,011 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in B&G Foods by 2.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 194,926 shares of the company's stock worth $1,731,000 after purchasing an additional 3,879 shares during the last quarter. Verition Fund Management LLC raised its stake in B&G Foods by 3,480.9% during the third quarter. Verition Fund Management LLC now owns 379,394 shares of the company's stock worth $3,369,000 after purchasing an additional 368,799 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in B&G Foods in the 3rd quarter valued at about $102,000. Finally, Point72 Asset Management L.P. purchased a new stake in shares of B&G Foods in the 3rd quarter valued at approximately $962,000. Institutional investors and hedge funds own 66.15% of the company's stock.

About B&G Foods

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.