B&G Foods (NYSE:BGS) Trading 3.2% Higher - Here's What Happened

B&G Foods, Inc. (NYSE:BGS - Get Free Report)'s share price shot up 3.2% during mid-day trading on Tuesday . The company traded as high as $6.86 and last traded at $6.86. 294,553 shares changed hands during trading, a decline of 82% from the average session volume of 1,682,194 shares. The stock had previously closed at $6.64.

Analyst Upgrades and Downgrades

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

B&G Foods Trading Up 10.8 %

The business's 50 day moving average price is $6.55 and its two-hundred day moving average price is $7.44. The company has a market capitalization of $605.01 million, a price-to-earnings ratio of -22.48 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 (NYSE:BGS - Get Free Report) last issued 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 company had revenue of $551.57 million during 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%. Equities analysts forecast that B&G Foods, Inc. will post 0.7 earnings per share for the current fiscal year.

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B&G Foods Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 9.94%. The ex-dividend date of this dividend is Monday, March 31st. B&G Foods's dividend payout ratio is currently -23.90%.

Institutional Trading of B&G Foods

A number of institutional investors have recently made changes to their positions in the stock. Stratos Wealth Partners LTD. lifted its stake 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 purchasing an additional 1,599 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in B&G Foods by 5.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 31,158 shares of the company's stock valued at $215,000 after purchasing an additional 1,718 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in B&G Foods by 4.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,463 shares of the company's stock valued at $306,000 after purchasing an additional 1,900 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in B&G Foods by 50.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 7,913 shares of the company's stock valued at $55,000 after purchasing an additional 2,658 shares during the last quarter. Finally, Versor Investments LP lifted its stake in B&G Foods by 13.4% during the third quarter. Versor Investments LP now owns 24,300 shares of the company's stock valued at $216,000 after purchasing an additional 2,862 shares during the last quarter. 66.15% of the stock is owned by institutional investors and hedge funds.

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