B&G Foods (BGS) Bonds Trading 2.7% Lower Insider Trade

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An issue of B&G Foods, Inc. (NYSE:BGS) debt fell 2.7% as a percentage of its face value during trading on Tuesday following insider selling activity. The high-yield debt issue has a 5.25% coupon and is set to mature on April 1, 2025. The bonds in the issue are now trading at $93.50 and were trading at $94.74 last week. Price changes in a company’s debt in credit markets often predict parallel changes in its stock price. Specifically, Director Cheryl M. Palmer sold 12,000 shares of the firm’s stock in a transaction dated Tuesday, November 13th. The stock was sold at an average price of $29.52, for a total transaction of $354,240.00. Following the completion of the transaction, the director now directly owns 12,839 shares in the company, valued at $379,007.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.90% of the stock is owned by company insiders.

A number of equities analysts have recently issued reports on BGS shares. Royal Bank of Canada restated a “buy” rating and set a $39.00 price objective on shares of B&G Foods in a research report on Friday, August 3rd. Citigroup lowered their price objective on B&G Foods from $34.00 to $33.00 and set a “buy” rating for the company in a research report on Wednesday, October 31st. ValuEngine downgraded B&G Foods from a “sell” rating to a “strong sell” rating in a research report on Thursday, November 1st. Credit Suisse Group raised their price objective on B&G Foods from $21.00 to $23.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 31st. Finally, Zacks Investment Research upgraded B&G Foods from a “sell” rating to a “hold” rating in a research report on Wednesday, November 14th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $34.22.

The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of 14.46 and a beta of 0.52. The company has a quick ratio of 0.79, a current ratio of 1.61 and a debt-to-equity ratio of 2.07.

B&G Foods (NYSE:BGS) last issued its earnings results on Tuesday, October 30th. The company reported $0.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.01. The business had revenue of $422.60 million during the quarter, compared to the consensus estimate of $429.53 million. B&G Foods had a return on equity of 16.01% and a net margin of 11.09%. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.55 earnings per share. Equities analysts expect that B&G Foods, Inc. will post 2.02 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 30th. Shareholders of record on Monday, December 31st will be issued a $0.475 dividend. The ex-dividend date is Friday, December 28th. This represents a $1.90 dividend on an annualized basis and a yield of 6.20%. B&G Foods’s payout ratio is currently 89.62%.

Hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. grew its stake in B&G Foods by 4.0% in the second quarter. PNC Financial Services Group Inc. now owns 42,128 shares of the company’s stock valued at $1,259,000 after acquiring an additional 1,611 shares during the period. Alliancebernstein L.P. grew its stake in B&G Foods by 2.3% in the third quarter. Alliancebernstein L.P. now owns 86,816 shares of the company’s stock valued at $2,383,000 after acquiring an additional 1,931 shares during the period. US Bancorp DE grew its stake in B&G Foods by 2.1% in the third quarter. US Bancorp DE now owns 98,024 shares of the company’s stock valued at $2,691,000 after acquiring an additional 1,988 shares during the period. State Board of Administration of Florida Retirement System grew its stake in B&G Foods by 4.6% in the second quarter. State Board of Administration of Florida Retirement System now owns 48,704 shares of the company’s stock valued at $1,456,000 after acquiring an additional 2,124 shares during the period. Finally, Essex Investment Management Co. LLC grew its stake in B&G Foods by 4.5% in the third quarter. Essex Investment Management Co. LLC now owns 49,505 shares of the company’s stock valued at $1,359,000 after acquiring an additional 2,149 shares during the period. Institutional investors and hedge funds own 99.65% of the company’s stock.

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About B&G Foods (NYSE:BGS)

B&G Foods, Inc manufactures, sells, and distributes a portfolio of shelf-stable and frozen foods in the United States, 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, wine vinegars, maple syrups, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, puffed corn and rice snacks, cookies and crackers, nut clusters, and other specialty products.

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