Bank of New York Mellon Corp Sells 423,736 Shares of B&G Foods, Inc. (NYSE:BGS)

Bank of New York Mellon Corp trimmed its holdings in shares of B&G Foods, Inc. (NYSE:BGS) by 38.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 692,747 shares of the company’s stock after selling 423,736 shares during the period. Bank of New York Mellon Corp’s holdings in B&G Foods were worth $4,773,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Independent Wealth Network Inc. acquired a new position in B&G Foods during the fourth quarter worth $77,000. Regent Peak Wealth Advisors LLC bought a new position in shares of B&G Foods in the 4th quarter valued at about $81,000. Prism Advisors Inc. acquired a new position in shares of B&G Foods during the 4th quarter worth about $82,000. Fifth Third Bancorp raised its holdings in shares of B&G Foods by 260.9% in the 4th quarter. Fifth Third Bancorp now owns 13,500 shares of the company’s stock valued at $93,000 after purchasing an additional 9,759 shares during the period. Finally, Stratos Wealth Partners LTD. lifted its stake in B&G Foods by 12.3% in the 4th 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. Institutional investors own 66.15% of the company’s stock.

Analyst Ratings Changes

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

B&G Foods Price Performance

Shares of NYSE BGS opened at $7.41 on Tuesday. The stock has a market capitalization of $586.02 million, a PE ratio of -21.78 and a beta of 0.47. B&G Foods, Inc. has a fifty-two week low of $5.45 and a fifty-two week high of $11.79. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.64 and a quick ratio of 0.49. The business has a fifty day moving average price of $6.60 and a two-hundred day moving average price of $7.39.

B&G Foods (NYSE:BGS) last posted its quarterly earnings results on Tuesday, February 25th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.01. The business 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%. As a group, equities analysts predict that B&G Foods, Inc. will post 0.7 earnings per share for the current fiscal year.

B&G Foods Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 10.26%. The ex-dividend date of this dividend is Monday, March 31st. B&G Foods’s dividend payout ratio (DPR) is -23.90%.

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.