B&G Foods, Inc. (NYSE:BGS) Sees Significant Decline in Short Interest

B&G Foods, Inc. (NYSE:BGS) saw a significant decline in short interest during the month of January. As of January 30th, there was short interest totaling 12,909,751 shares, a decline of 16.9% from the January 15th total of 15,542,408 shares. Based on an average trading volume of 1,604,598 shares, the short-interest ratio is currently 8.0 days. Currently, 16.8% of the shares of the stock are sold short. Currently, 16.8% of the shares of the stock are sold short. Based on an average trading volume of 1,604,598 shares, the short-interest ratio is currently 8.0 days.

B&G Foods Stock Down 3.1%

Shares of NYSE:BGS traded down $0.16 during trading on Tuesday, hitting $5.07. 1,917,540 shares of the company’s stock traded hands, compared to its average volume of 1,944,648. The company has a current ratio of 3.20, a quick ratio of 1.30 and a debt-to-equity ratio of 4.29. The company has a 50-day moving average price of $4.55 and a 200-day moving average price of $4.47. B&G Foods has a 52 week low of $3.67 and a 52 week high of $8.06. The company has a market cap of $405.50 million, a price-to-earnings ratio of -1.60 and a beta of 0.48.

Analyst Upgrades and Downgrades

BGS has been the subject of a number of recent research reports. TD Cowen boosted their target price on B&G Foods from $3.00 to $3.50 and gave the stock a “sell” rating in a research report on Friday, January 16th. Weiss Ratings reissued a “sell (d)” rating on shares of B&G Foods in a report on Monday, December 29th. Four research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $4.38.

Insider Activity

In related news, Director Dennis M. Mullen sold 18,795 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $4.50, for a total value of $84,577.50. Following the completion of the sale, the director owned 83,956 shares of the company’s stock, valued at $377,802. This trade represents a 18.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On B&G Foods

A number of large investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its position in shares of B&G Foods by 324.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,707,044 shares of the company’s stock worth $15,940,000 after buying an additional 2,833,090 shares during the period. Millennium Management LLC lifted its stake in B&G Foods by 15,131.8% in the 1st quarter. Millennium Management LLC now owns 1,887,984 shares of the company’s stock valued at $12,970,000 after acquiring an additional 1,875,589 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in B&G Foods by 26.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,377,381 shares of the company’s stock valued at $14,523,000 after acquiring an additional 705,958 shares in the last quarter. Bank of America Corp DE boosted its position in B&G Foods by 142.7% during the 2nd quarter. Bank of America Corp DE now owns 1,193,473 shares of the company’s stock worth $5,048,000 after acquiring an additional 701,660 shares during the last quarter. Finally, Marshall Wace LLP grew its stake in shares of B&G Foods by 566.8% during the 2nd quarter. Marshall Wace LLP now owns 700,640 shares of the company’s stock worth $2,964,000 after acquiring an additional 595,571 shares in the last quarter. Institutional investors own 66.15% of the company’s stock.

B&G Foods Company Profile

B&G Foods, Inc is a packaged foods holding company that develops, markets and distributes a diversified portfolio of branded shelf-stable and frozen food products. Headquartered in Parsippany, New Jersey, the company serves retail and foodservice customers across the United States and Canada. Through its network of manufacturing facilities, third-party co-packers and distribution partners, B&G Foods supplies grocery chains, mass merchandisers, club stores and e-commerce platforms.

The company’s product portfolio spans multiple categories, including vegetables, beans, soups, sauces and condiments, snacks, cereals and refrigerated or frozen offerings.