Wedge Capital Management L L P NC Increases Holdings in B&G Foods, Inc. (NYSE:BGS)

Wedge Capital Management L L P NC lifted its position in shares of B&G Foods, Inc. (NYSE:BGS) by 29.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 160,995 shares of the company’s stock after buying an additional 36,643 shares during the period. Wedge Capital Management L L P NC’s holdings in B&G Foods were worth $1,106,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of BGS. Dimensional Fund Advisors LP raised its holdings in shares of B&G Foods by 28.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,353,557 shares of the company’s stock valued at $23,106,000 after buying an additional 744,898 shares in the last quarter. Two Sigma Investments LP raised its holdings in shares of B&G Foods by 113.2% during the 4th quarter. Two Sigma Investments LP now owns 830,817 shares of the company’s stock valued at $5,724,000 after buying an additional 441,117 shares in the last quarter. Invesco Ltd. raised its holdings in shares of B&G Foods by 55.7% during the 4th quarter. Invesco Ltd. now owns 1,132,834 shares of the company’s stock valued at $7,805,000 after buying an additional 405,033 shares in the last quarter. Barclays PLC increased its stake in B&G Foods by 267.5% in the 4th quarter. Barclays PLC now owns 480,312 shares of the company’s stock worth $3,308,000 after purchasing an additional 349,619 shares during the period. Finally, Two Sigma Advisers LP increased its stake in B&G Foods by 279.0% in the 4th quarter. Two Sigma Advisers LP now owns 458,200 shares of the company’s stock worth $3,157,000 after purchasing an additional 337,300 shares during the period. 66.15% of the stock is owned by hedge funds and other institutional investors.

B&G Foods Stock Down 1.2%

BGS stock opened at $4.57 on Wednesday. B&G Foods, Inc. has a 1-year low of $3.97 and a 1-year high of $9.68. The business has a fifty day moving average price of $5.39 and a 200-day moving average price of $6.31. 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 stock has a market capitalization of $364.28 million, a P/E ratio of -13.43 and a beta of 0.54.

B&G Foods (NYSE:BGS) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.12). The business had revenue of $425.40 million during the quarter, compared to analysts’ expectations of $459.40 million. B&G Foods had a positive return on equity of 6.97% and a negative net margin of 1.34%. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.18 EPS. Equities analysts forecast 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 declared a quarterly dividend, which will be paid on Wednesday, July 30th. Shareholders of record on Monday, June 30th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 16.65%. The ex-dividend date is Monday, June 30th. B&G Foods’s dividend payout ratio is presently -28.57%.

Analysts Set New Price Targets

A number of brokerages have commented on BGS. Barclays decreased their price target on B&G Foods from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 8th. Piper Sandler decreased their price target on B&G Foods from $7.00 to $5.00 and set a “neutral” rating on the stock in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $7.30.

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. It operates through the following segments: Specialty, Meals, Frozen & Vegetables, and Spices & Flavor Solutions.