B&G Foods Target of Unusually Large Options Trading (NYSE:BGS)

B&G Foods, Inc. (NYSE:BGS) was the recipient of unusually large options trading activity on Monday. Traders bought 7,344 call options on the stock. This is an increase of 482% compared to the average volume of 1,261 call options.

Insider Activity

In related news, Director Dennis M. Mullen sold 18,795 shares of B&G Foods stock in a transaction 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 transaction, the director owned 83,956 shares in the company, valued at $377,802. This trade represents a 18.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.00% of the company’s stock.

Institutional Investors Weigh In On B&G Foods

Several institutional investors and hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. raised its stake in B&G Foods by 324.2% in 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 in the last quarter. Millennium Management LLC grew its holdings in shares of B&G Foods by 15,131.8% during the 1st quarter. Millennium Management LLC now owns 1,887,984 shares of the company’s stock worth $12,970,000 after acquiring an additional 1,875,589 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of 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 worth $14,523,000 after acquiring an additional 705,958 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of B&G Foods by 142.7% in the 2nd quarter. Bank of America Corp DE now owns 1,193,473 shares of the company’s stock valued at $5,048,000 after purchasing an additional 701,660 shares during the period. Finally, Marshall Wace LLP boosted its position in shares of B&G Foods by 566.8% during the second quarter. Marshall Wace LLP now owns 700,640 shares of the company’s stock valued at $2,964,000 after purchasing an additional 595,571 shares in the last quarter. 66.15% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BGS. TD Cowen raised their price objective on B&G Foods from $3.00 to $3.50 and gave the company a “sell” rating in a research note on Friday, January 16th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of B&G Foods in a research note on Monday, December 29th. Four equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, B&G Foods presently has a consensus rating of “Reduce” and a consensus price target of $4.38.

B&G Foods Trading Up 2.2%

NYSE BGS traded up $0.12 on Monday, hitting $5.40. The company’s stock had a trading volume of 562,360 shares, compared to its average volume of 1,964,523. The firm has a market cap of $431.49 million, a P/E ratio of -1.71 and a beta of 0.48. B&G Foods has a 52-week low of $3.67 and a 52-week high of $8.06. The company’s 50-day simple moving average is $4.57 and its 200 day simple moving average is $4.49. The company has a current ratio of 3.20, a quick ratio of 1.30 and a debt-to-equity ratio of 4.29.

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.