Renaissance Technologies LLC Sells 54,365 Shares of B&G Foods, Inc. (NYSE:BGS)

Renaissance Technologies LLC lessened its stake in shares of B&G Foods, Inc. (NYSE:BGS) by 10.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 455,035 shares of the company’s stock after selling 54,365 shares during the period. Renaissance Technologies LLC owned approximately 0.58% of B&G Foods worth $3,677,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Innealta Capital LLC bought a new position in shares of B&G Foods during the second quarter valued at $33,000. nVerses Capital LLC purchased a new position in B&G Foods in the second quarter worth about $33,000. Versant Capital Management Inc lifted its stake in shares of B&G Foods by 36.9% in the second quarter. Versant Capital Management Inc now owns 5,768 shares of the company’s stock worth $47,000 after buying an additional 1,555 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of B&G Foods by 1,556.9% during the first quarter. Russell Investments Group Ltd. now owns 4,921 shares of the company’s stock valued at $56,000 after buying an additional 4,624 shares during the last quarter. Finally, LRI Investments LLC bought a new stake in shares of B&G Foods during the first quarter valued at approximately $60,000. Hedge funds and other institutional investors own 66.15% of the company’s stock.

B&G Foods Trading Up 0.5 %

B&G Foods stock opened at $9.34 on Monday. The business has a 50-day simple moving average of $8.59 and a two-hundred day simple moving average of $9.31. B&G Foods, Inc. has a 52-week low of $7.20 and a 52-week high of $11.97. The company has a quick ratio of 0.48, a current ratio of 1.63 and a debt-to-equity ratio of 2.33. The company has a market cap of $738.34 million, a P/E ratio of -6.49 and a beta of 0.60.

B&G Foods (NYSE:BGS) last announced its earnings results on Tuesday, August 6th. The company reported $0.08 EPS for the quarter, meeting analysts’ consensus estimates of $0.08. The business had revenue of $444.60 million during the quarter, compared to analysts’ expectations of $435.83 million. B&G Foods had a negative net margin of 5.82% and a positive return on equity of 8.07%. The firm’s revenue was down 5.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.15 earnings per share. Analysts predict that B&G Foods, Inc. will post 0.74 EPS for the current year.

B&G Foods Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 30th. Shareholders of record on Monday, September 30th will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 8.14%. The ex-dividend date of this dividend is Monday, September 30th. B&G Foods’s payout ratio is -52.78%.

Analysts Set New Price Targets

BGS has been the topic of several recent analyst reports. Barclays cut their target price on B&G Foods from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Friday, July 19th. Evercore ISI raised B&G Foods to a “hold” rating in a research report on Wednesday, August 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $10.00 price target on shares of B&G Foods in a report on Wednesday, August 7th. Piper Sandler decreased their price objective on shares of B&G Foods from $9.00 to $8.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. Finally, StockNews.com upgraded shares of B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $8.67.

Insider Transactions at B&G Foods

In related news, EVP Jordan E. Greenberg sold 8,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $8.33, for a total value of $66,640.00. Following the completion of the sale, the executive vice president now directly owns 66,095 shares of the company’s stock, valued at approximately $550,571.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.20% of the company’s stock.

B&G Foods Company Profile

B&G Foods, Inc manufactures, sells, and distributes a portfolio of shelf-stable and frozen foods, and household products in the United States, Canada, and Puerto Rico. The company's products include frozen and canned vegetables, vegetables, canola and other cooking oils, vegetable shortening, cooking sprays, oatmeal and other hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegar, maple syrups, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, crackers, baking powder and soda, corn starch, nut clusters, and other specialty products.