B&G Foods, Inc. (BGS) Shares Sold by Bank of America Corp DE

Bank of America Corp DE reduced its stake in B&G Foods, Inc. (NYSE:BGS) by 37.0% during the first quarter, Holdings Channel reports. The firm owned 145,512 shares of the company’s stock after selling 85,621 shares during the period. Bank of America Corp DE’s holdings in B&G Foods were worth $5,857,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Maple Capital Management Inc. boosted its stake in B&G Foods by 0.5% in the first quarter. Maple Capital Management Inc. now owns 10,784 shares of the company’s stock valued at $434,000 after buying an additional 50 shares during the period. AQR Capital Management LLC boosted its stake in B&G Foods by 0.3% in the fourth quarter. AQR Capital Management LLC now owns 35,596 shares of the company’s stock valued at $1,559,000 after buying an additional 95 shares during the period. Tyers Asset Management LLC boosted its stake in B&G Foods by 3.7% in the first quarter. Tyers Asset Management LLC now owns 2,688 shares of the company’s stock valued at $108,000 after buying an additional 96 shares during the period. Municipal Employees Retirement System of Michigan boosted its stake in B&G Foods by 0.6% in the first quarter. Municipal Employees Retirement System of Michigan now owns 18,070 shares of the company’s stock valued at $727,000 after buying an additional 100 shares during the period. Finally, Creative Planning boosted its stake in B&G Foods by 1.4% in the first quarter. Creative Planning now owns 8,626 shares of the company’s stock valued at $347,000 after buying an additional 120 shares during the period. Institutional investors and hedge funds own 88.23% of the company’s stock.

B&G Foods, Inc. (NYSE BGS) opened at 36.05 on Friday. The company has a market cap of $2.40 billion, a price-to-earnings ratio of 21.55 and a beta of 0.09. B&G Foods, Inc. has a 12 month low of $33.05 and a 12 month high of $51.80. The stock has a 50 day moving average price of $36.43 and a 200 day moving average price of $40.69.

B&G Foods (NYSE:BGS) last released its quarterly earnings data on Thursday, May 4th. The company reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.04. The company had revenue of $417.90 million during the quarter, compared to the consensus estimate of $413.35 million. B&G Foods had a net margin of 7.49% and a return on equity of 17.41%. B&G Foods’s quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.65 EPS. Analysts anticipate that B&G Foods, Inc. will post $2.17 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 31st. Shareholders of record on Friday, June 30th will be issued a $0.465 dividend. The ex-dividend date is Wednesday, June 28th. This represents a $1.86 dividend on an annualized basis and a yield of 5.16%. B&G Foods’s payout ratio is 111.38%.

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Several equities research analysts have weighed in on the company. Zacks Investment Research upgraded B&G Foods from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a report on Thursday, June 1st. Royal Bank Of Canada reiterated a “buy” rating and issued a $52.00 price objective on shares of B&G Foods in a report on Tuesday, May 23rd. Credit Suisse Group cut B&G Foods from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $47.00 to $42.00 in a report on Thursday, May 18th. Berenberg Bank assumed coverage on B&G Foods in a report on Tuesday, May 16th. They issued a “hold” rating and a $43.50 price objective for the company. Finally, BidaskClub upgraded B&G Foods from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. B&G Foods currently has an average rating of “Hold” and a consensus target price of $45.50.

About B&G Foods

B&G Foods, Inc (B&G Foods) is a holding company. The Company manufactures, sells and distributes a portfolio of shelf-stable and frozen foods across the United States, 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, wine vinegar, maple syrup, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, puffed corn and rice snacks, nut clusters and other specialty products.

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