Gilman Hill Asset Management LLC Acquires 54,508 Shares of B&G Foods, Inc. (NYSE:BGS)

Gilman Hill Asset Management LLC grew its holdings in B&G Foods, Inc. (NYSE:BGSGet Rating) by 24.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 277,561 shares of the company’s stock after purchasing an additional 54,508 shares during the period. B&G Foods comprises about 1.4% of Gilman Hill Asset Management LLC’s investment portfolio, making the stock its 25th biggest holding. Gilman Hill Asset Management LLC owned 0.40% of B&G Foods worth $6,600,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Belpointe Asset Management LLC lifted its position in B&G Foods by 1.3% during the fourth quarter. Belpointe Asset Management LLC now owns 25,819 shares of the company’s stock valued at $794,000 after purchasing an additional 324 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV lifted its position in shares of B&G Foods by 1.0% in the first quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 43,255 shares of the company’s stock valued at $1,167,000 after acquiring an additional 440 shares in the last quarter. Stratos Wealth Partners LTD. increased its holdings in shares of B&G Foods by 5.4% in the first quarter. Stratos Wealth Partners LTD. now owns 8,775 shares of the company’s stock worth $237,000 after purchasing an additional 453 shares during the last quarter. CWM LLC increased its holdings in shares of B&G Foods by 50.7% in the first quarter. CWM LLC now owns 1,427 shares of the company’s stock worth $39,000 after purchasing an additional 480 shares during the last quarter. Finally, Mutual of America Capital Management LLC increased its stake in B&G Foods by 5.5% during the first quarter. Mutual of America Capital Management LLC now owns 9,352 shares of the company’s stock worth $252,000 after acquiring an additional 486 shares during the last quarter. Institutional investors own 66.73% of the company’s stock.

Insider Activity at B&G Foods

In other B&G Foods news, Director Alfred Poe sold 13,875 shares of the company’s stock in a transaction dated Tuesday, September 13th. The shares were sold at an average price of $20.66, for a total transaction of $286,657.50. Following the transaction, the director now directly owns 34,007 shares in the company, valued at $702,584.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

BGS has been the subject of several recent analyst reports. Credit Suisse Group dropped their target price on B&G Foods to $20.00 in a research report on Tuesday, August 9th. StockNews.com lowered B&G Foods from a “hold” rating to a “sell” rating in a report on Saturday, August 13th. Seaport Res Ptn reiterated a “neutral” rating on shares of B&G Foods in a report on Friday, August 5th. BMO Capital Markets lowered their price target on B&G Foods from $29.00 to $21.00 and set a “market perform” rating for the company in a report on Monday, August 8th. Finally, Piper Sandler boosted their price target on B&G Foods from $23.00 to $27.00 and gave the company a “neutral” rating in a report on Tuesday, August 2nd. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to MarketBeat.com, B&G Foods presently has an average rating of “Hold” and an average target price of $22.67.

B&G Foods Stock Down 3.0 %

B&G Foods stock traded down $0.55 during mid-day trading on Friday, reaching $18.07. 5,957 shares of the company were exchanged, compared to its average volume of 903,568. The business has a fifty day moving average of $22.47 and a 200 day moving average of $24.24. The company has a debt-to-equity ratio of 2.44, a quick ratio of 0.89 and a current ratio of 3.27. The firm has a market cap of $1.30 billion, a P/E ratio of 31.56 and a beta of 0.29. B&G Foods, Inc. has a 12-month low of $17.86 and a 12-month high of $34.27.

B&G Foods (NYSE:BGSGet Rating) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.20). The company had revenue of $479.00 million for the quarter, compared to analyst estimates of $480.51 million. B&G Foods had a return on equity of 10.12% and a net margin of 1.90%. B&G Foods’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.41 earnings per share. Research analysts anticipate that B&G Foods, Inc. will post 1.13 earnings per share for the current fiscal year.

B&G Foods Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, September 30th will be given a dividend of $0.475 per share. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $1.90 annualized dividend and a dividend yield of 10.51%. B&G Foods’s dividend payout ratio (DPR) is currently 322.03%.

About B&G Foods

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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, baking powder and soda, corn starch, cookies and crackers, nut clusters, and other specialty products.

Further Reading

Institutional Ownership by Quarter for B&G Foods (NYSE:BGS)

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