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


B&G Foods, Inc. (NYSE:BGS) was the target of some unusual options trading on Thursday. Investors acquired 2,993 put options on the stock. This represents an increase of approximately 1,339% compared to the average daily volume of 208 put options.


Shares of B&G Foods stock opened at $25.05 on Friday. The stock has a market capitalization of $1,669.13, a P/E ratio of 11.82 and a beta of 0.27. The company has a debt-to-equity ratio of 2.52, a current ratio of 4.40 and a quick ratio of 1.91. B&G Foods has a 1 year low of $22.35 and a 1 year high of $43.10.

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B&G Foods (NYSE:BGS) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. The firm had revenue of $473.70 million during the quarter, compared to the consensus estimate of $482.51 million. B&G Foods had a return on equity of 17.29% and a net margin of 13.04%. The business’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.29 EPS. research analysts forecast that B&G Foods will post 2.12 earnings per share for the current year.


B&G Foods declared that its Board of Directors has authorized a stock repurchase program on Tuesday, March 13th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 30th. Shareholders of record on Thursday, March 29th will be given a $0.465 dividend. This represents a $1.86 annualized dividend and a yield of 7.43%. The ex-dividend date of this dividend is Wednesday, March 28th. B&G Foods’s payout ratio is currently 87.74%.


Several equities research analysts have recently commented on the company. Royal Bank of Canada reaffirmed a “buy” rating and set a $38.00 target price on shares of B&G Foods in a report on Tuesday, April 3rd. Zacks Investment Research downgraded B&G Foods from a “hold” rating to a “sell” rating in a report on Friday, March 2nd. Berenberg Bank downgraded B&G Foods from a “buy” rating to a “hold” rating and set a $40.00 target price for the company. in a report on Thursday, March 1st. ValuEngine downgraded B&G Foods from a “hold” rating to a “sell” rating in a report on Monday, April 2nd. Finally, William Blair reaffirmed a “market perform” rating on shares of B&G Foods in a report on Thursday, March 1st. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $35.89.


In related news, CEO Robert C. Cantwell bought 10,000 shares of B&G Foods stock in a transaction dated Friday, March 9th. The stock was acquired at an average cost of $26.42 per share, with a total value of $264,200.00. Following the completion of the acquisition, the chief executive officer now directly owns 206,239 shares in the company, valued at approximately $5,448,834.38. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Vanessa E. Maskal sold 8,475 shares of the company’s stock in a transaction on Monday, March 5th. The shares were sold at an average price of $30.00, for a total value of $254,250.00. Following the sale, the executive vice president now directly owns 102,319 shares of the company’s stock, valued at $3,069,570. The disclosure for this sale can be found here. In the last 90 days, insiders bought 11,075 shares of company stock valued at $293,701. Insiders own 2.10% of the company’s stock.


A number of hedge funds have recently modified their holdings of the business. North Star Investment Management Corp. increased its position in B&G Foods by 18.3% in the 4th quarter. North Star Investment Management Corp. now owns 9,902 shares of the company’s stock worth $348,000 after purchasing an additional 1,534 shares during the last quarter. Louisiana State Employees Retirement System increased its position in B&G Foods by 6.3% in the 4th quarter. Louisiana State Employees Retirement System now owns 28,600 shares of the company’s stock worth $1,005,000 after purchasing an additional 1,700 shares during the last quarter. Meadow Creek Investment Management LLC increased its position in B&G Foods by 19.3% in the 4th quarter. Meadow Creek Investment Management LLC now owns 10,556 shares of the company’s stock worth $371,000 after purchasing an additional 1,708 shares during the last quarter. Teachers Advisors LLC increased its position in B&G Foods by 1.5% in the 4th quarter. Teachers Advisors LLC now owns 117,906 shares of the company’s stock worth $4,144,000 after purchasing an additional 1,749 shares during the last quarter. Finally, Summit X LLC increased its position in B&G Foods by 13.2% in the 4th quarter. Summit X LLC now owns 16,580 shares of the company’s stock worth $584,000 after purchasing an additional 1,930 shares during the last quarter. 97.37% of the stock is currently owned by institutional investors.


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B&G Foods Company Profile

B&G Foods, Inc manufactures, sells, and distributes a portfolio of shelf-stable and frozen foods in 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 vinegars, maple syrups, 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, cookies and crackers, nut clusters, and other specialty products.