Investors Purchase High Volume of Call Options on B&G Foods (NYSE:BGS)

B&G Foods, Inc. (NYSE:BGS) was the target of some unusual options trading on Monday. Investors bought 7,344 call options on the stock. This is an increase of approximately 482% compared to the average daily volume of 1,261 call options.

B&G Foods Stock Up 2.2%

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on BGS shares. TD Cowen raised their target price on shares of 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 restated a “sell (d)” rating on shares of B&G Foods in a research note on Monday, December 29th. Four investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $4.38.

Insider Activity at B&G Foods

In related news, Director Dennis M. Mullen sold 18,795 shares of the stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $4.50, for a total value of $84,577.50. Following the completion of the transaction, the director directly 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BGS. Ensign Peak Advisors Inc raised its position in B&G Foods by 130.8% in the 2nd quarter. Ensign Peak Advisors Inc now owns 106,400 shares of the company’s stock worth $450,000 after buying an additional 60,300 shares during the last quarter. Bank of Montreal Can grew its stake in shares of B&G Foods by 457.8% in the second quarter. Bank of Montreal Can now owns 80,283 shares of the company’s stock worth $340,000 after acquiring an additional 65,889 shares during the period. Allianz Asset Management GmbH purchased a new position in shares of B&G Foods during the second quarter valued at approximately $889,000. Nisa Investment Advisors LLC lifted its position in B&G Foods by 261.6% during the second quarter. Nisa Investment Advisors LLC now owns 159,670 shares of the company’s stock valued at $706,000 after purchasing an additional 115,508 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new stake in B&G Foods in the second quarter worth approximately $178,000. Hedge funds and other institutional investors own 66.15% of the company’s stock.

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.