Short Interest in B&G Foods, Inc. (NYSE:BGS) Decreases By 16.9%

B&G Foods, Inc. (NYSE:BGS) saw a significant drop in short interest in January. As of January 30th, there was short interest totaling 12,909,751 shares, a drop of 16.9% from the January 15th total of 15,542,408 shares. Currently, 16.8% of the company’s stock are sold short. Based on an average trading volume of 1,604,598 shares, the short-interest ratio is presently 8.0 days. Based on an average trading volume of 1,604,598 shares, the short-interest ratio is presently 8.0 days. Currently, 16.8% of the company’s stock are sold short.

Insiders Place Their Bets

In related news, Director Dennis M. Mullen sold 18,795 shares of the company’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $4.50, for a total value of $84,577.50. Following the transaction, the director directly owned 83,956 shares of the company’s stock, valued at approximately $377,802. This represents a 18.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On B&G Foods

Several institutional investors and hedge funds have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. raised its position in B&G Foods by 502.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 7,443 shares of the company’s stock valued at $31,000 after acquiring an additional 6,207 shares in the last quarter. Triumph Capital Management purchased a new stake in shares of B&G Foods during the 3rd quarter worth about $34,000. Allworth Financial LP increased its stake in shares of B&G Foods by 49.5% in the 3rd quarter. Allworth Financial LP now owns 7,891 shares of the company’s stock valued at $35,000 after purchasing an additional 2,612 shares in the last quarter. Federated Hermes Inc. purchased a new position in B&G Foods during the second quarter worth approximately $35,000. Finally, Capstone Financial Advisors Inc. acquired a new position in shares of B&G Foods during the 2nd quarter worth approximately $42,000. Institutional investors and hedge funds own 66.15% of the company’s stock.

B&G Foods Stock Performance

BGS stock traded down $0.04 during midday trading on Wednesday, reaching $5.03. The stock had a trading volume of 2,184,451 shares, compared to its average volume of 1,980,422. The company has a debt-to-equity ratio of 4.29, a quick ratio of 1.30 and a current ratio of 3.20. B&G Foods has a 52-week low of $3.67 and a 52-week high of $8.06. The firm has a fifty day simple moving average of $4.55 and a two-hundred day simple moving average of $4.47. The stock has a market cap of $402.22 million, a PE ratio of -1.59 and a beta of 0.48.

Analysts Set New Price Targets

Several analysts recently issued reports on BGS shares. TD Cowen boosted 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 report on Friday, January 16th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of B&G Foods in a research note on Monday, December 29th. Four equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $4.38.

About B&G Foods

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.