Bridgecreek Investment Management Lowers stake in B&G Foods (BGS)

B&G Foods (BGS) : Bridgecreek Investment Management reduced its stake in B&G Foods by 3.48% during the most recent quarter end. The investment management company now holds a total of 188,595 shares of B&G Foods which is valued at $9,171,375 after selling 6,805 shares in B&G Foods , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.B&G Foods makes up approximately 2.73% of Bridgecreek Investment Management’s portfolio.

Other Hedge Funds, Including , Bayesian Capital Management Lp added BGS to its portfolio by purchasing 9,362 company shares during the most recent quarter which is valued at $455,274. B&G Foods makes up approx 0.26% of Bayesian Capital Management Lp’s portfolio. Cortina Asset Management added BGS to its portfolio by purchasing 351,704 company shares during the most recent quarter which is valued at $17,103,366. B&G Foods makes up approx 0.73% of Cortina Asset Management’s portfolio. Ameritas Investment Partners added BGS to its portfolio by purchasing 4,840 company shares during the most recent quarter which is valued at $235,369. B&G Foods makes up approx 0.02% of Ameritas Investment Partners’s portfolio.First Trust Advisors Lp reduced its stake in BGS by selling 71,437 shares or 29.15% in the most recent quarter. The Hedge Fund company now holds 173,632 shares of BGS which is valued at $8,867,386. B&G Foods makes up approx 0.03% of First Trust Advisors Lp’s portfolio.

B&G Foods opened for trading at $47.1 and hit $47.75 on the upside on Monday, eventually ending the session at $47.63, with a gain of 1.17% or 0.55 points. The heightened volatility saw the trading volume jump to 4,52,766 shares. Company has a market cap of $2,984 M.

On the company’s financial health, B&G Foods reported $0.57 EPS for the quarter, beating the analyst consensus estimate by $ 0.11 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.46. The company had revenue of $306.40 million for the quarter, compared to analysts expectations of $316.03 million. The company’s revenue was up 58.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.34 EPS.

Investors should note that on Aug 2, 2016, B&G Foods announced a cash dividend of $0.4200. The company’s management has announced Sep 28, 2016 as the ex-dividend date and fixed the record date on Sep 30, 2016. The payable date has been fixed on Oct 31, 2016.

Many Wall Street Analysts have commented on B&G Foods. DA Davidson Downgraded B&G Foods on Aug 9, 2016 to ” Neutral”, Price Target of the shares are set at $52.Company shares were Upgraded by DA Davidson on Jul 29, 2016 to ” Buy”, Firm has raised the Price Target to $ 52 from a previous price target of $47 .

B&G Foods Inc. (B&G Foods) is a holding company that manufactures sells and distributes a range of shelf-stable food and household products across the United States Canada and Puerto Rico. Its products include hot cereals fruit spreads canned meats and beans bagel chips spices seasonings hot sauces wine vinegar maple syrup molasses salad dressings 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. The Company’s products are marketed under a range of brands including Ac’cent B&G B&M Baker’s Joy Bear Creek Country Kitchens Brer Rabbit Canoleo Cary’s Cream of Rice Cream of Wheat Devonsheer Don Pepino Emeril’s Grandma’s Molasses JJ Flats Joan of Arc Las Palmas MacDonald’s Maple Grove Farms of Vermont and Molly McButter among others.

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