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B&G Foods executive sells over $66k in company stock

Published 03/09/2024, 22:50
BGS
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In a recent transaction, Jordan E. Greenberg, EVP & President of Spices & Flavor at B&G Foods, Inc. (NYSE:BGS), sold 8,000 shares of the company's common stock. The sale was executed at a weighted average price of $8.3297 per share, resulting in a total value of approximately $66,637.

The shares were sold in multiple trades with prices ranging from $8.32 to $8.35 per share, as detailed in a footnote of the SEC filing. After the sale, Greenberg's ownership in B&G Foods stands at 66,095 shares.

The transaction, which took place on September 3, 2024, reflects a routine filing with the SEC and provides transparency into the executive's stock trading activities. For investors following insider transactions, such filings can offer insights into the perspectives of company executives and their confidence in the firm's future.

B&G Foods, a company known for its diverse portfolio of food products, has its shares publicly traded and is subject to the standard regulatory requirements of reporting significant insider trades. These transactions are publicly disclosed to ensure fair and transparent markets.

Investors and market watchers often monitor the buying and selling activity of company insiders to gauge the internal sentiment towards the company's stock. It's important to note that insider trading activities can be influenced by various factors and do not necessarily signal the company's operational performance or future stock movements.

For further details on the transaction, interested parties can refer to the SEC filing, which includes comprehensive information about the trade.

In other recent news, B&G Foods, Inc. reported steady Q2 2024 results, with net sales of $444.6 million and adjusted EBITDA of $64 million. Despite a slight decrease in base business net sales, the company saw growth in its Spices & Flavor Solutions and Meals segments. In a strategic move, B&G Foods is reviewing its Frozen & Vegetables business unit for potential divestiture, shifting focus to long-term growth areas. The company's adjusted gross profit increased marginally, and Selling, General, & Administrative expenses saw a significant reduction.

B&G Foods has revised its fiscal 2024 guidance, projecting net sales between $1.945 billion and $1.97 billion, and adjusted EBITDA between $300 million and $315 million. The company anticipates stronger performance and a slight increase in EBITDA margins in the second half of the year. These recent developments indicate B&G Foods' commitment to navigating the competitive landscape and improving trends in upcoming quarters.

InvestingPro Insights

As investors digest the news of Jordan E. Greenberg's stock sale, it's important to consider the broader financial context of B&G Foods, Inc. (NYSE:BGS). According to InvestingPro data, B&G Foods has a market capitalization of $650.73 million, with a notable dividend yield of 9.26% as of the last dividend ex-date on June 28, 2024. Despite recent challenges, analysts predict that the company will be profitable this year, which may offer some reassurance to shareholders concerned about the insider sale.

InvestingPro Tips suggest that while B&G Foods has maintained dividend payments for 18 consecutive years, reflecting a commitment to returning value to shareholders, the company has not been profitable over the last twelve months. This dichotomy between historical dividend reliability and recent profitability issues is a key point for investors to consider.

Moreover, the InvestingPro Tips include a valuation that implies a strong free cash flow yield, indicating that the company may be undervalued based on its cash generation potential. This could be a silver lining for investors looking for value opportunities in the market.

For those seeking more in-depth analysis, InvestingPro offers additional tips on B&G Foods, with a total of 9 tips available on the platform, including further earnings revisions and liquidity assessments. These insights can provide a more comprehensive understanding of the company's financial health and future prospects.

Investors interested in the potential impacts of insider trading activities and the company's valuation can access further details and tips on B&G Foods by visiting https://www.investing.com/pro/BGS.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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