Andrew D. Vogel, Executive Vice President and President of Meals at B&G Foods, Inc. (NYSE:BGS), recently purchased 7,500 shares of the company's common stock. The shares were acquired at a weighted average price of $6.36 per share, amounting to a total transaction value of $47,700. The purchase was executed in multiple trades, with prices ranging from $6.35 to $6.37 per share. Following this transaction, Vogel holds a total of 37,064 shares directly.
"In other recent news, B&G Foods reported mixed third-quarter earnings, with net sales reaching $461.1 million and adjusted EBITDA at $70.4 million, both figures falling short of expectations. The company also demonstrated a net income recovery, posting a net income of $7.5 million, bouncing back from a net loss in the previous year. In a recent development, TD Cowen adjusted its outlook on B&G Foods, reducing the price target to $7.50 from the previous $8.00, while maintaining a sell rating. This move follows the company's reported earnings that fell short of third-quarter expectations and a reduced forecast for the following quarter. B&G Foods also revised its fiscal 2024 guidance to $1.92 billion to $1.95 billion in net sales, indicating a cautious yet optimistic outlook. The Spices and Flavor Solutions segment saw a 2.6% sales increase, while other segments experienced declines. The company is also undergoing portfolio restructuring, with potential divestitures of non-core assets. These developments are part of B&G Foods' strategic efforts to manage costs amidst a challenging market environment. B&G Foods anticipates a gradual recovery in fiscal year 2025, with a focus on reshaping its portfolio and reducing leverage."
InvestingPro Insights
Andrew D. Vogel's recent purchase of B&G Foods shares aligns with several key insights from InvestingPro. The stock's current trading price of $6.50 is near its 52-week low, and InvestingPro Tips suggest that the stock is in oversold territory based on its RSI. This could indicate that Vogel sees value in the company at current levels.
Despite recent challenges, including a significant price drop over the last week (-11.03%) and month (-21.47%), InvestingPro Data shows that B&G Foods maintains a high dividend yield of 12.08%. This aligns with an InvestingPro Tip highlighting that the company pays a significant dividend to shareholders and has maintained dividend payments for 18 consecutive years.
Furthermore, while B&G Foods wasn't profitable over the last twelve months, InvestingPro Tips indicate that net income is expected to grow this year, and analysts predict the company will return to profitability. This positive outlook might explain Vogel's confidence in increasing his stake.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for B&G Foods, providing a deeper understanding of the company's financial health and market position.
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