Crunching Numbers
Long only, dividend investing, media, telecom

B&G Foods - Acquisitions Mask Negative Organic Growth

I have been investing in B&G Foods (NYSE:BGS) since discovering its hybrid security in 2007. That security consisted of one share of common stock paying a dividend that yielded nearly 8% and one senior subordinated note paying 12% interest. I was disappointed when the notes were eventually called at 106% in February of 2010, but continued to hold the shares because of the reasonably attractive dividend - approximately 7%. Following the redemption, the company continued to grow, and shareholders have been rewarded as the share prices have more than tripled from less than $10 to Friday's close of $34.46.

B&G has focused on shelf stable food products typically sold through supermarkets in the US, Puerto Rico and Canada....

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