B&G Foods (NYSE:BGS) Issues FY 2024 Earnings Guidance

B&G Foods (NYSE:BGS) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 0.670-0.770 for the period, compared to the consensus EPS estimate of 0.740. The company issued revenue guidance of $1.9 billion-$2.0 billion, compared to the consensus revenue estimate of $2.0 billion. B&G Foods also updated its FY24 guidance to $0.67-0.77 EPS.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on BGS shares. Evercore ISI cut their price objective on shares of B&G Foods from $10.00 to $9.00 and set an “in-line” rating for the company in a report on Wednesday. Piper Sandler cut their price target on shares of B&G Foods from $9.00 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, July 11th. Barclays reduced their target price on shares of B&G Foods from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Friday, July 19th. StockNews.com raised B&G Foods from a “sell” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, TD Cowen dropped their target price on shares of B&G Foods from $8.00 to $7.50 and set a “sell” rating for the company in a report on Wednesday. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $8.50.

B&G Foods Stock Down 19.9 %

Shares of BGS traded down $1.76 on Wednesday, reaching $7.07. The stock had a trading volume of 6,245,791 shares, compared to its average volume of 1,033,861. The firm has a market capitalization of $559.27 million, a price-to-earnings ratio of -4.59 and a beta of 0.61. The company has a 50-day simple moving average of $8.58 and a 200-day simple moving average of $8.82. B&G Foods has a 12-month low of $7.02 and a 12-month high of $11.97. The company has a debt-to-equity ratio of 2.33, a quick ratio of 0.48 and a current ratio of 1.63.

B&G Foods (NYSE:BGS) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.07). B&G Foods had a positive return on equity of 8.07% and a negative net margin of 5.82%. The business had revenue of $461.10 million for the quarter, compared to the consensus estimate of $473.82 million. During the same period in the previous year, the firm earned $0.27 EPS. The company’s revenue was down 8.3% on a year-over-year basis. Sell-side analysts predict that B&G Foods will post 0.74 EPS for the current year.

B&G Foods Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 10.76%. The ex-dividend date is Tuesday, December 31st. B&G Foods’s payout ratio is -49.35%.

Insiders Place Their Bets

In related news, EVP Jordan E. Greenberg sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $8.33, for a total transaction of $66,640.00. Following the completion of the sale, the executive vice president now owns 66,095 shares of the company’s stock, valued at $550,571.35. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 3.20% of the company’s stock.

About B&G Foods

B&G Foods, Inc manufactures, sells, and distributes a portfolio of shelf-stable and frozen foods, and household products in the United States, Canada, and Puerto Rico. The company's products include frozen and canned vegetables, vegetables, canola and other cooking oils, vegetable shortening, cooking sprays, oatmeal and other hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegar, maple syrups, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, crackers, baking powder and soda, corn starch, nut clusters, and other specialty products.