B&G Foods (NYSE:BGS) Posts Earnings Results

B&G Foods (NYSE:BGS) issued its earnings results on Tuesday. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.07), Briefing.com reports. The firm had revenue of $461.10 million during the quarter, compared to analysts’ expectations of $473.82 million. B&G Foods had a positive return on equity of 8.07% and a negative net margin of 5.82%. The company’s quarterly revenue was down 8.3% compared to the same quarter last year. During the same period last year, the business posted $0.27 earnings per share. B&G Foods updated its FY24 guidance to $0.67-0.77 EPS and its FY 2024 guidance to 0.670-0.770 EPS.

B&G Foods Stock Down 0.8 %

NYSE BGS traded down $0.05 during trading hours on Friday, hitting $6.55. The company had a trading volume of 1,179,902 shares, compared to its average volume of 1,052,647. B&G Foods has a fifty-two week low of $6.46 and a fifty-two week high of $11.97. The company has a market capitalization of $518.52 million, a price-to-earnings ratio of -19.68 and a beta of 0.61. The company has a debt-to-equity ratio of 2.33, a current ratio of 1.63 and a quick ratio of 0.48. The firm’s 50 day moving average is $8.55 and its 200 day moving average is $8.80.

B&G Foods Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Tuesday, December 31st will be issued a $0.19 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.76 annualized dividend and a yield of 11.60%. B&G Foods’s dividend payout ratio is currently -223.53%.

Insider Activity

In other news, EVP Jordan E. Greenberg sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was 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 directly owns 66,095 shares in the company, 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 this hyperlink. Insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Evercore ISI cut their target price on B&G Foods from $10.00 to $9.00 and set an “in-line” rating on the stock in a research report on Wednesday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $10.00 target price on shares of B&G Foods in a research report on Wednesday, August 7th. StockNews.com raised B&G Foods from a “sell” rating to a “hold” rating in a research report on Thursday, September 26th. TD Cowen cut their target price on B&G Foods from $8.00 to $7.50 and set a “sell” rating on the stock in a research report on Wednesday. Finally, Piper Sandler cut their target price on B&G Foods from $9.00 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $8.30.

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.