B&G Foods (NYSE:BGS) Releases FY24 Earnings Guidance

B&G Foods (NYSE:BGS) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.67-0.77 for the period, compared to the consensus estimate of $0.74. The company issued revenue guidance of $1.92-1.95 billion, compared to the consensus revenue estimate of $1.95 billion. B&G Foods also updated its FY 2024 guidance to 0.670-0.770 EPS.

Wall Street Analyst Weigh In

A number of analysts have weighed in on BGS shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $10.00 price target on shares of B&G Foods in a report on Wednesday, August 7th. Piper Sandler reduced their target price 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 lowered their price target on B&G Foods from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Thursday. StockNews.com upgraded B&G Foods from a “sell” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, Evercore ISI cut their target price on B&G Foods from $10.00 to $9.00 and set an “in-line” rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat, B&G Foods has a consensus rating of “Hold” and a consensus target price of $8.30.

B&G Foods Price Performance

Shares of BGS stock traded up $0.10 during trading hours on Friday, hitting $6.70. 835,525 shares of the company’s stock were exchanged, compared to its average volume of 1,050,973. The stock’s 50-day moving average is $8.55 and its 200-day moving average is $8.80. The company has a debt-to-equity ratio of 2.33, a current ratio of 1.63 and a quick ratio of 0.48. B&G Foods has a 52 week low of $6.46 and a 52 week high of $11.97. The stock has a market cap of $530.37 million, a price-to-earnings ratio of -4.29 and a beta of 0.61.

B&G Foods (NYSE:BGS) last announced its earnings results on Tuesday, November 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $461.10 million for the quarter, compared to analyst estimates of $473.82 million. During the same quarter in the previous year, the company posted $0.27 earnings per share. B&G Foods’s revenue for the quarter was down 8.3% on a year-over-year basis. As a group, research analysts forecast that B&G Foods will post 0.74 EPS for the current year.

B&G Foods Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 11.34%. The ex-dividend date is Tuesday, December 31st. B&G Foods’s dividend payout ratio (DPR) is presently -49.35%.

Insider Buying and Selling

In related news, EVP Jordan E. Greenberg sold 8,000 shares of the business’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 directly owns 66,095 shares of the company’s stock, valued at $550,571.35. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 3.20% of the company’s stock.

B&G Foods Company Profile

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.