B&G Foods (NYSE:BGS) Releases Earnings Results, Misses Expectations By $0.20 EPS

B&G Foods (NYSE:BGSGet Rating) announced its quarterly earnings results on Thursday. The company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.20), Briefing.com reports. The company had revenue of $479.00 million during the quarter, compared to the consensus estimate of $480.51 million. B&G Foods had a net margin of 3.08% and a return on equity of 12.91%. The business’s revenue was up 3.1% compared to the same quarter last year. During the same period last year, the company earned $0.41 earnings per share. B&G Foods updated its FY 2022 guidance to $1.08-$1.28 EPS and its FY22 guidance to $1.08 to $1.28 EPS.

B&G Foods Stock Down 7.5 %

NYSE BGS traded down $1.90 during trading hours on Friday, reaching $23.43. 4,113,448 shares of the company’s stock were exchanged, compared to its average volume of 1,066,966. The company’s 50-day moving average is $23.66 and its two-hundred day moving average is $26.42. B&G Foods has a one year low of $21.05 and a one year high of $34.27. The company has a debt-to-equity ratio of 2.50, a quick ratio of 1.00 and a current ratio of 3.46. The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of 24.15 and a beta of 0.26.

B&G Foods Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be paid a dividend of $0.475 per share. The ex-dividend date is Thursday, September 29th. This represents a $1.90 dividend on an annualized basis and a yield of 8.11%. B&G Foods’s payout ratio is 195.88%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BGS. Piper Sandler upped their price target on B&G Foods from $23.00 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday. StockNews.com raised B&G Foods from a “sell” rating to a “hold” rating in a research note on Friday.

Institutional Trading of B&G Foods

A number of large investors have recently bought and sold shares of the business. Rodgers Brothers Inc. increased its stake in B&G Foods by 2.4% during the 1st quarter. Rodgers Brothers Inc. now owns 25,740 shares of the company’s stock worth $694,000 after purchasing an additional 615 shares in the last quarter. Captrust Financial Advisors grew its stake in shares of B&G Foods by 8.3% during the 1st quarter. Captrust Financial Advisors now owns 13,074 shares of the company’s stock worth $359,000 after acquiring an additional 998 shares in the last quarter. HighTower Advisors LLC grew its stake in shares of B&G Foods by 13.6% during the 1st quarter. HighTower Advisors LLC now owns 13,087 shares of the company’s stock worth $352,000 after acquiring an additional 1,571 shares in the last quarter. Great West Life Assurance Co. Can grew its stake in shares of B&G Foods by 2.7% during the 1st quarter. Great West Life Assurance Co. Can now owns 61,590 shares of the company’s stock worth $1,706,000 after acquiring an additional 1,615 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its stake in shares of B&G Foods by 2.6% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 66,492 shares of the company’s stock worth $1,794,000 after acquiring an additional 1,688 shares in the last quarter. 64.72% of the stock is owned by institutional investors.

B&G Foods Company Profile

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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, baking powder and soda, corn starch, cookies and crackers, nut clusters, and other specialty products.

Further Reading

Earnings History for B&G Foods (NYSE:BGS)

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