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

B&G Foods (NYSE:BGS) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $0.75-0.95 for the period, compared to the consensus EPS estimate of $0.86. The company issued revenue guidance of $1.955-1.985 billion, compared to the consensus revenue estimate of $1.98 billion.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on BGS shares. Piper Sandler raised their price objective on B&G Foods from $8.00 to $9.00 and gave the stock an underweight rating in a research report on Wednesday, February 28th. StockNews.com upgraded B&G Foods from a sell rating to a hold rating in a report on Saturday, March 9th. Two investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $9.50.

B&G Foods Stock Up 1.9 %

Shares of NYSE:BGS traded up $0.21 during mid-day trading on Wednesday, hitting $11.55. 1,365,682 shares of the company traded hands, compared to its average volume of 977,671. The stock has a 50-day moving average price of $11.10 and a two-hundred day moving average price of $10.24. The company has a current ratio of 3.06, a quick ratio of 0.89 and a debt-to-equity ratio of 2.42. B&G Foods has a 12-month low of $7.20 and a 12-month high of $15.46. The stock has a market cap of $913.04 million, a P/E ratio of -12.89 and a beta of 0.70.

B&G Foods (NYSE:BGS) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.02. B&G Foods had a positive return on equity of 8.68% and a negative net margin of 3.21%. The business had revenue of $578.13 million for the quarter, compared to analysts’ expectations of $569.65 million. During the same quarter in the previous year, the firm earned $0.40 earnings per share. The business’s revenue was down 7.2% on a year-over-year basis. On average, equities research analysts forecast that B&G Foods will post 0.84 earnings per share for the current year.

B&G Foods Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th were paid a dividend of $0.19 per share. The ex-dividend date was Wednesday, March 27th. This represents a $0.76 annualized dividend and a dividend yield of 6.58%. B&G Foods’s payout ratio is -86.36%.

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.