B&G Foods (NYSE:BGS) Issues Quarterly Earnings Results, Hits Estimates

B&G Foods (NYSE:BGS) issued its earnings results on Tuesday. The company reported $0.08 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.08, Briefing.com reports. B&G Foods had a negative net margin of 5.42% and a positive return on equity of 8.33%. The company had revenue of $444.60 million during the quarter, compared to analysts’ expectations of $435.83 million. During the same period last year, the company posted $0.15 earnings per share. The firm’s quarterly revenue was down 5.3% compared to the same quarter last year. B&G Foods updated its FY24 guidance to $0.70-$0.90 EPS and its FY 2024 guidance to 0.700-0.900 EPS.

B&G Foods Trading Down 2.8 %

NYSE BGS traded down $0.25 during mid-day trading on Wednesday, reaching $8.42. 1,651,989 shares of the stock were exchanged, compared to its average volume of 1,085,410. B&G Foods has a 1-year low of $7.20 and a 1-year high of $13.67. The business’s fifty day simple moving average is $8.47 and its 200 day simple moving average is $9.76. The stock has a market capitalization of $665.21 million, a PE ratio of -5.84 and a beta of 0.61. The company has a debt-to-equity ratio of 2.58, a quick ratio of 0.92 and a current ratio of 3.22.

B&G Foods Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 30th. Investors of record on Monday, September 30th will be given a dividend of $0.19 per share. The ex-dividend date is Monday, September 30th. This represents a $0.76 dividend on an annualized basis and a yield of 9.03%. B&G Foods’s dividend payout ratio (DPR) is currently -52.78%.

Analysts Set New Price Targets

A number of brokerages have issued reports on BGS. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $10.00 target price on shares of B&G Foods in a report on Wednesday. StockNews.com cut shares of B&G Foods from a “hold” rating to a “sell” rating in a report on Friday, May 10th. Barclays dropped their target price on shares of B&G Foods from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Friday, July 19th. Finally, Piper Sandler dropped 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 report on Thursday, July 11th. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $8.88.

Insider Buying and Selling

In other news, EVP Scott E. Lerner bought 11,755 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were purchased at an average price of $8.51 per share, for a total transaction of $100,035.05. Following the completion of the transaction, the executive vice president now owns 189,144 shares in the company, valued at $1,609,615.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other B&G Foods news, CFO Bruce C. Wacha bought 5,200 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were acquired at an average price of $8.59 per share, with a total value of $44,668.00. Following the purchase, the chief financial officer now owns 91,328 shares in the company, valued at approximately $784,507.52. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Scott E. Lerner bought 11,755 shares of the business’s stock in a transaction dated Monday, May 13th. The stock was acquired at an average cost of $8.51 per share, for a total transaction of $100,035.05. Following the purchase, the executive vice president now owns 189,144 shares in the company, valued at approximately $1,609,615.44. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 141,955 shares of company stock worth $1,218,453. 3.20% of the stock is owned by insiders.

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.