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

B&G Foods (NYSE:BGS) updated its FY24 earnings guidance on Tuesday. 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.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Piper Sandler dropped their price target on shares of 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. Royal Bank of Canada reiterated a “sector perform” rating and set a $10.00 target price on shares of B&G Foods in a research report on Wednesday, August 7th. Evercore ISI raised B&G Foods to a “hold” rating in a research note on Wednesday, August 7th. StockNews.com upgraded B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. Finally, Barclays cut their price objective on shares of B&G Foods from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Friday, July 19th. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, B&G Foods currently has an average rating of “Hold” and an average price target of $8.67.

B&G Foods Trading Up 1.8 %

BGS traded up $0.16 during midday trading on Tuesday, reaching $8.82. 1,094,128 shares of the company were exchanged, compared to its average volume of 1,009,184. B&G Foods has a one year low of $7.62 and a one year high of $11.97. The company has a debt-to-equity ratio of 2.33, a quick ratio of 0.48 and a current ratio of 1.63. The company’s fifty day moving average price is $8.61 and its 200 day moving average price is $8.84.

B&G Foods (NYSE:BGS) last released its earnings results on Tuesday, August 6th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.08. The business had revenue of $444.60 million during the quarter, compared to the consensus estimate of $435.83 million. B&G Foods had a positive return on equity of 8.07% and a negative net margin of 5.82%. The business’s revenue for the quarter was down 5.3% on a year-over-year basis. During the same period last year, the business posted $0.15 earnings per share. Equities research analysts forecast that B&G Foods will post 0.74 EPS for the current year.

B&G Foods Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.19 per share. The ex-dividend date is Tuesday, December 31st. This represents a $0.76 annualized dividend and a dividend yield of 8.62%. B&G Foods’s dividend payout ratio is currently -49.35%.

Insider Activity

In other news, EVP Jordan E. Greenberg sold 8,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $8.33, for a total value of $66,640.00. Following the sale, the executive vice president now directly owns 66,095 shares of the company’s stock, valued at approximately $550,571.35. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.20% of the stock is owned by company 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.