B&G Foods (NYSE:BGS) Releases Earnings Results, Misses Expectations By $0.07 EPS

B&G Foods (NYSE:BGS) announced its quarterly earnings results on Tuesday. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07), Briefing.com reports. The firm had revenue of $461.10 million during the quarter, compared to analyst estimates of $473.82 million. B&G Foods had a negative net margin of 5.82% and a positive return on equity of 8.07%. The business’s revenue was down 8.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.27 earnings per share. B&G Foods updated its FY24 guidance to $0.67-0.77 EPS and its FY 2024 guidance to 0.670-0.770 EPS.

B&G Foods Stock Performance

NYSE BGS traded down $0.36 on Thursday, hitting $6.71. 3,343,878 shares of the stock were exchanged, compared to its average volume of 1,044,573. The business’s fifty day moving average is $8.58 and its 200 day moving average is $8.82. B&G Foods has a 52 week low of $6.65 and a 52 week high of $11.97. The company has a market capitalization of $531.16 million, a PE ratio of -4.71 and a beta of 0.61. 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 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.76 dividend on an annualized basis and a yield of 11.33%. B&G Foods’s payout ratio is -49.35%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on BGS shares. Evercore ISI reduced their price target on shares of B&G Foods from $10.00 to $9.00 and set an “in-line” rating on the stock in a research report on Wednesday. Piper Sandler decreased their target price on 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 dropped their target price on shares of B&G Foods from $8.00 to $7.00 and set an “equal weight” rating on the stock in a report on Thursday. StockNews.com upgraded B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. Finally, TD Cowen dropped their target price on B&G Foods from $8.00 to $7.50 and set a “sell” rating on the stock in a research report on Wednesday. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat, B&G Foods presently has a consensus rating of “Hold” and an average price target of $8.30.

Insider Transactions at B&G Foods

In related news, EVP Jordan E. Greenberg sold 8,000 shares of the firm’s 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 completion of the sale, the executive vice president now directly owns 66,095 shares in the company, valued at approximately $550,571.35. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 3.20% of the stock is owned by company insiders.

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.