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

by · The Markets Daily

B&G Foods (NYSE:BGS – Get Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. 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. B&G Foods also updated its FY 2024 guidance to 0.670-0.770 EPS.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Evercore ISI decreased their target price on B&G Foods from $10.00 to $9.00 and set an “in-line” rating for the company in a research note on Wednesday. Piper Sandler reduced their price objective on B&G Foods from $9.00 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, July 11th. Barclays dropped their target price on B&G Foods from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Thursday. StockNews.com upgraded B&G Foods from a “sell” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $10.00 price objective on shares of B&G Foods in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. Based on data from MarketBeat, B&G Foods has a consensus rating of “Hold” and an average price target of $8.30.

Get Our Latest Stock Analysis on B&G Foods

B&G Foods Stock Down 6.6 %

BGS stock traded down $0.47 during mid-day trading on Thursday, hitting $6.60. The stock had a trading volume of 4,984,717 shares, compared to its average volume of 833,049. B&G Foods has a 1-year low of $6.56 and a 1-year high of $11.97. The company has a fifty day moving average of $8.55 and a 200 day moving average of $8.80. The company has a current ratio of 1.63, a quick ratio of 0.48 and a debt-to-equity ratio of 2.33. The stock has a market capitalization of $522.46 million, a price-to-earnings ratio of -4.29 and a beta of 0.61.

B&G Foods (NYSE:BGS – Get Free Report) last posted its earnings results on Tuesday, November 5th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.07). B&G Foods had a positive return on equity of 8.07% and a negative net margin of 5.82%. The business had revenue of $461.10 million for the quarter, compared to analyst estimates of $473.82 million. During the same period in the previous year, the company earned $0.27 earnings per share. The company’s quarterly revenue was down 8.3% compared to the same quarter last year. On average, equities analysts expect that B&G Foods will post 0.74 EPS for the current fiscal year.

B&G Foods Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 11.52%. The ex-dividend date is Tuesday, December 31st. B&G Foods’s dividend payout ratio (DPR) is -49.35%.

Insider Activity

In other B&G Foods news, EVP Jordan E. Greenberg sold 8,000 shares of B&G Foods stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total value of $66,640.00. Following the transaction, the executive vice president now directly owns 66,095 shares of the company’s stock, valued at $550,571.35. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 3.20% of the stock is currently owned by company insiders.

About B&G Foods

(Get Free Report)

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.

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