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

by · The Markets Daily

B&G Foods (NYSE:BGS – Get Free Report) released its quarterly earnings data on Tuesday. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07), Briefing.com reports. The company had revenue of $461.10 million for the quarter, compared to the consensus estimate of $473.82 million. B&G Foods had a positive return on equity of 8.07% and a negative net margin of 5.82%. B&G Foods’s revenue for the quarter was down 8.3% compared to the same quarter last year. During the same period last year, the company earned $0.27 EPS. 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

BGS stock traded down $0.03 during trading on Friday, reaching $6.57. The stock had a trading volume of 1,226,933 shares, compared to its average volume of 1,052,896. The firm has a market cap of $520.11 million, a PE ratio of -19.68 and a beta of 0.61. 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’s 50 day moving average is $8.55 and its two-hundred day moving average is $8.80. B&G Foods has a 52 week low of $6.46 and a 52 week high of $11.97.

B&G Foods Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Tuesday, December 31st will be issued 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 11.57%. B&G Foods’s payout ratio is -223.53%.

Analysts Set New Price Targets

Several brokerages recently issued reports on BGS. Barclays decreased their price target on B&G Foods from $8.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday. 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. Piper Sandler reduced their target price on B&G Foods from $9.00 to $8.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. TD Cowen reduced their target price on B&G Foods from $8.00 to $7.50 and set a “sell” rating for the company in a research report on Wednesday. Finally, StockNews.com raised B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, B&G Foods has an average rating of “Hold” and an average price target of $8.30.

View Our Latest Report on BGS

Insider Buying and Selling at B&G Foods

In related news, EVP Jordan E. Greenberg sold 8,000 shares of the business’s 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 approximately $550,571.35. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.20% of the company’s stock.

B&G Foods Company Profile

(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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