B&G Foods (NYSE:BGS) Issues 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. B&G Foods also updated its FY 2024 guidance to 0.670-0.770 EPS.

B&G Foods Price Performance

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

B&G Foods (NYSE:BGS) last announced its earnings results on Tuesday, November 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $461.10 million for the quarter, compared to analyst estimates of $473.82 million. During the same quarter last year, the business earned $0.27 EPS. The company’s revenue for the quarter was down 8.3% compared to the same quarter last year. As a group, sell-side analysts expect that B&G Foods will post 0.74 earnings per share for the current year.

B&G Foods Dividend Announcement

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

Wall Street Analysts Forecast Growth

BGS has been the subject of a number of recent analyst reports. Piper Sandler dropped their price target 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. StockNews.com upgraded B&G Foods from a “sell” rating to a “hold” rating in a research note on Thursday, September 26th. Barclays reduced their price target on shares of B&G Foods from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Thursday. Evercore ISI lowered their price objective on shares of B&G Foods from $10.00 to $9.00 and set an “in-line” rating for the company in a research report on Wednesday. Finally, TD Cowen dropped their target price on shares of B&G Foods from $8.00 to $7.50 and set a “sell” rating for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $8.30.

Insider Activity at B&G Foods

In other news, EVP Jordan E. Greenberg sold 8,000 shares of B&G Foods stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $8.33, for a total transaction of $66,640.00. Following the completion of the sale, the executive vice president now owns 66,095 shares in the company, valued at $550,571.35. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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.