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

B&G Foods (NYSE:BGS) posted its earnings results 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. 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 the consensus estimate of $473.82 million. During the same period in the previous year, the company posted $0.27 earnings per share. B&G Foods’s revenue for the quarter was down 8.3% compared to the same quarter last year. 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 Down 6.6 %

Shares of NYSE BGS traded down $0.47 during trading hours on Thursday, hitting $6.60. The company 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 quick ratio of 0.48, a current ratio of 1.63 and a debt-to-equity ratio of 2.33. The firm’s 50 day moving average is $8.55 and its 200-day moving average is $8.80. The stock has a market capitalization of $522.46 million, a P/E ratio of -4.29 and a beta of 0.61.

B&G Foods Announces Dividend

The business also recently declared 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. This represents a $0.76 annualized dividend 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 -49.35%.

Analyst Upgrades and Downgrades

BGS has been the topic of a number of research analyst reports. Evercore ISI dropped their price objective on shares of B&G Foods from $10.00 to $9.00 and set an “in-line” rating on the stock in a report on Wednesday. Barclays dropped their price target on B&G Foods from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Thursday. StockNews.com raised B&G Foods from a “sell” rating to a “hold” rating in a research report on Thursday, September 26th. Royal Bank of Canada reissued a “sector perform” rating and issued a $10.00 target price on shares of B&G Foods in a research report on Wednesday, August 7th. Finally, Piper Sandler decreased their price target on shares of 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. 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, the stock presently has an average rating of “Hold” and a consensus target price of $8.30.

Insider Buying and Selling

In other B&G Foods news, EVP Jordan E. Greenberg sold 8,000 shares of the stock in a transaction on 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 owns 66,095 shares in the company, valued at $550,571.35. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 3.20% of the stock is owned by corporate 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.