B&G Foods (NYSE:BGS) Hits New 12-Month Low After Earnings Miss

B&G Foods, Inc. (NYSE:BGS)’s share price reached a new 52-week low during trading on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $7.56 and last traded at $7.63, with a volume of 77950 shares. The stock had previously closed at $8.82.

The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.07). The business 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%. The business’s revenue was down 8.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.27 earnings per share.

B&G Foods Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Tuesday, December 31st will be issued a $0.19 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.76 annualized dividend and a dividend yield of 9.96%. B&G Foods’s dividend payout ratio is currently -49.35%.

Wall Street Analyst Weigh In

BGS has been the subject of several research analyst reports. Piper Sandler reduced their target price on shares of B&G Foods from $9.00 to $8.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. Barclays decreased their target price on B&G Foods from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Friday, July 19th. Royal Bank of Canada reissued a “sector perform” rating and set a $10.00 price target on shares of B&G Foods in a report on Wednesday, August 7th. StockNews.com upgraded B&G Foods from a “sell” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, Evercore ISI upgraded B&G Foods to a “hold” rating in a research report on Wednesday, August 7th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, B&G Foods has an average rating of “Hold” and a consensus price target of $8.67.

Insider Buying and Selling

In related news, EVP Jordan E. Greenberg sold 8,000 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $550,571.35. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 3.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On B&G Foods

Large investors have recently modified their holdings of the business. BNP Paribas Financial Markets lifted its position in B&G Foods by 97.9% in the 1st quarter. BNP Paribas Financial Markets now owns 38,965 shares of the company’s stock valued at $446,000 after acquiring an additional 19,277 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in B&G Foods by 6.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 261,106 shares of the company’s stock worth $2,987,000 after acquiring an additional 15,672 shares during the last quarter. Capstone Investment Advisors LLC raised its holdings in shares of B&G Foods by 97.1% in the first quarter. Capstone Investment Advisors LLC now owns 27,325 shares of the company’s stock valued at $313,000 after purchasing an additional 13,462 shares during the last quarter. Texas Permanent School Fund Corp boosted its holdings in B&G Foods by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 68,433 shares of the company’s stock worth $783,000 after purchasing an additional 960 shares during the last quarter. Finally, Empowered Funds LLC increased its stake in B&G Foods by 52.4% in the 1st quarter. Empowered Funds LLC now owns 277,940 shares of the company’s stock valued at $3,180,000 after buying an additional 95,580 shares during the last quarter. Institutional investors own 66.15% of the company’s stock.

B&G Foods Stock Performance

The company’s 50-day simple moving average is $8.61 and its 200 day simple moving average is $8.83. The stock has a market cap of $603.99 million, a P/E ratio of -4.95 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.

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.