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

B&G Foods (NYSE:BGS) announced 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 negative net margin of 5.82% and a positive return on equity of 8.07%. The business had revenue of $461.10 million during the quarter, compared to the consensus estimate of $473.82 million. During the same period in the previous year, the firm posted $0.27 EPS. The company’s revenue 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 Trading Down 16.7 %

Shares of NYSE:BGS traded down $1.47 during mid-day trading on Wednesday, hitting $7.35. The company had a trading volume of 1,888,226 shares, compared to its average volume of 1,013,602. The company has a market capitalization of $581.83 million, a PE ratio of -4.95 and a beta of 0.61. B&G Foods has a one year low of $7.32 and a one year high of $11.97. The firm has a fifty day moving average price of $8.61 and a 200 day moving average price of $8.83. The company has a debt-to-equity ratio of 2.33, a current ratio of 1.63 and a quick ratio of 0.48.

B&G Foods Dividend Announcement

The firm 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 dividend yield of 10.34%. The ex-dividend date is Tuesday, December 31st. B&G Foods’s payout ratio is -49.35%.

Insiders Place Their Bets

In other 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 transaction, the executive vice president now owns 66,095 shares in the company, valued at approximately $550,571.35. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

BGS has been the subject of a number of recent research reports. Royal Bank of Canada reissued 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 lowered their target price on 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. Evercore ISI raised shares of B&G Foods to a “hold” rating in a research note on Wednesday, August 7th. StockNews.com upgraded B&G Foods from a “sell” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, Barclays reduced their price objective on shares of B&G Foods from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Friday, July 19th. Five analysts have rated the stock with a hold rating, According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $8.67.

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.