B&G Foods (NYSE:BGS) Releases FY 2024 Earnings Guidance

B&G Foods (NYSE:BGS) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 0.670-0.770 for the period, compared to the consensus earnings per share estimate of 0.740. The company issued revenue guidance of $1.9 billion-$2.0 billion, compared to the consensus revenue estimate of $2.0 billion. B&G Foods also updated its FY24 guidance to $0.67-0.77 EPS.

B&G Foods Trading Up 0.9 %

NYSE BGS traded up $0.06 during trading hours on Friday, hitting $6.66. 916,650 shares of the company were exchanged, compared to its average volume of 1,051,418. The stock has a market cap of $527.23 million, a PE ratio of -19.68 and a beta of 0.61. B&G Foods has a 52 week low of $6.46 and a 52 week high of $11.97. The stock has a 50-day moving average price of $8.55 and a 200 day moving average price of $8.80. 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 released its earnings results on Tuesday, November 5th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.07). 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 negative net margin of 5.82% and a positive return on equity of 8.07%. The business’s revenue for the quarter was down 8.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.27 EPS. Analysts forecast that B&G Foods will post 0.74 earnings per share for the current fiscal 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 issued a $0.19 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.76 annualized dividend and a dividend yield of 11.41%. B&G Foods’s dividend payout ratio (DPR) is presently -223.53%.

Analysts Set New Price Targets

A number of research firms recently weighed in on BGS. TD Cowen reduced their price objective on shares of B&G Foods from $8.00 to $7.50 and set a “sell” rating on the stock in a research report on Wednesday. Evercore ISI reduced their price target on 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 objective on B&G Foods from $8.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday. Piper Sandler cut their price target on shares of B&G Foods from $9.00 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $10.00 price objective on shares of B&G Foods in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target 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 stock was sold at an average price of $8.33, for a total transaction of $66,640.00. Following the sale, the executive vice president now owns 66,095 shares of the company’s stock, valued at approximately $550,571.35. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.20% of the stock is currently owned by 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.