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

B&G Foods (NYSE:BGS) issued its quarterly earnings data on Tuesday. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.07), Briefing.com reports. The business had revenue of $461.10 million during 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 company’s revenue for the quarter was down 8.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.27 EPS. 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 16.6 %

Shares of NYSE:BGS traded down $1.46 during midday trading on Wednesday, hitting $7.36. 1,704,674 shares of the company’s stock were exchanged, compared to its average volume of 1,012,748. The company has a market cap of $582.62 million, a PE ratio of -4.95 and a beta of 0.61. B&G Foods has a 12 month low of $7.34 and a 12 month high of $11.97. The stock has a 50 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 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Tuesday, December 31st will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 10.33%. The ex-dividend date of this dividend is Tuesday, December 31st. B&G Foods’s dividend payout ratio is currently -49.35%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on BGS shares. Piper Sandler decreased 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. Barclays decreased their price objective on B&G Foods from $10.00 to $8.00 and set an “equal weight” rating for the company in a 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 research report on Wednesday, August 7th. Evercore ISI raised B&G Foods to a “hold” rating in a research report on Wednesday, August 7th. Finally, StockNews.com upgraded shares of B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. Five analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, B&G Foods currently has an average rating of “Hold” and a consensus target price of $8.67.

Insider Buying and Selling at B&G Foods

In other news, EVP Jordan E. Greenberg sold 8,000 shares of B&G Foods 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 directly owns 66,095 shares in the company, valued at $550,571.35. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 3.20% of the company’s stock.

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.