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

B&G Foods (NYSE:BGS) released its quarterly earnings data on Tuesday. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07), Briefing.com reports. The firm 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%. B&G Foods’s revenue was down 8.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.27 earnings per share. 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 Price Performance

BGS stock traded down $1.46 during mid-day trading on Wednesday, hitting $7.36. 1,704,674 shares of the stock were exchanged, compared to its average volume of 1,012,748. The business has a fifty day moving average price of $8.61 and a 200 day moving average price of $8.83. B&G Foods has a 12 month low of $7.34 and a 12 month high of $11.97. The company has a debt-to-equity ratio of 2.33, a current ratio of 1.63 and a quick ratio of 0.48. The stock has a market capitalization of $582.62 million, a price-to-earnings ratio of -4.95 and a beta of 0.61.

B&G Foods Dividend Announcement

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 paid a $0.19 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.76 dividend on an annualized basis and a yield of 10.33%. B&G Foods’s dividend payout ratio is presently -49.35%.

Wall Street Analyst Weigh In

Several research analysts have commented on BGS shares. Piper Sandler cut 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 report on Thursday, July 11th. Royal Bank of Canada reissued a “sector perform” rating and set a $10.00 price objective on shares of B&G Foods in a research note on Wednesday, August 7th. Barclays reduced their target price on B&G Foods from $10.00 to $8.00 and set an “equal weight” rating for the company in a research report on Friday, July 19th. StockNews.com raised B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. Finally, Evercore ISI raised B&G Foods to a “hold” rating in a report on Wednesday, August 7th. Five investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $8.67.

Insider Activity

In related news, EVP Jordan E. Greenberg sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 3.20% of the company’s stock.

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.