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

B&G Foods (NYSE:BGS) announced its earnings results on Tuesday. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.07), Briefing.com reports. The firm had revenue of $461.10 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the business earned $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 Stock Performance

B&G Foods stock traded down $0.03 during trading hours on Friday, reaching $6.57. 1,226,933 shares of the company were exchanged, compared to its average volume of 1,052,896. The firm has a market cap of $520.11 million, a price-to-earnings ratio of -19.68 and a beta of 0.61. The stock has a 50-day moving average of $8.55 and a 200 day moving average of $8.80. B&G Foods has a 12 month low of $6.46 and a 12 month high of $11.97. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Tuesday, December 31st will be given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 11.57%. The ex-dividend date is Tuesday, December 31st. B&G Foods’s dividend payout ratio is -223.53%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Barclays reduced their price objective on B&G Foods from $8.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $10.00 price objective on shares of B&G Foods in a report on Wednesday, August 7th. Piper Sandler decreased 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 research note on Thursday, July 11th. StockNews.com upgraded shares of B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. Finally, Evercore ISI cut 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. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $8.30.

Insiders Place Their Bets

In other B&G Foods news, EVP Jordan E. Greenberg sold 8,000 shares of B&G Foods stock in a transaction that occurred 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 of the company’s stock, valued at approximately $550,571.35. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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.