B&G Foods (NYSE:BGS) Releases Earnings Results, Meets Estimates

B&G Foods (NYSE:BGS) announced its earnings results on Tuesday. The company reported $0.08 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.08, Briefing.com reports. B&G Foods had a positive return on equity of 8.33% and a negative net margin of 5.42%. The firm had revenue of $444.60 million for the quarter, compared to the consensus estimate of $435.83 million. During the same quarter in the previous year, the business earned $0.15 EPS. The company’s revenue was down 5.3% compared to the same quarter last year. B&G Foods updated its FY24 guidance to $0.70-$0.90 EPS and its FY 2024 guidance to 0.700-0.900 EPS.

B&G Foods Stock Performance

BGS stock traded down $0.53 during midday trading on Friday, reaching $8.13. 559,601 shares of the company’s stock traded hands, compared to its average volume of 1,081,651. The firm has a market capitalization of $642.68 million, a PE ratio of -5.67 and a beta of 0.61. B&G Foods has a 52 week low of $7.20 and a 52 week high of $13.15. The company has a 50-day moving average price of $8.46 and a two-hundred day moving average price of $9.75. The company has a debt-to-equity ratio of 2.58, a quick ratio of 0.92 and a current ratio of 3.22.

B&G Foods Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 30th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.19 per share. The ex-dividend date is Monday, September 30th. This represents a $0.76 dividend on an annualized basis and a yield of 9.35%. B&G Foods’s payout ratio is -52.78%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Piper Sandler cut their target price on 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 B&G Foods from a “sell” rating to a “hold” rating in a research note on Thursday. Evercore ISI upgraded B&G Foods to a “hold” rating in a research note on Wednesday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $10.00 price objective on shares of B&G Foods in a research note on Wednesday. Finally, Barclays dropped their price objective on 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. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $8.88.

Insider Transactions at B&G Foods

In other news, Director Stephen Sherrill purchased 125,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were purchased at an average price of $8.59 per share, with a total value of $1,073,750.00. Following the completion of the acquisition, the director now owns 270,136 shares in the company, valued at approximately $2,320,468.24. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Stephen Sherrill purchased 125,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were purchased at an average price of $8.59 per share, with a total value of $1,073,750.00. Following the completion of the acquisition, the director now owns 270,136 shares in the company, valued at approximately $2,320,468.24. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Bruce C. Wacha purchased 5,200 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was purchased at an average cost of $8.59 per share, for a total transaction of $44,668.00. Following the acquisition, the chief financial officer now owns 91,328 shares of the company’s stock, valued at approximately $784,507.52. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 141,955 shares of company stock valued at $1,218,453. 3.20% of the stock is currently owned by company 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.