B&G Foods (NYSE:BGS) Updates 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 (EPS) guidance of 0.670-0.770 for the period, compared to the consensus 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 Stock Up 1.8 %

NYSE:BGS traded up $0.16 during mid-day trading on Tuesday, reaching $8.82. The company’s stock had a trading volume of 1,152,441 shares, compared to its average volume of 1,009,425. The company has a quick ratio of 0.48, a current ratio of 1.63 and a debt-to-equity ratio of 2.33. The company’s fifty day simple moving average is $8.61 and its two-hundred day simple moving average is $8.84. B&G Foods has a twelve month low of $7.62 and a twelve month high of $11.97.

B&G Foods (NYSE:BGS) last released its earnings results on Tuesday, August 6th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.08. B&G Foods had a negative net margin of 5.82% and a positive return on equity of 8.07%. The business had revenue of $444.60 million for the quarter, compared to analysts’ expectations of $435.83 million. During the same period last year, the company earned $0.15 earnings per share. The company’s quarterly revenue was down 5.3% on a year-over-year basis. On average, equities research analysts anticipate that B&G Foods will post 0.74 earnings per share for the current fiscal year.

B&G Foods Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Tuesday, December 31st will be issued a $0.19 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 8.62%. B&G Foods’s dividend payout ratio (DPR) is presently -49.35%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on BGS shares. StockNews.com raised B&G Foods from a “sell” rating to a “hold” rating in a research report on Thursday, September 26th. Royal Bank of Canada reaffirmed 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. Evercore ISI upgraded B&G Foods to a “hold” rating in a report on Wednesday, August 7th. 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, Barclays decreased their price objective on shares of B&G Foods from $10.00 to $8.00 and set an “equal weight” rating for the company in a research note on Friday, July 19th. Five analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, B&G Foods presently has a consensus rating of “Hold” and a consensus price target of $8.67.

Insider Activity

In other news, EVP Jordan E. Greenberg sold 8,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $8.33, for a total transaction of $66,640.00. Following the transaction, 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 SEC, which is available at this hyperlink. 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.