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

B&G Foods (NYSE:BGS) released its quarterly earnings results on Tuesday. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07), Briefing.com reports. The company had revenue of $461.10 million during the quarter, compared to analysts’ expectations of $473.82 million. B&G Foods had a positive return on equity of 8.07% and a negative net margin of 5.82%. The firm’s revenue was down 8.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $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 14.1 %

B&G Foods stock traded down $1.24 during midday trading on Wednesday, hitting $7.58. The stock had a trading volume of 1,152,127 shares, compared to its average volume of 1,010,178. 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 $7.54 and a 12 month high of $11.97. The stock has a market cap of $600.03 million, a P/E ratio of -4.95 and a beta of 0.61. 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 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.19 per share. The ex-dividend date is Tuesday, December 31st. This represents a $0.76 annualized dividend and a dividend yield of 10.03%. B&G Foods’s payout ratio is -49.35%.

Analyst Ratings Changes

BGS has been the subject of several analyst reports. StockNews.com upgraded shares of B&G Foods from a “sell” rating to a “hold” rating in a research note on Thursday, September 26th. Royal Bank of Canada reissued a “sector perform” rating and issued a $10.00 price objective on shares of B&G Foods in a research report on Wednesday, August 7th. Barclays dropped their target price on B&G Foods from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Friday, July 19th. Piper Sandler reduced their price target on B&G Foods from $9.00 to $8.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. Finally, Evercore ISI raised B&G Foods to a “hold” rating in a research report on Wednesday, August 7th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $8.67.

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 on Tuesday, September 3rd. The shares were sold at an average price of $8.33, for a total value of $66,640.00. Following the completion of the transaction, the executive vice president now owns 66,095 shares of the company’s stock, valued at $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 through this link. 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.