B&G Foods (NYSE:BGS) Issues FY 2024 Earnings Guidance

B&G Foods (NYSE:BGS) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 0.670-0.770 for the period, compared to the consensus EPS 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.

Analyst Ratings Changes

BGS has been the subject of a number of research analyst reports. Royal Bank of Canada reissued a “sector perform” rating and set a $10.00 target price on shares of B&G Foods in a research report on Wednesday, August 7th. Evercore ISI dropped their target price on shares of B&G Foods from $10.00 to $9.00 and set an “in-line” rating for the company in a research report on Wednesday. Piper Sandler dropped their price objective 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. TD Cowen reduced their price target on B&G Foods from $8.00 to $7.50 and set a “sell” rating for the company in a research report on Wednesday. Finally, Barclays dropped their price target on shares of B&G Foods from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat.com, B&G Foods has an average rating of “Hold” and a consensus price target of $8.30.

B&G Foods Stock Up 1.5 %

BGS traded up $0.10 during midday trading on Friday, hitting $6.70. 835,525 shares of the company’s stock traded hands, compared to its average volume of 1,050,973. B&G Foods has a one year low of $6.46 and a one year high of $11.97. The stock’s fifty day simple moving average is $8.55 and its 200-day simple moving average is $8.80. The company has a market cap of $530.37 million, a PE ratio of -4.29 and a beta of 0.61. The company has a debt-to-equity ratio of 2.33, a current ratio of 1.63 and a quick ratio of 0.48.

B&G Foods (NYSE:BGS) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.07). The business 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%. The company’s revenue for the quarter was down 8.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.27 earnings per share. As a group, equities analysts anticipate that B&G Foods will post 0.74 earnings per share for the current fiscal year.

B&G Foods Dividend Announcement

The company 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 of this dividend is Tuesday, December 31st. This represents a $0.76 annualized dividend and a yield of 11.34%. B&G Foods’s dividend payout ratio (DPR) is -49.35%.

Insiders Place Their Bets

In related news, EVP Jordan E. Greenberg sold 8,000 shares of B&G Foods stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $8.33, for a total transaction of $66,640.00. Following the completion of the transaction, the executive vice president now directly owns 66,095 shares of the company’s stock, valued at $550,571.35. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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.