B&G Foods (NYSE:BGS) Issues FY24 Earnings Guidance

B&G Foods (NYSE:BGS) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $0.67-0.77 for the period, compared to the consensus EPS estimate of $0.74. The company issued revenue guidance of $1.92-1.95 billion, compared to the consensus revenue estimate of $1.95 billion.

Analysts Set New Price Targets

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

B&G Foods Trading Up 1.8 %

Shares of BGS stock traded up $0.16 on Tuesday, reaching $8.82. The stock had a trading volume of 1,094,128 shares, compared to its average volume of 1,009,184. The company has a debt-to-equity ratio of 2.33, a quick ratio of 0.48 and a current ratio of 1.63. B&G Foods has a 1 year low of $7.62 and a 1 year high of $11.97. The company has a 50 day simple moving average of $8.61 and a 200 day simple moving average of $8.84.

B&G Foods (NYSE:BGS) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.08. B&G Foods had a positive return on equity of 8.07% and a negative net margin of 5.82%. The business had revenue of $444.60 million during the quarter, compared to the consensus estimate of $435.83 million. During the same period in the previous year, the company posted $0.15 EPS. The business’s quarterly revenue was down 5.3% compared to the same quarter last year. Equities analysts forecast that B&G Foods will post 0.74 earnings per share for the current fiscal year.

B&G Foods Announces Dividend

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 issued a dividend of $0.19 per share. The ex-dividend date is Tuesday, December 31st. This represents a $0.76 dividend on an annualized basis and a yield of 8.62%. B&G Foods’s dividend payout ratio is currently -49.35%.

Insider Transactions at B&G Foods

In related news, EVP Jordan E. Greenberg sold 8,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total value 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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.