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

B&G Foods (NYSE:BGS) issued its quarterly earnings data on Tuesday. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.07), Briefing.com reports. 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 $461.10 million during the quarter, compared to analyst estimates of $473.82 million. During the same quarter last year, the firm earned $0.27 EPS. B&G Foods’s revenue for the quarter was down 8.3% compared to the same quarter last year. 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 Trading Down 5.1 %

Shares of B&G Foods stock traded down $0.36 on Thursday, hitting $6.71. The stock had a trading volume of 3,343,878 shares, compared to its average volume of 1,044,573. The stock has a 50 day moving average of $8.58 and a 200 day moving average of $8.82. The firm has a market capitalization of $531.16 million, a P/E ratio of -4.71 and a beta of 0.61. B&G Foods has a twelve month low of $6.65 and a twelve month high of $11.97. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 11.33%. The ex-dividend date of this dividend is Tuesday, December 31st. B&G Foods’s dividend payout ratio (DPR) is -49.35%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on BGS shares. Barclays cut their price target on B&G Foods from $8.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $10.00 price target on shares of B&G Foods in a research note on Wednesday, August 7th. TD Cowen dropped their target price on shares of B&G Foods from $8.00 to $7.50 and set a “sell” rating for the company in a research report on Wednesday. StockNews.com upgraded shares of B&G Foods from a “sell” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, Evercore ISI decreased their price objective on shares of B&G Foods from $10.00 to $9.00 and set an “in-line” rating on the stock in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $8.30.

Insider Transactions at B&G Foods

In other B&G Foods news, EVP Jordan E. Greenberg sold 8,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total value of $66,640.00. Following the sale, the executive vice president now owns 66,095 shares in the company, valued at approximately $550,571.35. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 3.20% of the stock is 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.