B&G Foods (NYSE:BGS) Announces Earnings Results, Hits Estimates

B&G Foods (NYSE:BGS) posted its quarterly earnings results on Tuesday. The company reported $0.08 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.08, Briefing.com reports. B&G Foods had a positive return on equity of 8.33% and a negative net margin of 5.42%. The company had revenue of $444.60 million for the quarter, compared to analyst estimates of $435.83 million. During the same quarter last year, the company earned $0.15 EPS. B&G Foods’s revenue for the quarter was down 5.3% compared to the same quarter last year. B&G Foods updated its FY24 guidance to $0.70-$0.90 EPS and its FY 2024 guidance to 0.700-0.900 EPS.

B&G Foods Price Performance

Shares of NYSE BGS traded down $0.41 on Friday, hitting $8.25. The company’s stock had a trading volume of 647,828 shares, compared to its average volume of 1,082,228. The company has a debt-to-equity ratio of 2.58, a current ratio of 3.22 and a quick ratio of 0.92. B&G Foods has a 12-month low of $7.20 and a 12-month high of $13.15. The company has a market capitalization of $652.17 million, a price-to-earnings ratio of -5.67 and a beta of 0.61. The stock has a 50 day moving average of $8.46 and a 200-day moving average of $9.75.

B&G Foods Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 30th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 9.21%. The ex-dividend date is Monday, September 30th. B&G Foods’s dividend payout ratio (DPR) is presently -52.78%.

Analyst Upgrades and Downgrades

BGS has been the topic of a number of recent analyst reports. 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. Barclays cut their price target on shares of B&G Foods from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Friday, July 19th. StockNews.com upgraded B&G Foods from a “sell” rating to a “hold” rating in a research report on Thursday. Piper Sandler dropped their price target on B&G Foods from $9.00 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. Finally, Evercore ISI raised shares of B&G Foods to a “hold” rating in a report on Wednesday. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $8.88.

Insider Buying and Selling at B&G Foods

In other news, EVP Scott E. Lerner acquired 11,755 shares of the business’s stock in a transaction dated Monday, May 13th. The stock was acquired at an average price of $8.51 per share, with a total value of $100,035.05. Following the completion of the transaction, the executive vice president now directly owns 189,144 shares in the company, valued at approximately $1,609,615.44. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other B&G Foods news, CFO Bruce C. Wacha purchased 5,200 shares of B&G Foods stock in a transaction on Monday, May 13th. The shares were bought at an average price of $8.59 per share, with a total value of $44,668.00. Following the purchase, the chief financial officer now directly owns 91,328 shares in the company, valued at approximately $784,507.52. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Scott E. Lerner acquired 11,755 shares of the stock in a transaction dated Monday, May 13th. The stock was acquired at an average cost of $8.51 per share, with a total value of $100,035.05. Following the transaction, the executive vice president now owns 189,144 shares of the company’s stock, valued at $1,609,615.44. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 141,955 shares of company stock worth $1,218,453. 3.20% of the stock is owned by 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.