B&G Foods (NYSE:BGS) Issues Quarterly Earnings Results, Hits Expectations

B&G Foods (NYSE:BGS) released its quarterly earnings results on Tuesday. The company reported $0.08 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.08, FiscalAI reports. The business had revenue of $365.13 million during the quarter, compared to the consensus estimate of $398.81 million. B&G Foods had a positive return on equity of 8.43% and a negative net margin of 2.37%.

B&G Foods Price Performance

Shares of B&G Foods stock traded down $0.01 during trading on Tuesday, reaching $5.09. 2,112,501 shares of the company’s stock were exchanged, compared to its average volume of 2,034,675. The company has a debt-to-equity ratio of 4.30, a quick ratio of 1.43 and a current ratio of 3.32. B&G Foods has a 1-year low of $3.67 and a 1-year high of $6.38. The company has a market cap of $408.88 million, a P/E ratio of -9.42 and a beta of 0.58. The firm’s 50-day moving average price is $5.25 and its 200 day moving average price is $4.80.

B&G Foods Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 30th. Stockholders of record on Tuesday, March 31st were issued a dividend of $0.19 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 14.9%. B&G Foods’s payout ratio is -140.74%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on BGS shares. Barclays boosted their price target on B&G Foods from $5.00 to $6.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 14th. TD Cowen restated a “sell” rating on shares of B&G Foods in a research note on Wednesday, March 4th. Finally, Evercore set a $5.00 price objective on B&G Foods in a report on Wednesday, March 4th. Three equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $4.88.

Insider Transactions at B&G Foods

In other news, EVP Andrew D. Vogel sold 20,000 shares of the business’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $5.19, for a total transaction of $103,800.00. Following the completion of the transaction, the executive vice president owned 50,679 shares of the company’s stock, valued at approximately $263,024.01. The trade was a 28.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David L. Wenner sold 19,500 shares of the business’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $5.19, for a total value of $101,205.00. Following the transaction, the director directly owned 787,566 shares of the company’s stock, valued at $4,087,467.54. This trade represents a 2.42% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 50,821 shares of company stock valued at $266,138. Corporate insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On B&G Foods

A number of institutional investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. increased its holdings in B&G Foods by 502.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 7,443 shares of the company’s stock worth $31,000 after purchasing an additional 6,207 shares in the last quarter. Triumph Capital Management acquired a new position in B&G Foods in the 3rd quarter worth about $34,000. Federated Hermes Inc. acquired a new position in B&G Foods in the 2nd quarter worth about $35,000. Integrated Wealth Concepts LLC acquired a new position in B&G Foods in the 3rd quarter worth about $45,000. Finally, NCM Capital Management LLC acquired a new position in B&G Foods in the 3rd quarter worth about $46,000. Institutional investors and hedge funds own 66.15% of the company’s stock.

About B&G Foods

B&G Foods, Inc is a packaged foods holding company that develops, markets and distributes a diversified portfolio of branded shelf-stable and frozen food products. Headquartered in Parsippany, New Jersey, the company serves retail and foodservice customers across the United States and Canada. Through its network of manufacturing facilities, third-party co-packers and distribution partners, B&G Foods supplies grocery chains, mass merchandisers, club stores and e-commerce platforms.

The company’s product portfolio spans multiple categories, including vegetables, beans, soups, sauces and condiments, snacks, cereals and refrigerated or frozen offerings.