B&G Foods (NYSE:BGS) Announces Earnings Results, Misses Estimates By $0.02 EPS

B&G Foods (NYSE:BGS) posted its quarterly earnings data on Wednesday. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.02), Briefing.com reports. B&G Foods had a negative net margin of 3.21% and a positive return on equity of 8.68%. The firm had revenue of $475.22 million during the quarter, compared to analysts’ expectations of $480.93 million. During the same quarter last year, the business earned $0.27 earnings per share. The business’s quarterly revenue was down 7.1% on a year-over-year basis. B&G Foods updated its FY24 guidance to $0.75-0.95 EPS and its FY 2024 guidance to 0.750-0.950 EPS.

B&G Foods Price Performance

BGS stock traded down $0.37 during trading on Friday, hitting $7.91. The stock had a trading volume of 1,720,165 shares, compared to its average volume of 1,049,013. The company’s 50 day moving average price is $11.03 and its two-hundred day moving average price is $10.24. B&G Foods has a 1-year low of $7.20 and a 1-year high of $15.15. The stock has a market cap of $625.29 million, a price-to-earnings ratio of -9.41 and a beta of 0.70. The company has a debt-to-equity ratio of 2.42, a quick ratio of 0.89 and a current ratio of 3.06.

B&G Foods Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Thursday, March 28th were paid a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 9.61%. The ex-dividend date of this dividend was Wednesday, March 27th. B&G Foods’s payout ratio is -86.36%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on BGS shares. Piper Sandler boosted their target price on shares of B&G Foods from $8.00 to $9.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 28th. StockNews.com upgraded shares of B&G Foods from a “sell” rating to a “hold” rating in a research report on Saturday, March 9th. Two analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. Based on data from MarketBeat, B&G Foods presently has an average rating of “Hold” and an average price target of $9.50.

B&G Foods Company Profile

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.