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

B&G Foods (NYSE:BGS) posted its earnings results on Wednesday. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $480.93 million. During the same quarter in the prior year, the firm earned $0.27 earnings per share. The business’s revenue for the quarter 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

Shares of NYSE BGS traded down $3.27 during midday trading on Thursday, hitting $8.28. The stock had a trading volume of 6,823,954 shares, compared to its average volume of 1,043,095. The company has a quick ratio of 0.89, a current ratio of 3.06 and a debt-to-equity ratio of 2.42. The stock has a 50 day simple moving average of $11.10 and a 200-day simple moving average of $10.25. The company has a market capitalization of $654.54 million, a PE ratio of -10.28 and a beta of 0.70. B&G Foods has a 1 year low of $7.20 and a 1 year high of $15.34.

B&G Foods Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.19 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.76 annualized dividend and a yield of 9.18%. B&G Foods’s dividend payout ratio (DPR) is currently -86.36%.

Analyst Ratings Changes

A number of brokerages have weighed in on BGS. StockNews.com upgraded shares of B&G Foods from a “sell” rating to a “hold” rating in a research report on Saturday, March 9th. Piper Sandler increased their price target on B&G Foods from $8.00 to $9.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 28th. Two research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price 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.