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

B&G Foods (NYSE:BGS) announced 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. The firm had revenue of $475.22 million for the quarter, compared to analysts’ expectations of $480.93 million. B&G Foods had a negative net margin of 3.21% and a positive return on equity of 8.68%. The business’s quarterly revenue was down 7.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.27 earnings per share. 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 Trading Down 28.3 %

BGS stock traded down $3.27 during midday trading on Thursday, reaching $8.28. The company’s stock had a trading volume of 6,813,360 shares, compared to its average volume of 1,042,952. The company has a debt-to-equity ratio of 2.42, a quick ratio of 0.89 and a current ratio of 3.06. The stock has a fifty day simple moving average of $11.10 and a two-hundred day simple moving average of $10.25. B&G Foods has a 1 year low of $7.20 and a 1 year high of $15.34. The firm has a market capitalization of $654.54 million, a price-to-earnings ratio of -10.28 and a beta of 0.70.

B&G Foods Announces Dividend

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

Analyst Upgrades and Downgrades

BGS has been the subject of several research analyst reports. StockNews.com upgraded B&G Foods from a “sell” rating to a “hold” rating in a report on Saturday, March 9th. Piper Sandler increased their target price on shares of B&G Foods from $8.00 to $9.00 and gave the stock an “underweight” rating in a report on Wednesday, February 28th. Two equities research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $9.50.

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.