B&G Foods (NYSE:BGS) Shares Gap Down on Disappointing Earnings

Shares of B&G Foods, Inc. (NYSE:BGS) gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $11.55, but opened at $10.33. B&G Foods shares last traded at $9.79, with a volume of 429,919 shares trading hands.

The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.02). B&G Foods had a negative net margin of 3.21% and a positive return on equity of 8.68%. The company had revenue of $475.22 million for the quarter, compared to analyst estimates of $480.93 million. During the same quarter last year, the firm posted $0.27 EPS. B&G Foods’s revenue for the quarter was down 7.1% on a year-over-year basis.

B&G Foods Dividend Announcement

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 $0.19 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.76 annualized dividend and a yield of 8.21%. B&G Foods’s dividend payout ratio (DPR) is -86.36%.

Analysts Set New Price Targets

A number of analysts recently commented on BGS shares. Piper Sandler lifted their price target on B&G Foods from $8.00 to $9.00 and gave the stock an “underweight” rating in a report on Wednesday, February 28th. StockNews.com raised shares of B&G Foods from a “sell” rating to a “hold” rating in a research report on Saturday, March 9th. 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 MarketBeat, B&G Foods presently has a consensus rating of “Hold” and an average price target of $9.50.

Institutional Investors Weigh In On B&G Foods

Several large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC purchased a new position in shares of B&G Foods during the third quarter worth approximately $104,000. Commonwealth Equity Services LLC boosted its position in B&G Foods by 1.6% during the third quarter. Commonwealth Equity Services LLC now owns 114,370 shares of the company’s stock valued at $1,131,000 after buying an additional 1,765 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of B&G Foods by 35.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,166 shares of the company’s stock worth $170,000 after buying an additional 4,517 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of B&G Foods by 4.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,161,348 shares of the company’s stock valued at $11,486,000 after acquiring an additional 46,201 shares during the last quarter. Finally, Inspire Investing LLC purchased a new position in B&G Foods in the 3rd quarter worth approximately $220,000. Institutional investors own 66.15% of the company’s stock.

B&G Foods Stock Down 19.8 %

The stock has a market cap of $732.01 million, a P/E ratio of -10.77 and a beta of 0.70. 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 company has a 50-day simple moving average of $11.10 and a two-hundred day simple moving average of $10.25.

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.