B&G Foods (NYSE:BGS) Issues FY24 Earnings Guidance

B&G Foods (NYSE:BGS) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $0.67-0.77 for the period, compared to the consensus EPS estimate of $0.74. The company issued revenue guidance of $1.92-1.95 billion, compared to the consensus revenue estimate of $1.95 billion. B&G Foods also updated its FY 2024 guidance to 0.670-0.770 EPS.

B&G Foods Stock Down 19.9 %

NYSE BGS traded down $1.76 on Wednesday, hitting $7.07. The stock had a trading volume of 6,245,791 shares, compared to its average volume of 1,033,861. The business’s fifty day moving average price is $8.58 and its 200 day moving average price is $8.82. The company has a debt-to-equity ratio of 2.33, a current ratio of 1.63 and a quick ratio of 0.48. B&G Foods has a 52-week low of $7.02 and a 52-week high of $11.97. The stock has a market cap of $559.27 million, a price-to-earnings ratio of -4.59 and a beta of 0.61.

B&G Foods (NYSE:BGS) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.07). B&G Foods had a positive return on equity of 8.07% and a negative net margin of 5.82%. The firm had revenue of $461.10 million during the quarter, compared to analysts’ expectations of $473.82 million. During the same period in the prior year, the firm posted $0.27 earnings per share. B&G Foods’s revenue for the quarter was down 8.3% compared to the same quarter last year. Equities research analysts anticipate that B&G Foods will post 0.74 earnings per share for the current year.

B&G Foods Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Tuesday, December 31st will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 10.76%. The ex-dividend date is Tuesday, December 31st. B&G Foods’s dividend payout ratio is currently -49.35%.

Analysts Set New Price Targets

BGS has been the topic of several analyst reports. TD Cowen cut their price target on shares of B&G Foods from $8.00 to $7.50 and set a “sell” rating on the stock in a report on Wednesday. Evercore ISI dropped their price objective on shares of B&G Foods from $10.00 to $9.00 and set an “in-line” rating on the stock in a report on Wednesday. StockNews.com raised shares of B&G Foods from a “sell” rating to a “hold” rating in a report on Thursday, September 26th. Royal Bank of Canada reissued a “sector perform” rating and set a $10.00 price objective on shares of B&G Foods in a report on Wednesday, August 7th. Finally, Barclays dropped their price objective on shares of B&G Foods from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $8.50.

Insider Activity

In related news, EVP Jordan E. Greenberg sold 8,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $8.33, for a total transaction of $66,640.00. Following the completion of the transaction, the executive vice president now directly owns 66,095 shares in the company, valued at $550,571.35. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 3.20% of the company’s stock.

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.