B&G Foods (NYSE:BGS) Announces Quarterly Earnings Results, Misses Expectations By $0.20 EPS

B&G Foods (NYSE:BGSGet Rating) issued its earnings results on Thursday. The company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.20), Briefing.com reports. The business had revenue of $479.00 million during the quarter, compared to analysts’ expectations of $480.51 million. B&G Foods had a return on equity of 10.27% and a net margin of 1.90%. B&G Foods’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same period last year, the firm posted $0.41 EPS. B&G Foods updated its FY 2022 guidance to $1.08-$1.28 EPS and its FY22 guidance to $1.08 to $1.28 EPS.

B&G Foods Trading Down 7.5 %

Shares of B&G Foods stock opened at $23.43 on Friday. The company has a debt-to-equity ratio of 2.50, a current ratio of 3.46 and a quick ratio of 1.00. The stock has a market capitalization of $1.61 billion, a PE ratio of 39.71 and a beta of 0.26. B&G Foods has a 1-year low of $21.05 and a 1-year high of $34.27. The company’s fifty day simple moving average is $23.66 and its 200-day simple moving average is $26.42.

B&G Foods Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, September 30th will be given a $0.475 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $1.90 annualized dividend and a yield of 8.11%. B&G Foods’s payout ratio is presently 322.03%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. State Street Corp grew its stake in shares of B&G Foods by 7.0% during the 1st quarter. State Street Corp now owns 3,450,601 shares of the company’s stock valued at $94,646,000 after acquiring an additional 226,042 shares during the period. Vanguard Group Inc. boosted its position in shares of B&G Foods by 1.8% in the first quarter. Vanguard Group Inc. now owns 7,548,293 shares of the company’s stock worth $203,653,000 after purchasing an additional 132,095 shares during the period. BlackRock Inc. increased its stake in shares of B&G Foods by 0.9% in the first quarter. BlackRock Inc. now owns 10,408,608 shares of the company’s stock worth $280,825,000 after purchasing an additional 90,632 shares in the last quarter. Frontier Wealth Management LLC raised its position in shares of B&G Foods by 120.9% during the 1st quarter. Frontier Wealth Management LLC now owns 59,427 shares of the company’s stock valued at $1,614,000 after purchasing an additional 32,522 shares during the period. Finally, Quantbot Technologies LP lifted its stake in shares of B&G Foods by 116.9% during the 1st quarter. Quantbot Technologies LP now owns 54,054 shares of the company’s stock valued at $1,458,000 after buying an additional 29,128 shares in the last quarter. Institutional investors own 64.72% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently 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 Friday. Piper Sandler increased their price target on B&G Foods from $23.00 to $27.00 and gave the company a “neutral” rating in a report on Tuesday.

About B&G Foods

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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, baking powder and soda, corn starch, cookies and crackers, nut clusters, and other specialty products.

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Earnings History for B&G Foods (NYSE:BGS)

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