B&G Foods (NYSE:BGS) Issues Quarterly Earnings Results, Misses Estimates By $0.02 EPS

B&G Foods (NYSE:BGS) posted its quarterly earnings results on Wednesday. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.02), Briefing.com reports. The company had revenue of $475.22 million during the quarter, compared to analysts’ expectations of $480.93 million. B&G Foods had a positive return on equity of 8.68% and a negative net margin of 3.21%. The company’s quarterly revenue was down 7.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.27 EPS. 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 Stock Performance

BGS traded down $3.27 during trading on Thursday, reaching $8.28. 6,823,954 shares of the company’s stock were exchanged, compared to its average volume of 1,043,095. B&G Foods has a 1 year low of $7.20 and a 1 year high of $15.34. The company has a debt-to-equity ratio of 2.42, a current ratio of 3.06 and a quick ratio of 0.89. The stock has a market capitalization of $654.54 million, a P/E ratio of -10.28 and a beta of 0.70. The company’s fifty day simple moving average is $11.10 and its 200-day simple moving average is $10.25.

B&G Foods Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research firms recently commented on BGS. StockNews.com raised shares of B&G Foods from a “sell” rating to a “hold” rating in a research note 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 research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average 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.