B&G Foods, Inc. (NYSE:BGS) to Issue $0.19 Quarterly Dividend

B&G Foods, Inc. (NYSE:BGS) declared a quarterly dividend on Tuesday, May 21st, Zacks reports. Shareholders of record on Friday, June 28th will be given a dividend of 0.19 per share on Tuesday, July 30th. This represents a $0.76 annualized dividend and a dividend yield of 7.96%. The ex-dividend date of this dividend is Friday, June 28th.

B&G Foods has decreased its dividend by an average of 12.9% per year over the last three years and has increased its dividend every year for the last 2 years. B&G Foods has a payout ratio of 85.4% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect B&G Foods to earn $0.84 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 90.5%.

B&G Foods Stock Down 0.4 %

BGS opened at $9.55 on Thursday. The firm has a 50-day simple moving average of $10.64 and a two-hundred day simple moving average of $10.29. B&G Foods has a 52 week low of $7.20 and a 52 week high of $15.15. The company has a market capitalization of $754.93 million, a PE ratio of -6.63 and a beta of 0.70. The company has a quick ratio of 0.92, a current ratio of 3.22 and a debt-to-equity ratio of 2.58.

B&G Foods (NYSE:BGS) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.02). B&G Foods had a negative net margin of 5.42% and a positive return on equity of 8.33%. The business had revenue of $475.22 million during the quarter, compared to the consensus estimate of $480.93 million. During the same period in the previous year, the business posted $0.27 EPS. The firm’s revenue was down 7.1% on a year-over-year basis. Analysts forecast that B&G Foods will post 0.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Bruce C. Wacha bought 5,200 shares of B&G Foods stock in a transaction dated Monday, May 13th. The shares were acquired at an average cost of $8.59 per share, with a total value of $44,668.00. Following the completion of the transaction, the chief financial officer now owns 91,328 shares in the company, valued at approximately $784,507.52. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In other B&G Foods news, Director Stephen Sherrill acquired 125,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were bought at an average cost of $8.59 per share, with a total value of $1,073,750.00. Following the completion of the acquisition, the director now directly owns 270,136 shares in the company, valued at approximately $2,320,468.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Bruce C. Wacha acquired 5,200 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were acquired at an average cost of $8.59 per share, for a total transaction of $44,668.00. Following the completion of the acquisition, the chief financial officer now owns 91,328 shares of the company’s stock, valued at $784,507.52. The disclosure for this purchase can be found here. Insiders bought a total of 141,955 shares of company stock valued at $1,218,453 over the last 90 days. Insiders own 3.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. StockNews.com downgraded shares of B&G Foods from a “hold” rating to a “sell” rating in a research note on Friday, May 10th. Piper Sandler raised shares of B&G Foods from an “underweight” rating to a “neutral” rating and set a $9.00 price objective for the company in a research note on Thursday, May 16th. Two research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. According to MarketBeat, B&G Foods has an average rating of “Hold” and an average target price of $9.50.

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.