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

B&G Foods (NYSE:BGS) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.70-$0.90 for the period, compared to the consensus estimate of $0.80. The company issued revenue guidance of $1.945-$1.970 billion, compared to the consensus revenue estimate of $1.95 billion. B&G Foods also updated its FY 2024 guidance to 0.700-0.900 EPS.

B&G Foods Trading Down 2.8 %

Shares of NYSE BGS traded down $0.25 during midday trading on Wednesday, reaching $8.42. 1,651,989 shares of the stock were exchanged, compared to its average volume of 1,085,410. The company has a 50 day simple moving average of $8.47 and a 200 day simple moving average of $9.76. The stock has a market capitalization of $665.21 million, a P/E ratio of -5.84 and a beta of 0.61. The company has a debt-to-equity ratio of 2.58, a quick ratio of 0.92 and a current ratio of 3.22. B&G Foods has a twelve month low of $7.20 and a twelve month high of $13.67.

B&G Foods (NYSE:BGS) last posted its earnings results on Tuesday, August 6th. The company reported $0.08 earnings per share for the quarter, meeting the consensus estimate of $0.08. B&G Foods had a negative net margin of 5.42% and a positive return on equity of 8.33%. The firm had revenue of $444.60 million during the quarter, compared to the consensus estimate of $435.83 million. During the same quarter last year, the firm earned $0.15 EPS. The firm’s revenue for the quarter was down 5.3% on a year-over-year basis. As a group, equities analysts expect that B&G Foods will post 0.77 earnings per share for the current year.

B&G Foods Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 30th. Investors of record on Monday, September 30th will be issued a $0.19 dividend. The ex-dividend date is Monday, September 30th. This represents a $0.76 annualized dividend and a yield of 9.03%. B&G Foods’s dividend payout ratio (DPR) is presently -52.78%.

Analysts Set New Price Targets

BGS has been the subject of several research reports. Royal Bank of Canada reiterated a sector perform rating and issued a $10.00 target price on shares of B&G Foods in a report on Wednesday. Barclays dropped their target price on shares of B&G Foods from $10.00 to $8.00 and set an equal weight rating for the company in a report on Friday, July 19th. Piper Sandler dropped their price target on shares of B&G Foods from $9.00 to $8.00 and set a neutral rating for the company in a research note on Thursday, July 11th. Finally, StockNews.com downgraded shares of B&G Foods from a hold rating to a sell rating in a research note on Friday, May 10th. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, B&G Foods has an average rating of Hold and a consensus target price of $8.88.

Insiders Place Their Bets

In other news, Director Stephen Sherrill acquired 125,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was acquired at an average cost of $8.59 per share, with a total value of $1,073,750.00. Following the transaction, the director now owns 270,136 shares in the company, valued at $2,320,468.24. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Stephen Sherrill purchased 125,000 shares of B&G Foods stock in a transaction that occurred on Monday, May 13th. The stock was purchased at an average cost of $8.59 per share, with a total value of $1,073,750.00. Following the completion of the transaction, the director now directly owns 270,136 shares in the company, valued at $2,320,468.24. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott E. Lerner purchased 11,755 shares of B&G Foods stock in a transaction that occurred on Monday, May 13th. The stock was bought at an average cost of $8.51 per share, with a total value of $100,035.05. Following the completion of the transaction, the executive vice president now owns 189,144 shares of the company’s stock, valued at $1,609,615.44. The disclosure for this purchase can be found here. Insiders acquired a total of 141,955 shares of company stock worth $1,218,453 over the last 90 days. Corporate insiders own 3.20% of the company’s stock.

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.