B&G Foods (NYSE:BGS) Updates 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.

Wall Street Analyst Weigh In

BGS has been the subject of several research analyst reports. StockNews.com upgraded shares of B&G Foods from a “sell” rating to a “hold” rating in a research report on Thursday, September 26th. Barclays dropped their price objective 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. Royal Bank of Canada restated a “sector perform” rating and set a $10.00 price target on shares of B&G Foods in a research report on Wednesday, August 7th. Piper Sandler dropped their price target on 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, Evercore ISI upgraded B&G Foods to a “hold” rating in a research report on Wednesday, August 7th. Five equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, B&G Foods has an average rating of “Hold” and a consensus target price of $8.67.

B&G Foods Stock Up 1.8 %

NYSE:BGS traded up $0.16 during trading hours on Tuesday, reaching $8.82. The company’s stock had a trading volume of 1,152,441 shares, compared to its average volume of 1,009,425. The firm has a 50-day simple moving average of $8.61 and a 200-day simple moving average of $8.84. 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 1 year low of $7.62 and a 1 year high of $11.97.

B&G Foods (NYSE:BGS) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.08 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.08. The firm had revenue of $444.60 million during the quarter, compared to analyst estimates of $435.83 million. B&G Foods had a positive return on equity of 8.07% and a negative net margin of 5.82%. The business’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.15 earnings per share. As a group, analysts forecast that B&G Foods will post 0.74 earnings per share for the current year.

B&G Foods Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Tuesday, December 31st will be paid a $0.19 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.76 annualized dividend and a dividend yield of 8.62%. B&G Foods’s payout ratio is presently -49.35%.

Insider Buying and Selling at B&G Foods

In related news, EVP Jordan E. Greenberg sold 8,000 shares of B&G Foods stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $8.33, for a total value of $66,640.00. Following the sale, the executive vice president now 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 legal filing with the SEC, which is available at this link. 3.20% of the stock is currently owned by corporate insiders.

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.