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 earnings per share guidance of $0.67-0.77 for the period, compared to the consensus earnings per share 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.

B&G Foods Stock Up 1.8 %

BGS stock traded up $0.16 during trading on Tuesday, reaching $8.82. The stock had a trading volume of 1,152,441 shares, compared to its average volume of 1,009,425. The company has a current ratio of 1.63, a quick ratio of 0.48 and a debt-to-equity ratio of 2.33. B&G Foods has a one year low of $7.62 and a one year high of $11.97. The company’s 50 day moving average is $8.61 and its two-hundred day moving average is $8.84.

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

B&G Foods Dividend Announcement

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

Analyst Ratings Changes

BGS has been the subject of several research 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. Piper Sandler lowered their price target on shares of B&G Foods from $9.00 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th. Barclays dropped their price objective on B&G Foods from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Friday, July 19th. Royal Bank of Canada reissued a “sector perform” rating and issued a $10.00 target price on shares of B&G Foods in a research report on Wednesday, August 7th. Finally, Evercore ISI raised B&G Foods to a “hold” rating in a research report on Wednesday, August 7th. Five investment analysts have rated the stock with a hold rating, According to MarketBeat.com, B&G Foods presently has an average rating of “Hold” and a consensus price target of $8.67.

Insider Activity at B&G Foods

In other B&G Foods news, EVP Jordan E. Greenberg sold 8,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total transaction of $66,640.00. Following the sale, the executive vice president now owns 66,095 shares in the company, valued at $550,571.35. This represents 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 owned by company insiders.

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.