B&G Foods (NYSE:BGS) Updates FY 2024 Earnings Guidance

B&G Foods (NYSE:BGS) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 0.670-0.770 for the period, compared to the consensus estimate of 0.740. The company issued revenue guidance of $1.9 billion-$2.0 billion, compared to the consensus revenue estimate of $2.0 billion. B&G Foods also updated its FY24 guidance to $0.67-0.77 EPS.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $10.00 price objective on shares of B&G Foods in a research report on Wednesday, August 7th. Evercore ISI decreased their target price on shares of B&G Foods from $10.00 to $9.00 and set an “in-line” rating on the stock in a report on Wednesday. TD Cowen reduced their price objective on B&G Foods from $8.00 to $7.50 and set a “sell” rating on the stock in a research note on Wednesday. StockNews.com upgraded B&G Foods from a “sell” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, Piper Sandler reduced their target price 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. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $8.30.

B&G Foods Stock Up 1.5 %

NYSE BGS traded up $0.10 on Friday, hitting $6.70. 835,525 shares of the company were exchanged, compared to its average volume of 1,050,973. B&G Foods has a 12 month low of $6.46 and a 12 month high of $11.97. The company has a market cap of $530.37 million, a PE ratio of -4.29 and a beta of 0.61. The stock has a fifty day moving average of $8.55 and a 200-day moving average of $8.80. 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 (NYSE:BGS) last posted its earnings results on Tuesday, November 5th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.07). The business had revenue of $461.10 million for the quarter, compared to the consensus estimate of $473.82 million. B&G Foods had a positive return on equity of 8.07% and a negative net margin of 5.82%. The company’s revenue was down 8.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.27 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 business also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Tuesday, December 31st will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 11.34%. The ex-dividend date is Tuesday, December 31st. B&G Foods’s dividend payout ratio (DPR) is currently -49.35%.

Insider Buying and Selling at B&G Foods

In other news, EVP Jordan E. Greenberg sold 8,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $8.33, for a total transaction of $66,640.00. Following the completion of the transaction, the executive vice president now owns 66,095 shares of the company’s stock, valued at approximately $550,571.35. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.20% of the stock is owned by corporate 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.