B&G Foods (NYSE:BGS) Releases Quarterly Earnings Results, Meets Expectations

Key Points

• B&G Foods reported quarterly EPS of $0.06, matching analyst expectations, while revenue of $383.27 million fell short of the $394.92 million consensus estimate. The company posted a negative net margin of 4.23% and a 9.67% return on equity.
• The company declared a quarterly dividend of $0.095 per share, equating to $0.38 annually and an 11.1% yield.
• Analyst sentiment remains cautious, with a consensus rating of “Reduce” and a $4.38 price target; B&G Foods shares were trading near $3.44 and remained close to their 12-month low.

B&G Foods (NYSE:BGS - Get Free Report) released its earnings results on Tuesday. The company reported $0.06 EPS for the quarter, meeting the consensus estimate of $0.06, FiscalAI reports. B&G Foods had a negative net margin of 4.23% and a positive return on equity of 9.67%. The firm had revenue of $383.27 million during the quarter, compared to analysts' expectations of $394.92 million.

B&G Foods Price Performance

Shares of BGS stock traded up $0.04 during trading hours on Tuesday, hitting $3.44. The company had a trading volume of 2,626,443 shares, compared to its average volume of 2,122,060. B&G Foods has a 12 month low of $3.35 and a 12 month high of $6.38. The company has a debt-to-equity ratio of 4.96, a quick ratio of 1.42 and a current ratio of 2.99. The firm's fifty day moving average is $3.82 and its 200 day moving average is $4.56. The firm has a market capitalization of $278.82 million, a price-to-earnings ratio of -3.58 and a beta of 0.50.

B&G Foods Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Wednesday, September 30th will be paid a $0.095 dividend. This represents a $0.38 annualized dividend and a dividend yield of 11.1%. The ex-dividend date is Wednesday, September 30th. B&G Foods's dividend payout ratio is currently -39.58%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on BGS shares. Weiss Ratings downgraded shares of B&G Foods from a "sell (d+)" rating to a "sell (d-)" rating in a report on Thursday, May 14th. Barclays decreased their target price on B&G Foods from $6.00 to $5.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 21st. Finally, Jefferies Financial Group set a $4.00 price target on B&G Foods in a research note on Wednesday, July 22nd. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, B&G Foods currently has a consensus rating of "Reduce" and a consensus price target of $4.38.

Institutional Trading of B&G Foods

Large investors have recently bought and sold shares of the stock. Corient Private Wealth LLC lifted its holdings in shares of B&G Foods by 50.0% during the fourth quarter. Corient Private Wealth LLC now owns 52,611 shares of the company's stock valued at $226,000 after acquiring an additional 17,542 shares during the period. Invesco Ltd. grew its holdings in shares of B&G Foods by 23.7% in the 4th quarter. Invesco Ltd. now owns 395,974 shares of the company's stock worth $1,703,000 after purchasing an additional 75,748 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in shares of B&G Foods by 37.0% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 44,374 shares of the company's stock worth $191,000 after purchasing an additional 11,984 shares during the last quarter. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of B&G Foods during the 4th quarter worth about $382,000. Finally, Empowered Funds LLC lifted its holdings in B&G Foods by 10.9% during the 4th quarter. Empowered Funds LLC now owns 480,314 shares of the company's stock valued at $2,065,000 after purchasing an additional 47,061 shares during the last quarter. 66.15% of the stock is currently owned by institutional investors.

About B&G Foods

B&G Foods, Inc is a packaged foods holding company that develops, markets and distributes a diversified portfolio of branded shelf-stable and frozen food products. Headquartered in Parsippany, New Jersey, the company serves retail and foodservice customers across the United States and Canada. Through its network of manufacturing facilities, third-party co-packers and distribution partners, B&G Foods supplies grocery chains, mass merchandisers, club stores and e-commerce platforms.

The company's product portfolio spans multiple categories, including vegetables, beans, soups, sauces and condiments, snacks, cereals and refrigerated or frozen offerings.

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