B&G Foods (NYSE:BGS) Releases Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Key Points

• B&G Foods beat quarterly expectations: EPS was $0.21, $0.07 above consensus, while revenue of $459.78 million topped estimates of $435 million.
• The company declared a quarterly dividend of $0.095 per share, equivalent to an annualized yield of 14.3% at the reported share price.
• Analyst sentiment remains cautious, with a consensus “Sell” rating and a $3.62 average price target; shares traded at $2.67.

B&G Foods (NYSE:BGS - Get Free Report) posted its quarterly earnings data on Tuesday. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.07, FiscalAI reports. The business had revenue of $459.78 million during the quarter, compared to analyst estimates of $435.00 million. B&G Foods had a positive return on equity of 10.74% and a negative net margin of 4.00%.

B&G Foods Trading Up 0.2%

Shares of NYSE BGS traded up $0.01 during midday trading on Tuesday, hitting $2.67. The company's stock had a trading volume of 2,513,895 shares, compared to its average volume of 2,133,347. The company has a current ratio of 1.62, a quick ratio of 1.09 and a debt-to-equity ratio of 5.08. The business's 50 day moving average is $2.72 and its two-hundred day moving average is $4.03. B&G Foods has a 12-month low of $1.99 and a 12-month high of $6.38. The firm has a market cap of $216.61 million, a P/E ratio of -2.99 and a beta of 0.56.

B&G Foods Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 26th. Stockholders of record on Thursday, December 31st will be issued a $0.0950 dividend. This represents a $0.38 annualized dividend and a dividend yield of 14.3%. The ex-dividend date is Thursday, December 31st. B&G Foods's dividend payout ratio is presently -42.70%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on BGS shares. TD Cowen lowered their price target on B&G Foods from $4.00 to $3.00 and set a "sell" rating for the company in a research report on Wednesday, August 12th. Weiss Ratings lowered shares of B&G Foods from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, October 8th. Evercore set a $4.50 price objective on shares of B&G Foods in a research report on Wednesday, August 12th. Jefferies Financial Group set a $4.00 price objective on shares of B&G Foods in a research report on Wednesday, July 22nd. Finally, Barclays reduced their target price on shares of B&G Foods from $4.50 to $3.00 and set an "equal weight" rating on the stock in a research note on Friday, October 16th. One equities research analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, B&G Foods currently has an average rating of "Sell" and a consensus price target of $3.62.

About B&G Foods

B&G Foods, Inc. is a branded food company headquartered in Parsippany, New Jersey. The company manufactures, sells and distributes a portfolio of shelf-stable, frozen and specialty food products through grocery stores, mass merchandisers, club stores, foodservice distributors and e-commerce channels. Its products include vegetables, beans, pickles, condiments, sauces, spices, seasonings, baking products, hot cereals, snacks and frozen foods. B&G Foods' brand portfolio has included Ortega Mexican foods, Cream of Wheat, Mrs. Dash, Maple Grove Farms, Polaner, Cary's, Las Palmas, Underwood and B&G pickles, among other consumer food brands.

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