B&G Foods (NYSE:BGS) Shares Gap Down on Disappointing Earnings

Shares of B&G Foods, Inc. (NYSE:BGS - Get Free Report) gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $11.55, but opened at $10.33. B&G Foods shares last traded at $9.79, with a volume of 429,919 shares traded.

The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.20 by ($0.02). B&G Foods had a positive return on equity of 8.68% and a negative net margin of 3.21%. The business had revenue of $475.22 million for the quarter, compared to analysts' expectations of $480.93 million. During the same quarter last year, the company earned $0.27 earnings per share. The firm's revenue for the quarter was down 7.1% on a year-over-year basis.

B&G Foods Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th were paid a $0.19 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.76 annualized dividend and a dividend yield of 9.18%. B&G Foods's dividend payout ratio (DPR) is -86.36%.

Wall Street Analyst Weigh In

Several research analysts recently commented on BGS shares. Piper Sandler boosted their target price on B&G Foods from $8.00 to $9.00 and gave the stock an "underweight" rating in a research note on Wednesday, February 28th. StockNews.com raised B&G Foods from a "sell" rating to a "hold" rating in a research report on Saturday, March 9th. Two investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. According to MarketBeat, B&G Foods currently has an average rating of "Hold" and a consensus target price of $9.50.

Institutional Trading of B&G Foods

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Readystate Asset Management LP acquired a new stake in shares of B&G Foods during the 4th quarter worth about $1,159,000. Charles Schwab Investment Management Inc. lifted its position in shares of B&G Foods by 10.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,575,390 shares of the company's stock worth $15,581,000 after buying an additional 148,548 shares during the last quarter. Aigen Investment Management LP boosted its holdings in shares of B&G Foods by 274.0% in the 3rd quarter. Aigen Investment Management LP now owns 78,181 shares of the company's stock valued at $773,000 after buying an additional 57,276 shares in the last quarter. CWM LLC grew its position in shares of B&G Foods by 57.6% in the 4th quarter. CWM LLC now owns 6,257 shares of the company's stock valued at $66,000 after buying an additional 2,287 shares during the last quarter. Finally, Invesco Ltd. raised its stake in B&G Foods by 72.7% during the 3rd quarter. Invesco Ltd. now owns 1,087,931 shares of the company's stock worth $10,760,000 after acquiring an additional 458,082 shares in the last quarter. 66.15% of the stock is currently owned by institutional investors and hedge funds.

B&G Foods Trading Down 28.3 %

The company has a quick ratio of 0.89, a current ratio of 3.06 and a debt-to-equity ratio of 2.42. The stock has a market capitalization of $654.54 million, a PE ratio of -9.41 and a beta of 0.70. The business's 50-day moving average is $11.03 and its two-hundred day moving average is $10.24.

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.