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

B&G Foods (NYSE:BGS) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 0.750-0.950 for the period, compared to the consensus EPS estimate of 0.860. The company issued revenue guidance of $2.0 billion-$2.0 billion, compared to the consensus revenue estimate of $2.0 billion. B&G Foods also updated its FY24 guidance to $0.75-0.95 EPS.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Piper Sandler upped their price objective on B&G Foods from $8.00 to $9.00 and gave the company an underweight rating in a research report on Wednesday, February 28th. StockNews.com raised shares of B&G Foods from a sell rating to a hold rating in a report on Saturday, March 9th. Two research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. According to data from MarketBeat, B&G Foods presently has an average rating of Hold and an average price target of $9.50.

B&G Foods Stock Performance

BGS traded up $0.21 on Wednesday, reaching $11.55. The stock had a trading volume of 1,408,346 shares, compared to its average volume of 977,871. The business’s 50-day moving average price is $11.10 and its two-hundred day moving average price is $10.24. The company has a current ratio of 3.06, a quick ratio of 0.89 and a debt-to-equity ratio of 2.42. B&G Foods has a 12-month low of $7.20 and a 12-month high of $15.46. The company has a market cap of $913.04 million, a P/E ratio of -13.13 and a beta of 0.70.

B&G Foods (NYSE:BGS) last released its quarterly earnings results on Tuesday, February 27th. The company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.02. B&G Foods had a positive return on equity of 8.68% and a negative net margin of 3.21%. The company had revenue of $578.13 million during the quarter, compared to analysts’ expectations of $569.65 million. During the same quarter in the prior year, the firm posted $0.40 EPS. B&G Foods’s quarterly revenue was down 7.2% compared to the same quarter last year. Sell-side analysts forecast that B&G Foods will post 0.84 earnings per share for the current year.

B&G Foods Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th were given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 6.58%. The ex-dividend date was Wednesday, March 27th. B&G Foods’s dividend payout ratio (DPR) is -86.36%.

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.