B&G Foods (NYSE:BGS) Announces Earnings Results

B&G Foods (NYSE:BGS) issued its earnings results on Tuesday. The company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.08, FiscalAI reports. B&G Foods had a positive return on equity of 8.43% and a negative net margin of 2.37%.The business had revenue of $365.13 million during the quarter, compared to analysts’ expectations of $398.81 million.

B&G Foods Trading Down 0.1%

Shares of NYSE BGS traded down $0.01 during trading on Tuesday, reaching $5.09. The company had a trading volume of 2,112,501 shares, compared to its average volume of 2,034,675. The company’s fifty day moving average price is $5.25 and its 200-day moving average price is $4.80. B&G Foods has a 12 month low of $3.67 and a 12 month high of $6.38. The stock has a market cap of $408.88 million, a P/E ratio of -9.42 and a beta of 0.58. The company has a quick ratio of 1.43, a current ratio of 3.32 and a debt-to-equity ratio of 4.30.

B&G Foods Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 30th. Shareholders of record on Tuesday, March 31st were given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 14.9%. The ex-dividend date was Tuesday, March 31st. B&G Foods’s payout ratio is -140.74%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on BGS shares. Barclays upped their target price on B&G Foods from $5.00 to $6.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 14th. Evercore set a $5.00 target price on B&G Foods in a report on Wednesday, March 4th. Finally, TD Cowen reiterated a “sell” rating on shares of B&G Foods in a research report on Wednesday, March 4th. Three analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $4.88.

Insider Buying and Selling at B&G Foods

In other B&G Foods news, EVP Martin C. Schoch sold 11,321 shares of the company’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $5.40, for a total value of $61,133.40. Following the sale, the executive vice president owned 34,347 shares in the company, valued at approximately $185,473.80. The trade was a 24.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David L. Wenner sold 19,500 shares of the company’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $5.19, for a total value of $101,205.00. Following the completion of the sale, the director owned 787,566 shares in the company, valued at $4,087,467.54. This trade represents a 2.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 50,821 shares of company stock worth $266,138. Insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On B&G Foods

Several institutional investors and hedge funds have recently made changes to their positions in BGS. Northwestern Mutual Wealth Management Co. raised its stake in B&G Foods by 502.2% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 7,443 shares of the company’s stock worth $31,000 after buying an additional 6,207 shares during the period. Triumph Capital Management acquired a new position in B&G Foods during the 3rd quarter worth approximately $34,000. Federated Hermes Inc. acquired a new position in B&G Foods during the 2nd quarter worth approximately $35,000. Integrated Wealth Concepts LLC acquired a new position in B&G Foods during the 3rd quarter worth approximately $45,000. Finally, NCM Capital Management LLC acquired a new position in B&G Foods during the 3rd quarter worth approximately $46,000. Institutional investors own 66.15% of the company’s stock.

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.