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

B&G Foods (NYSE:BGS) released its quarterly earnings results on Tuesday. The company reported $0.06 EPS for the quarter, hitting analysts’ consensus estimates of $0.06, FiscalAI reports. B&G Foods had a positive return on equity of 9.67% and a negative net margin of 4.23%.The business had revenue of $383.27 million for the quarter, compared to analyst estimates of $394.92 million.

B&G Foods Trading Up 1.0%

Shares of NYSE BGS traded up $0.04 during midday trading on Tuesday, hitting $3.44. The stock had a trading volume of 2,626,443 shares, compared to its average volume of 2,122,060. The company’s 50-day simple moving average is $3.82 and its 200 day simple moving average is $4.56. The firm has a market cap of $278.82 million, a P/E ratio of -3.58 and a beta of 0.50. B&G Foods has a fifty-two week low of $3.35 and a fifty-two week high of $6.38. The company has a debt-to-equity ratio of 4.96, a current ratio of 2.99 and a quick ratio of 1.42.

B&G Foods Announces Dividend

The company also recently announced 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 of this dividend is Wednesday, September 30th. B&G Foods’s dividend payout ratio (DPR) is -39.58%.

Analysts Set New Price Targets

A number of research firms have commented on BGS. Barclays reduced their price objective on B&G Foods from $6.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 21st. Jefferies Financial Group set a $4.00 target price on B&G Foods in a research note on Wednesday, July 22nd. Finally, Weiss Ratings downgraded shares of B&G Foods from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Thursday, May 14th. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, B&G Foods has a consensus rating of “Reduce” and a consensus target price of $4.38.

Hedge Funds Weigh In On B&G Foods

Hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its holdings in B&G Foods by 324.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,707,044 shares of the company’s stock worth $15,940,000 after purchasing an additional 2,833,090 shares during the last quarter. Millennium Management LLC grew its position in shares of B&G Foods by 15,131.8% during the 1st quarter. Millennium Management LLC now owns 1,887,984 shares of the company’s stock worth $12,970,000 after buying an additional 1,875,589 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of B&G Foods by 26.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,377,381 shares of the company’s stock worth $14,523,000 after buying an additional 705,958 shares during the period. Bank of America Corp DE raised its stake in shares of B&G Foods by 142.7% during the second quarter. Bank of America Corp DE now owns 1,193,473 shares of the company’s stock worth $5,048,000 after buying an additional 701,660 shares during the last quarter. Finally, Marshall Wace LLP raised its stake in shares of B&G Foods by 566.8% during the second quarter. Marshall Wace LLP now owns 700,640 shares of the company’s stock worth $2,964,000 after buying an additional 595,571 shares during the last quarter. 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.