B&G Foods (NYSE:BGS) Announces Earnings Results, Misses Estimates By $0.20 EPS

B&G Foods (NYSE:BGSGet Rating) released its quarterly earnings results on Thursday. The company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.20), Briefing.com reports. The business had revenue of $479.00 million for the quarter, compared to the consensus estimate of $480.51 million. B&G Foods had a net margin of 1.90% and a return on equity of 10.27%. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.41 EPS. B&G Foods updated its FY 2022 guidance to $1.08-$1.28 EPS and its FY22 guidance to $1.08 to $1.28 EPS.

B&G Foods Trading Down 7.5 %

NYSE BGS opened at $23.43 on Friday. The firm has a market capitalization of $1.61 billion, a PE ratio of 39.71 and a beta of 0.26. The stock’s 50 day moving average is $23.66 and its 200 day moving average is $26.42. B&G Foods has a twelve month low of $21.05 and a twelve month high of $34.27. The company has a quick ratio of 1.00, a current ratio of 3.46 and a debt-to-equity ratio of 2.50.

B&G Foods Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, September 30th will be paid a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 8.11%. The ex-dividend date of this dividend is Thursday, September 29th. B&G Foods’s payout ratio is presently 322.03%.

Hedge Funds Weigh In On B&G Foods

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ancora Advisors LLC bought a new stake in shares of B&G Foods in the 1st quarter worth approximately $60,000. Ergoteles LLC purchased a new position in B&G Foods during the first quarter valued at $236,000. Bridgefront Capital LLC bought a new stake in B&G Foods in the first quarter worth $324,000. Captrust Financial Advisors grew its stake in shares of B&G Foods by 8.3% in the first quarter. Captrust Financial Advisors now owns 13,074 shares of the company’s stock worth $359,000 after acquiring an additional 998 shares during the last quarter. Finally, HighTower Advisors LLC increased its holdings in shares of B&G Foods by 13.6% during the first quarter. HighTower Advisors LLC now owns 13,087 shares of the company’s stock valued at $352,000 after acquiring an additional 1,571 shares in the last quarter. Hedge funds and other institutional investors own 64.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Piper Sandler upped their target price on B&G Foods from $23.00 to $27.00 and gave the company a “neutral” rating in a report on Tuesday. StockNews.com upgraded shares of B&G Foods from a “sell” rating to a “hold” rating in a report on Friday.

About B&G Foods

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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, baking powder and soda, corn starch, cookies and crackers, nut clusters, and other specialty products.

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Earnings History for B&G Foods (NYSE:BGS)

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