B&G Foods (NYSE:BGS) Updates FY 2022 Earnings Guidance

B&G Foods (NYSE:BGSGet Rating) updated its FY 2022 earnings guidance on Thursday. The company provided earnings per share guidance of $1.65-$1.75 for the period, compared to the consensus earnings per share estimate of $1.74. The company issued revenue guidance of $2.10 billion-$2.14 billion, compared to the consensus revenue estimate of $2.10 billion.

Several research analysts have recently issued reports on BGS shares. StockNews.com cut B&G Foods from a hold rating to a sell rating in a research report on Monday. BMO Capital Markets lowered their price objective on B&G Foods from $36.00 to $32.00 in a research report on Wednesday, March 2nd. Zacks Investment Research raised B&G Foods from a sell rating to a hold rating and set a $28.00 price objective for the company in a research report on Wednesday, May 4th. Finally, Credit Suisse Group lowered their price objective on B&G Foods from $27.00 to $26.00 and set an underperform rating for the company in a research report on Wednesday, March 2nd.

Shares of NYSE BGS opened at $23.27 on Thursday. The stock has a market cap of $1.60 billion, a PE ratio of 23.99 and a beta of 0.31. The company has a quick ratio of 0.92, a current ratio of 3.42 and a debt-to-equity ratio of 2.46. B&G Foods has a 52-week low of $23.20 and a 52-week high of $36.52. The business has a 50-day moving average price of $27.14 and a 200 day moving average price of $29.79.

B&G Foods (NYSE:BGSGet Rating) last announced its earnings results on Thursday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.05). The firm had revenue of $532.41 million during the quarter, compared to analyst estimates of $512.02 million. B&G Foods had a net margin of 3.08% and a return on equity of 13.09%. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period last year, the company earned $0.52 earnings per share. Sell-side analysts anticipate that B&G Foods will post 1.66 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, May 2nd. Investors of record on Thursday, March 31st were given a $0.475 dividend. The ex-dividend date of this dividend was Wednesday, March 30th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 8.17%. B&G Foods’s dividend payout ratio (DPR) is presently 195.88%.

Institutional investors and hedge funds have recently bought and sold shares of the business. Albion Financial Group UT purchased a new stake in B&G Foods during the 4th quarter valued at approximately $31,000. Cubist Systematic Strategies LLC purchased a new stake in B&G Foods during the 4th quarter valued at approximately $255,000. Two Sigma Advisers LP purchased a new stake in B&G Foods during the 3rd quarter valued at approximately $302,000. Autumn Glory Partners LLC purchased a new stake in B&G Foods during the 4th quarter valued at approximately $307,000. Finally, HighTower Advisors LLC raised its stake in B&G Foods by 13.6% during the 1st 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 during the last quarter. 64.72% of the stock is owned by hedge funds and other institutional investors.

B&G Foods Company Profile (Get Rating)

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.

Further Reading

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

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