B&G Foods (NYSE:BGS) Shares Gap Down Following Weak Earnings

Shares of B&G Foods, Inc. (NYSE:BGSGet Rating) gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $25.33, but opened at $23.05. B&G Foods shares last traded at $22.34, with a volume of 44,491 shares changing hands.

The company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.20). The company had revenue of $479.00 million for the quarter, compared to analysts’ expectations of $480.51 million. B&G Foods had a return on equity of 12.91% and a net margin of 3.08%. The business’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.41 EPS.

B&G Foods Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be given a dividend of $0.475 per share. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 8.11%. B&G Foods’s payout ratio is currently 195.88%.

Analysts Set New Price Targets

BGS has been the subject of several recent research reports. StockNews.com raised shares of B&G Foods from a “sell” rating to a “hold” rating in a research report on Friday. Piper Sandler raised their price target on shares of B&G Foods from $23.00 to $27.00 and gave the company a “neutral” rating in a research report on Tuesday.

Institutional Investors Weigh In On B&G Foods

Hedge funds and other institutional investors have recently modified their holdings of the company. Stratos Wealth Partners LTD. raised its holdings in shares of B&G Foods by 5.4% in the 1st quarter. Stratos Wealth Partners LTD. now owns 8,775 shares of the company’s stock valued at $237,000 after purchasing an additional 453 shares in the last quarter. Mutual Advisors LLC raised its stake in B&G Foods by 34.4% during the 4th quarter. Mutual Advisors LLC now owns 30,285 shares of the company’s stock worth $931,000 after acquiring an additional 7,755 shares in the last quarter. National Asset Management Inc. raised its stake in B&G Foods by 6.7% during the 1st quarter. National Asset Management Inc. now owns 122,337 shares of the company’s stock worth $3,301,000 after acquiring an additional 7,689 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV raised its stake in B&G Foods by 1.0% during the 1st quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 43,255 shares of the company’s stock worth $1,167,000 after acquiring an additional 440 shares in the last quarter. Finally, Todd Asset Management LLC acquired a new stake in B&G Foods during the 4th quarter worth $209,000. 64.72% of the stock is currently owned by institutional investors and hedge funds.

B&G Foods Price Performance

The company’s 50 day moving average is $23.66 and its 200 day moving average is $26.42. The company has a current ratio of 3.46, a quick ratio of 1.00 and a debt-to-equity ratio of 2.50. The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of 24.15 and a beta of 0.26.

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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