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

B&G Foods (NYSE:BGSGet Rating) issued an update on its FY 2022 earnings guidance on Thursday morning. 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.

Shares of NYSE BGS opened at $21.50 on Friday. The stock has a market cap of $1.48 billion, a PE ratio of 22.16 and a beta of 0.31. 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 has a 52-week low of $21.05 and a 52-week high of $36.52. The business has a 50-day moving average price of $26.50 and a 200 day moving average price of $29.48.

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 12.91%. 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 1.65 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 1st. Shareholders of record on Thursday, June 30th will be paid a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 8.84%. The ex-dividend date is Wednesday, June 29th. B&G Foods’s dividend payout ratio is presently 195.88%.

Several analysts have commented on BGS shares. BMO Capital Markets reduced their price objective on B&G Foods from $36.00 to $32.00 in a research note on Wednesday, March 2nd. StockNews.com downgraded B&G Foods from a hold rating to a sell rating in a research note on Monday, May 9th. 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 note on Wednesday, May 4th. Finally, Credit Suisse Group cut their target price on B&G Foods from $27.00 to $26.00 and set an underperform rating for the company in a research note on Wednesday, March 2nd.

Hedge funds have recently modified their holdings of the company. BNP Paribas Arbitrage SA increased its stake in B&G Foods by 5.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 65,332 shares of the company’s stock valued at $1,763,000 after purchasing an additional 3,623 shares in the last quarter. Advisors Asset Management Inc. increased its stake in B&G Foods by 0.9% in the 1st quarter. Advisors Asset Management Inc. now owns 513,167 shares of the company’s stock valued at $13,845,000 after purchasing an additional 4,781 shares in the last quarter. Quantbot Technologies LP increased its stake in B&G Foods by 116.9% in the 1st quarter. Quantbot Technologies LP now owns 54,054 shares of the company’s stock valued at $1,458,000 after purchasing an additional 29,128 shares in the last quarter. Royal Bank of Canada increased its stake in B&G Foods by 24.1% in the 1st quarter. Royal Bank of Canada now owns 117,687 shares of the company’s stock valued at $3,175,000 after purchasing an additional 22,825 shares in the last quarter. Finally, Rodgers Brothers Inc. increased its stake in B&G Foods by 2.4% in the 1st quarter. Rodgers Brothers Inc. now owns 25,740 shares of the company’s stock valued at $694,000 after purchasing an additional 615 shares in the last quarter. 64.72% of the stock is owned by institutional investors and hedge funds.

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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