B&G Foods (NYSE:BGS) Issues 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 EPS guidance of $1.08-$1.28 for the period, compared to the consensus EPS estimate of $1.62. The company issued revenue guidance of $2.10 billion-$2.14 billion, compared to the consensus revenue estimate of $2.13 billion. B&G Foods also updated its FY22 guidance to $1.08 to $1.28 EPS.

B&G Foods Price Performance

NYSE:BGS traded down $1.90 during mid-day trading on Friday, hitting $23.43. The company’s stock had a trading volume of 4,124,969 shares, compared to its average volume of 667,192. B&G Foods has a fifty-two week low of $21.05 and a fifty-two week high of $34.27. 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 company has a market capitalization of $1.61 billion, a price-to-earnings ratio of 39.71 and a beta of 0.26. The stock has a fifty day moving average of $23.66 and a 200-day moving average of $26.37.

B&G Foods (NYSE:BGSGet Rating) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.20). B&G Foods had a return on equity of 10.27% and a net margin of 1.90%. The business had revenue of $479.00 million during the quarter, compared to analyst estimates of $480.51 million. During the same period last year, the company earned $0.41 EPS. The business’s revenue for the quarter was up 3.1% on a year-over-year basis. As a group, equities analysts forecast that B&G Foods will post 1.18 EPS for the current fiscal year.

B&G Foods Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, September 30th will be issued a dividend of $0.475 per share. This represents a $1.90 annualized dividend 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 322.03%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. StockNews.com raised shares of B&G Foods from a sell rating to a hold rating in a report on Friday. Piper Sandler raised their price objective on shares of B&G Foods from $23.00 to $27.00 and gave the stock a neutral rating in a report on Tuesday, August 2nd.

Institutional Trading of B&G Foods

Hedge funds have recently modified their holdings of the stock. Rodgers Brothers Inc. boosted its stake in B&G Foods by 2.4% in the first quarter. Rodgers Brothers Inc. now owns 25,740 shares of the company’s stock valued at $694,000 after acquiring an additional 615 shares during the last quarter. Captrust Financial Advisors boosted its stake in B&G Foods by 8.3% in the first quarter. Captrust Financial Advisors now owns 13,074 shares of the company’s stock valued at $359,000 after acquiring an additional 998 shares during the last quarter. HighTower Advisors LLC boosted its stake in B&G Foods by 13.6% in 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 during the last quarter. Great West Life Assurance Co. Can boosted its stake in B&G Foods by 2.7% in the first quarter. Great West Life Assurance Co. Can now owns 61,590 shares of the company’s stock valued at $1,706,000 after acquiring an additional 1,615 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its stake in B&G Foods by 2.6% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 66,492 shares of the company’s stock valued at $1,794,000 after acquiring an additional 1,688 shares during the last quarter. 64.72% of the stock is owned by institutional investors.

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.

Further Reading

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

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