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

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 traded.

The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.20). The firm had revenue of $479.00 million for the quarter, compared to analyst estimates of $480.51 million. B&G Foods had a return on equity of 12.91% and a net margin of 3.08%. The company’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same period last year, the firm earned $0.41 EPS.

B&G Foods Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, September 30th will be paid 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 is Thursday, September 29th. B&G Foods’s dividend payout ratio (DPR) is presently 195.88%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. StockNews.com raised shares of B&G Foods from a “sell” rating to a “hold” rating in a research note on Friday. Piper Sandler boosted their target price on shares of B&G Foods from $23.00 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Tompkins Financial Corp acquired a new position in B&G Foods in the 1st quarter valued at about $27,000. CWM LLC purchased a new stake in B&G Foods in the 4th quarter valued at about $29,000. Prospera Financial Services Inc purchased a new stake in B&G Foods in the 1st quarter valued at about $34,000. Wellington Shields Capital Management LLC purchased a new stake in B&G Foods in the 1st quarter valued at about $47,000. Finally, Sandy Cove Advisors LLC purchased a new stake in B&G Foods in the 4th quarter valued at about $51,000. Institutional investors and hedge funds own 64.72% of the company’s stock.

B&G Foods Stock Down 7.5 %

The company has a debt-to-equity ratio of 2.50, a quick ratio of 1.00 and a current ratio of 3.46. The company has a market cap of $1.61 billion, a PE ratio of 24.15 and a beta of 0.26. The firm has a fifty day simple moving average of $23.66 and a 200 day simple moving average of $26.42.

B&G Foods Company Profile

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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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