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

B&G Foods (NYSE:BGSGet Rating) updated its FY 2022 earnings guidance on Thursday. The company provided EPS guidance of $1.65-$1.75 for the period, compared to the consensus EPS 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.

A number of brokerages have issued reports on BGS. BMO Capital Markets cut their target price on B&G Foods from $36.00 to $32.00 in a research report on Wednesday, March 2nd. StockNews.com downgraded shares of B&G Foods from a hold rating to a sell rating in a research note on Monday, May 9th. Zacks Investment Research raised shares of B&G Foods from a sell rating to a hold rating and set a $28.00 price objective for the company in a report on Wednesday, May 4th. Finally, Credit Suisse Group cut their target price on shares of B&G Foods from $27.00 to $26.00 and set an underperform rating on the stock in a research note on Wednesday, March 2nd.

Shares of BGS opened at $22.85 on Friday. The stock has a market capitalization of $1.57 billion, a PE ratio of 23.56 and a beta of 0.31. The business’s fifty day moving average price is $26.06 and its 200 day moving average price is $29.13. The company has a debt-to-equity ratio of 2.50, a current ratio of 3.46 and a quick ratio of 1.00. B&G Foods has a 12-month low of $21.05 and a 12-month high of $36.52.

B&G Foods (NYSE:BGSGet Rating) last posted its quarterly 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). B&G Foods had a return on equity of 12.91% and a net margin of 3.08%. The business had revenue of $532.41 million during the quarter, compared to the consensus estimate of $512.02 million. During the same quarter in the previous year, the business posted $0.52 earnings per share. The company’s quarterly revenue was up 5.4% compared to the same quarter last year. As a group, research analysts anticipate that B&G Foods will post 1.65 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, August 1st. Shareholders of record on Thursday, June 30th will be paid a $0.475 dividend. The ex-dividend date is Wednesday, June 29th. This represents a $1.90 dividend on an annualized basis and a yield of 8.32%. B&G Foods’s payout ratio is currently 195.88%.

Several institutional investors have recently made changes to their positions in the company. Thrivent Financial for Lutherans boosted its position in B&G Foods by 0.8% during the 4th quarter. Thrivent Financial for Lutherans now owns 52,814 shares of the company’s stock valued at $1,623,000 after purchasing an additional 415 shares during the period. Rodgers Brothers Inc. lifted 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 buying an additional 615 shares during the last quarter. Kingsview Wealth Management LLC boosted its holdings in shares of B&G Foods by 5.1% during the fourth quarter. Kingsview Wealth Management LLC now owns 18,582 shares of the company’s stock valued at $571,000 after acquiring an additional 902 shares during the period. Captrust Financial Advisors boosted its holdings in shares of B&G Foods by 8.3% during 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 period. Finally, Albion Financial Group UT bought a new position in shares of B&G Foods during the fourth quarter worth about $31,000. Institutional investors and hedge funds own 64.72% of the company’s stock.

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.

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

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