B&G Foods (NYSE:BGS) Sets New 12-Month Low on Disappointing Earnings

B&G Foods, Inc. (NYSE:BGS) hit a new 52-week low during mid-day trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $7.56 and last traded at $7.63, with a volume of 77950 shares trading hands. The stock had previously closed at $8.82.

The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.07). B&G Foods had a negative net margin of 5.82% and a positive return on equity of 8.07%. The firm had revenue of $461.10 million for the quarter, compared to analyst estimates of $473.82 million. During the same quarter in the prior year, the firm earned $0.27 EPS. The firm’s revenue was down 8.3% compared to the same quarter last year.

B&G Foods Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Tuesday, December 31st will be given a $0.19 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.76 annualized dividend and a dividend yield of 10.76%. B&G Foods’s dividend payout ratio (DPR) is presently -49.35%.

Analysts Set New Price Targets

Several brokerages recently issued reports on BGS. Evercore ISI reduced their price objective on B&G Foods from $10.00 to $9.00 and set an “in-line” rating for the company in a research note on Wednesday. TD Cowen reduced their price target on shares of B&G Foods from $8.00 to $7.50 and set a “sell” rating for the company in a research report on Wednesday. Piper Sandler lowered their price objective on shares of B&G Foods from $9.00 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. StockNews.com upgraded shares of B&G Foods from a “sell” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $10.00 target price on shares of B&G Foods in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat.com, B&G Foods presently has an average rating of “Hold” and a consensus price target of $8.50.

Insider Buying and Selling

In other B&G Foods news, EVP Jordan E. Greenberg sold 8,000 shares of B&G Foods stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $8.33, for a total value of $66,640.00. Following the completion of the sale, the executive vice president now directly owns 66,095 shares in the company, valued at $550,571.35. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On B&G Foods

Several institutional investors have recently bought and sold shares of BGS. Dimensional Fund Advisors LP boosted its stake in shares of B&G Foods by 33.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,918,418 shares of the company’s stock worth $15,501,000 after acquiring an additional 485,714 shares in the last quarter. American Century Companies Inc. lifted its holdings in B&G Foods by 71.3% in the 2nd quarter. American Century Companies Inc. now owns 1,640,354 shares of the company’s stock worth $13,254,000 after purchasing an additional 682,688 shares during the last quarter. Bank of New York Mellon Corp boosted its position in B&G Foods by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 1,200,039 shares of the company’s stock worth $9,696,000 after purchasing an additional 5,842 shares during the period. Dana Investment Advisors Inc. grew its holdings in B&G Foods by 23.5% during the second quarter. Dana Investment Advisors Inc. now owns 710,244 shares of the company’s stock valued at $5,739,000 after purchasing an additional 134,937 shares during the last quarter. Finally, Gilman Hill Asset Management LLC grew its holdings in B&G Foods by 5.8% during the third quarter. Gilman Hill Asset Management LLC now owns 636,506 shares of the company’s stock valued at $5,652,000 after purchasing an additional 34,768 shares during the last quarter. 66.15% of the stock is currently owned by institutional investors.

B&G Foods Stock Performance

The stock’s 50-day moving average price is $8.58 and its 200 day moving average price is $8.82. The company has a quick ratio of 0.48, a current ratio of 1.63 and a debt-to-equity ratio of 2.33. The company has a market cap of $559.27 million, a P/E ratio of -4.59 and a beta of 0.61.

About B&G Foods

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, crackers, baking powder and soda, corn starch, nut clusters, and other specialty products.