B&G Foods (NYSE:BGS – Get Rating) updated its FY 2022 earnings guidance on Friday. The company provided EPS guidance of $0.90-$1.00 for the period, compared to the consensus EPS estimate of $1.06. The company issued revenue guidance of $2.10 billion-$2.14 billion, compared to the consensus revenue estimate of $2.14 billion.
B&G Foods Stock Down 2.0 %
Shares of NYSE BGS opened at $12.47 on Monday. The firm has a fifty day moving average of $14.47 and a 200-day moving average of $19.66. The company has a debt-to-equity ratio of 2.88, a current ratio of 3.27 and a quick ratio of 0.98. B&G Foods has a 52-week low of $12.17 and a 52-week high of $34.27.
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B&G Foods Cuts Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 30th. Stockholders of record on Friday, December 30th will be given a dividend of $0.19 per share. The ex-dividend date is Thursday, December 29th. This represents a $0.76 annualized dividend and a dividend yield of 6.09%. B&G Foods's dividend payout ratio is presently -339.28%.
Analyst Upgrades and Downgrades
Several research analysts have issued reports on BGS shares. Credit Suisse Group dropped their price target on B&G Foods from $14.50 to $12.50 and set an underperform rating on the stock in a report on Thursday, November 10th. Royal Bank of Canada reduced their price objective on shares of B&G Foods from $24.00 to $16.00 and set a sector perform rating for the company in a research note on Friday, November 11th. BMO Capital Markets dropped their target price on shares of B&G Foods from $21.00 to $14.00 and set a market perform rating on the stock in a research report on Thursday, November 10th. Consumer Edge downgraded shares of B&G Foods from an equal weight rating to an underweight rating and set a $9.00 price target for the company. in a research report on Thursday, December 1st. Finally, StockNews.com initiated coverage on shares of B&G Foods in a research note on Wednesday, October 12th. They set a sell rating on the stock. Three equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average target price of $15.70.
Insider Buying and Selling
In other B&G Foods news, Director Alfred Poe sold 13,875 shares of the company's stock in a transaction dated Tuesday, September 13th. The shares were sold at an average price of $20.66, for a total transaction of $286,657.50. Following the transaction, the director now directly owns 34,007 shares in the company, valued at approximately $702,584.62. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other B&G Foods news, Director Alfred Poe sold 13,875 shares of B&G Foods stock in a transaction dated Tuesday, September 13th. The stock was sold at an average price of $20.66, for a total transaction of $286,657.50. Following the transaction, the director now directly owns 34,007 shares in the company, valued at $702,584.62. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director David L. Wenner acquired 20,000 shares of the firm's stock in a transaction that occurred on Monday, November 14th. The stock was acquired at an average price of $14.01 per share, with a total value of $280,200.00. Following the completion of the transaction, the director now directly owns 760,392 shares in the company, valued at approximately $10,653,091.92. The disclosure for this purchase can be found here. 2.70% of the stock is currently owned by corporate insiders.
Institutional Trading of B&G Foods
Institutional investors have recently modified their holdings of the company. Ancora Advisors LLC bought a new stake in shares of B&G Foods in the first quarter worth $60,000. Ergoteles LLC bought a new stake in B&G Foods during the 1st quarter worth about $236,000. Natixis Advisors L.P. acquired a new position in shares of B&G Foods during the 2nd quarter worth about $280,000. Bridgefront Capital LLC acquired a new position in shares of B&G Foods during the 1st quarter worth about $324,000. Finally, Captrust Financial Advisors grew its holdings in shares of B&G Foods by 8.3% in the 1st quarter. Captrust Financial Advisors now owns 13,074 shares of the company's stock valued at $359,000 after acquiring an additional 998 shares in the last quarter. 66.73% of the stock is currently owned by institutional investors.
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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