B&G Foods (NYSE:BGS) Hits New 52-Week Low on Disappointing Earnings

B&G Foods, Inc. (NYSE:BGS - Get Free Report)'s share price reached a new 52-week low on Wednesday following a dissappointing earnings announcement. The company traded as low as $7.56 and last traded at $7.63, with a volume of 77950 shares traded. The stock had previously closed at $8.82.

The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate 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 period last year, the firm posted $0.27 EPS. The business's revenue was down 8.3% compared to the same quarter last year.

B&G Foods Announces Dividend

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

Analyst Upgrades and Downgrades

Several analysts have weighed in on BGS shares. Piper Sandler cut their target price on B&G Foods from $9.00 to $8.00 and set a "neutral" rating on the stock in a research note on Thursday, July 11th. Royal Bank of Canada restated a "sector perform" rating and set a $10.00 price objective on shares of B&G Foods in a research note on Wednesday, August 7th. StockNews.com upgraded shares of B&G Foods from a "sell" rating to a "hold" rating in a research report on Thursday, September 26th. TD Cowen dropped their price target on shares of B&G Foods from $8.00 to $7.50 and set a "sell" rating on the stock in a research report on Wednesday. Finally, Evercore ISI decreased their price objective on shares of B&G Foods from $10.00 to $9.00 and set an "in-line" rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company. Based on data from MarketBeat.com, B&G Foods has a consensus rating of "Hold" and an average target price of $8.50.

Insider Activity

In related news, EVP Jordan E. Greenberg sold 8,000 shares of the business's 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 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 3.20% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Innealta Capital LLC acquired a new position in B&G Foods in the 2nd quarter worth approximately $33,000. nVerses Capital LLC purchased a new position in shares of B&G Foods during the second quarter valued at $33,000. Russell Investments Group Ltd. raised its position in B&G Foods by 1,556.9% during the first quarter. Russell Investments Group Ltd. now owns 4,921 shares of the company's stock valued at $56,000 after buying an additional 4,624 shares during the period. LRI Investments LLC purchased a new stake in B&G Foods in the 1st quarter worth about $60,000. Finally, Versant Capital Management Inc lifted its stake in B&G Foods by 36.9% in the 2nd quarter. Versant Capital Management Inc now owns 5,768 shares of the company's stock worth $47,000 after acquiring an additional 1,555 shares in the last quarter. 66.15% of the stock is owned by hedge funds and other institutional investors.

B&G Foods Trading Down 19.9 %

The company has a market cap of $559.27 million, a PE ratio of -4.70 and a beta of 0.61. The company has a debt-to-equity ratio of 2.33, a quick ratio of 0.48 and a current ratio of 1.63. The company has a 50 day simple moving average of $8.61 and a two-hundred day simple moving average of $8.83.

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.