Jefferies Financial Group Analysts Cut Earnings Estimates for B&G Foods, Inc. (NYSE: BGS)

B&G Foods, Inc. (NYSE:BGS – Get Rating) – Jefferies Financial Group lowered their FY2022 EPS estimates for B&G Foods in a note issued to investors on Thursday, December 22nd. Jefferies Financial Group analyst R. Dickerson now anticipates that the company will post earnings per share of $0.95 for the year, down from their prior forecast of $1.09. The consensus estimate for B&G Foods’ current full-year earnings is $0.96 per share. Jefferies Financial Group also issued estimates for B&G Foods’ Q4 2022 earnings at $0.23 EPS, Q1 2023 earnings at $0.28 EPS, Q2 2023 earnings at $0.15 EPS, Q3 2023 earnings at $0.32 EPS, Q4 2023 earnings at $0.31 EPS, Q1 2024 earnings at $0.36 EPS, Q2 2024 earnings at $0.22 EPS and Q3 2024 earnings at $0.38 EPS.

B&G Foods (NYSE:BGS – Get Rating) last posted its quarterly earnings data on Wednesday, November 9th. The company reported $0.31 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.31. The company had revenue of $528.40 million for the quarter, compared to analyst estimates of $531.32 million. B&G Foods had a negative net margin of 1.92% and a positive return on equity of 8.55%.

BGS has been the topic of a number of other research reports. Credit Suisse Group dropped their objective price on shares of B&G Foods from $14.50 to $12.50 and set an “underperform” rating on the stock in a research note on Thursday, November 10th. Royal Bank of Canada set their price target on shares of B&G Foods from $24.00 to $16.00 and dropped a “sector perform” rating for the company in a research note on Friday, November 11th. BMO Capital Markets dropped their price target on shares of B&G Foods from $21.00 to $14.00 and set a “market perform” rating for the company in a research note on Thursday, November 10th. Consumer Edge lowered 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 note on Thursday, December 1st. Finally, assumed coverage on shares of B&G Foods in a research note on Wednesday, October 12th. They issued a “sell” rating for the company. Three research analysts have rated the stock with a sell rating and four have given a hold rating to the stock. According to, the stock currently has an average rating of “Hold” and an average price target of $15.70.

B&G Foods Trading Up 5.0%

BGS opened at $11.65 on Monday. The firm has a market capitalization of $834.93 million, a P/E ratio of -20.80 and a beta of 0.31. The firm’s 50-day moving average is $13.77 and its 200-day moving average is $18.92. B&G Foods has a 52-week low of $11.00 and a 52-week high of $34.27. The company has a quick ratio of 0.98, a current ratio of 3.27 and a debt-to-equity ratio of 2.88.

Hedge Funds Weight In On B&G Foods

Hedge funds and other institutional investors have recently modified their holdings of the company. Tompkins Financial Corp acquired a new position in shares of B&G Foods during the first quarter valued at $27,000. Global Retirement Partners LLC boosted its holdings in shares of B&G Foods by 348.2% during the third quarter. Global Retirement Partners LLC now owns 2,250 shares of the company’s stock valued at $37,000 after acquiring an additional 1,748 shares during the period. CoreCap Advisors LLC acquired a new position in shares of B&G Foods during the second quarter valued at $38,000. Wellington Shields Capital Management LLC acquired a new position in shares of B&G Foods during the first quarter valued at $47,000. Finally, CNB Bank acquired a new position in shares of B&G Foods during the second quarter valued at $52,000. Institutional investors and hedge funds own 63.71% of the company’s stock.

Insiders Place Their Bets

In other B&G Foods news, Director David L. Wenner acquired 20,000 shares of the firm’s stock in a transaction on Monday, November 14th. The stock was purchased at an average price of $14.01 per share, with a total value of $280,200.00. Following the completion of the acquisition, the director now directly owns 760,392 shares in the company, valued at approximately $10,653,091.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.70% of the stock is currently owned by corporate insiders.

B&G Foods Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 30th. Shareholders of record on Friday, December 30th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 6.52%. The ex-dividend date of this dividend is Thursday, December 29th. B&G Foods’ dividend payout ratio is presently -339.28%.

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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