B&G Foods, Inc. (BGS) Expected to Post Quarterly Sales of $408.60 Million

Equities research analysts expect that B&G Foods, Inc. (NYSE:BGS) will report sales of $408.60 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for B&G Foods’ earnings. The highest sales estimate is $409.60 million and the lowest is $407.60 million. B&G Foods reported sales of $431.73 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 5.4%. The firm is scheduled to issue its next earnings report on Thursday, May 2nd.

On average, analysts expect that B&G Foods will report full year sales of $1.65 billion for the current fiscal year. For the next fiscal year, analysts anticipate that the business will report sales of $1.67 billion, with estimates ranging from $1.66 billion to $1.67 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for B&G Foods.

B&G Foods (NYSE:BGS) last posted its quarterly earnings results on Tuesday, February 26th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.18). B&G Foods had a net margin of 10.14% and a return on equity of 14.13%. The company had revenue of $458.10 million during the quarter, compared to the consensus estimate of $463.44 million. During the same period last year, the firm posted $0.57 earnings per share. The company’s revenue for the quarter was down 1.8% on a year-over-year basis.

BGS has been the subject of several recent research reports. Zacks Investment Research raised shares of B&G Foods from a “sell” rating to a “hold” rating in a research report on Thursday, December 20th. BMO Capital Markets downgraded shares of B&G Foods from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $37.00 to $33.00 in a research report on Thursday, January 10th. ValuEngine cut shares of B&G Foods from a “hold” rating to a “sell” rating in a report on Thursday, January 24th. Buckingham Research cut shares of B&G Foods from a “buy” rating to a “neutral” rating and cut their price target for the stock from $36.00 to $23.00 in a report on Wednesday, February 27th. Finally, Citigroup cut their price target on shares of B&G Foods from $33.00 to $29.00 and set a “buy” rating on the stock in a report on Wednesday, February 27th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $28.72.

In other news, COO Kenneth G. Romanzi bought 1,200 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were acquired at an average price of $24.64 per share, with a total value of $29,568.00. Following the acquisition, the chief operating officer now owns 1,200 shares of the company’s stock, valued at approximately $29,568. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.90% of the company’s stock.

Several large investors have recently modified their holdings of the company. Bank of Montreal Can increased its holdings in shares of B&G Foods by 1.3% in the 4th quarter. Bank of Montreal Can now owns 34,352 shares of the company’s stock worth $993,000 after buying an additional 430 shares during the last quarter. State of Alaska Department of Revenue increased its holdings in shares of B&G Foods by 1.5% in the 4th quarter. State of Alaska Department of Revenue now owns 30,849 shares of the company’s stock worth $890,000 after buying an additional 455 shares during the last quarter. Amalgamated Bank increased its holdings in shares of B&G Foods by 5.1% in the 4th quarter. Amalgamated Bank now owns 9,443 shares of the company’s stock worth $273,000 after buying an additional 459 shares during the last quarter. Hanson & Doremus Investment Management boosted its stake in shares of B&G Foods by 17.1% in the 4th quarter. Hanson & Doremus Investment Management now owns 3,387 shares of the company’s stock valued at $98,000 after purchasing an additional 495 shares in the last quarter. Finally, Piedmont Investment Advisors Inc. boosted its stake in shares of B&G Foods by 3.3% in the 4th quarter. Piedmont Investment Advisors Inc. now owns 15,686 shares of the company’s stock valued at $453,000 after purchasing an additional 497 shares in the last quarter. 96.56% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:BGS traded up $0.19 during midday trading on Friday, hitting $24.63. 719,934 shares of the company’s stock were exchanged, compared to its average volume of 880,497. The company has a debt-to-equity ratio of 1.82, a current ratio of 2.27 and a quick ratio of 0.71. The company has a market cap of $1.61 billion, a PE ratio of 13.31 and a beta of 0.41. B&G Foods has a 12 month low of $21.92 and a 12 month high of $33.50.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Friday, March 29th will be issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 7.71%. The ex-dividend date of this dividend is Thursday, March 28th. B&G Foods’s dividend payout ratio (DPR) is presently 102.70%.

About B&G Foods

B&G Foods, Inc manufactures, sells, and distributes a portfolio of shelf-stable and frozen foods in the United States, Canada, and Puerto Rico. Its products include frozen and canned vegetables, oatmeal and hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegars, maple syrups, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, puffed corn and rice snacks, cookies and crackers, nut clusters, and other specialty products.

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