B&G Foods (NYSE:BGS) Issues FY18 Earnings Guidance

B&G Foods (NYSE:BGS) updated its FY18 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $2.05-2.25 for the period, compared to the Thomson Reuters consensus estimate of $2.26. The company issued revenue guidance of $1.755, compared to the consensus revenue estimate of $1.75 billion.

A number of research firms have commented on BGS. Berenberg Bank lowered B&G Foods from a buy rating to a hold rating and set a $40.00 price target on the stock. in a research report on Thursday, March 1st. William Blair reiterated a market perform rating on shares of B&G Foods in a research report on Thursday, March 1st. Zacks Investment Research upgraded B&G Foods from a sell rating to a hold rating in a research report on Thursday, February 8th. Credit Suisse Group lowered B&G Foods from a neutral rating to an underperform rating and cut their target price for the company from $34.00 to $21.00 in a research report on Wednesday, March 7th. Finally, BMO Capital Markets restated an outperform rating and set a $37.00 target price (down previously from $39.00) on shares of B&G Foods in a research report on Thursday, March 1st. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. B&G Foods currently has an average rating of Hold and a consensus target price of $37.44.

Shares of B&G Foods (BGS) traded up $1.05 during trading on Wednesday, hitting $27.85. The company had a trading volume of 1,631,203 shares, compared to its average volume of 1,210,658. B&G Foods has a 52 week low of $25.95 and a 52 week high of $43.10. The company has a current ratio of 4.40, a quick ratio of 1.91 and a debt-to-equity ratio of 2.52. The company has a market cap of $1,850.00, a price-to-earnings ratio of 21.68 and a beta of 0.19.

B&G Foods (NYSE:BGS) last announced its earnings results on Tuesday, February 27th. The company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. The company had revenue of $473.70 million for the quarter, compared to analyst estimates of $482.51 million. B&G Foods had a return on equity of 17.29% and a net margin of 13.04%. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.29 EPS. analysts predict that B&G Foods will post 2.15 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, April 30th. Shareholders of record on Thursday, March 29th will be issued a $0.465 dividend. The ex-dividend date is Wednesday, March 28th. This represents a $1.86 annualized dividend and a yield of 6.68%. B&G Foods’s payout ratio is currently 145.31%.

B&G Foods declared that its Board of Directors has initiated a stock repurchase program on Tuesday, March 13th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

In other B&G Foods news, EVP Vanessa E. Maskal sold 8,475 shares of the stock in a transaction that occurred on Monday, March 5th. The stock was sold at an average price of $30.00, for a total value of $254,250.00. Following the transaction, the executive vice president now owns 102,319 shares in the company, valued at $3,069,570. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert C. Cantwell purchased 10,000 shares of the business’s stock in a transaction on Friday, March 9th. The stock was purchased at an average price of $26.42 per share, for a total transaction of $264,200.00. Following the acquisition, the chief executive officer now owns 206,239 shares of the company’s stock, valued at approximately $5,448,834.38. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 11,075 shares of company stock worth $293,701. Corporate insiders own 2.10% of the company’s stock.

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About B&G Foods

B&G Foods, Inc (B&G Foods) is a holding company. The Company manufactures, sells and distributes a portfolio of shelf-stable and frozen foods across the United States, Canada and Puerto Rico. Its products include frozen and canned vegetables, hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegar, maple syrup, 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, nut clusters and other specialty products.

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