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Saturday, May 28, 2022

Why B&G Foods, Inc. (BGS) is suffering a drop in Current Market trading?

B&G Foods, Inc. (BGS) reported its fourth-quarter earnings after which BGS stock price saw a decline of   8.02% to drop at $28.00 a share on the recent check. BGS stock seemed red at the closing time on Tuesday and dropped further in the extended trading session after reporting lower Q4 earnings results than expectations.


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What’s Happening?

B&G Foods stock is passing through hard times as its fourth quarter recorded $0.35 adjusted earnings per share that were less than the street estimate by $0.10.BGS stock generated $510.2 million in revenue which is significantly lower than the consensus estimates of $533.5 million.

Nonetheless B&G Foods stock has shown growth in its yearly gross sales and net income.The company has improved 8.5% in its gross sales and 25% in its net income. The year-over-year growth is mainly due to the coronavirus pandemic which led to the higher demand for B&G Foods products, the Crisco acquisition, and an additional reporting week in the fourth quarter.

BGS expects its revenue for the financial year 2021 in the range of $2.05 billion and $2.10 billion. Analysts estimated $2.05 billion for the financial year 2021.

The company’s board of directors has given the consent to pay a quarterly dividend on April 30 at the rate of $0.475 per share of common stock to its shareholder of record as of March 31, 2021.

Conclusion:

Jefferies analyst Robert Dickerson has lowered the targeted B&G Foods stock price to $25 from 30$ and reiterated the hold rating. The cautious outlook of the street with a hold consensus rating would affect BGS stock price. Investors need to do a lot of homework before adding this stock to their portfolio. 

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