Zacks Investment Research downgraded shares of Big Lots (NYSE:BIG) from a strong-buy rating to a hold rating in a research note released on Wednesday morning, Zacks.com reports. They currently have $43.00 target price on the stock.
According to Zacks, “Shares of Big Lots have risen and outperformed the industry in the past three months. Notably, it is gaining from transformation initiative, including the Operation North Star that encompasses driving top-line growth, cost containment as well as enhancement in systems. Recently, it issued an upbeat earnings outlook for second-quarter fiscal 2020, following quarter-to-date comps through fiscal June well ahead of management’s expectations. Fiscal second quarter comps are projected to rise mid-to-high twenties percentage, reflecting moderation from quarter-to-date trends. Impressively, Big Lots has also delivered a stellar first-quarter fiscal 2020, with earnings and sales outpacing the Zacks Consensus Estimate and increasing year over year. While increased sales coupled with lower SG&A fueled bottom line, higher comps drove the top line.”
BIG has been the topic of several other reports. Goldman Sachs Group started coverage on shares of Big Lots in a research report on Monday, May 18th. They issued a neutral rating and a $25.00 price target for the company. Cfra raised their price objective on Big Lots from $40.00 to $48.00 and gave the company a buy rating in a research note on Friday, May 29th. Loop Capital upgraded Big Lots from a hold rating to a buy rating in a research report on Monday, June 29th. Jefferies Financial Group increased their target price on shares of Big Lots from $55.00 to $75.00 in a report on Monday, May 4th. Finally, JPMorgan Chase & Co. raised shares of Big Lots from an underweight rating to a neutral rating in a report on Sunday, April 19th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $38.42.
BIG opened at $39.34 on Wednesday. The company has a quick ratio of 0.48, a current ratio of 1.48 and a debt-to-equity ratio of 1.68. Big Lots has a 12-month low of $10.13 and a 12-month high of $44.90. The business has a 50 day moving average of $38.53 and a 200-day moving average of $27.62. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of 9.84, a PEG ratio of 0.90 and a beta of 2.39.
Big Lots (NYSE:BIG) last posted its quarterly earnings results on Friday, May 29th. The company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.86. Big Lots had a return on equity of 19.99% and a net margin of 5.05%. The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the prior year, the business earned $0.92 EPS. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, analysts expect that Big Lots will post 6.2 earnings per share for the current year.
In other news, EVP Lisa M. Bachmann sold 19,352 shares of the business’s stock in a transaction dated Wednesday, July 22nd. The shares were sold at an average price of $42.36, for a total transaction of $819,750.72. Following the completion of the sale, the executive vice president now directly owns 111,034 shares of the company’s stock, valued at $4,703,400.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Lisa M. Bachmann sold 30,206 shares of the company’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $41.31, for a total transaction of $1,247,809.86. In the last quarter, insiders sold 49,958 shares of company stock worth $2,084,453. Corporate insiders own 0.88% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. New York State Teachers Retirement System increased its position in shares of Big Lots by 0.4% in the second quarter. New York State Teachers Retirement System now owns 99,417 shares of the company’s stock worth $4,176,000 after purchasing an additional 375 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Big Lots by 2.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 19,180 shares of the company’s stock valued at $806,000 after buying an additional 420 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its holdings in shares of Big Lots by 36.4% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,153 shares of the company’s stock worth $61,000 after acquiring an additional 575 shares during the last quarter. Lincoln National Corp grew its position in Big Lots by 1.8% in the first quarter. Lincoln National Corp now owns 42,614 shares of the company’s stock worth $606,000 after acquiring an additional 760 shares in the last quarter. Finally, 6 Meridian grew its position in Big Lots by 8.5% in the first quarter. 6 Meridian now owns 13,110 shares of the company’s stock worth $186,000 after acquiring an additional 1,028 shares in the last quarter. 92.92% of the stock is owned by hedge funds and other institutional investors.
Big Lots Company Profile
Big Lots, Inc, through its subsidiaries, operates as a retailer in the United States. The company offers products under various merchandising categories, such as furniture category that includes upholstery, mattress, case goods, and ready-to-assemble departments; seasonal category, which comprises Christmas trim, lawn and garden, summer, and other holiday departments; soft home category that consists of fashion and utility bedding, bath, window, decorative textile, home organization, area rugs, home décor, and frames departments; and food category that includes beverage and grocery, candy and snacks, and specialty foods departments.
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