Big Lots (NYSE:BIG) declared that its board has authorized a share buyback program, which authorizes the company to buyback $100.00 million in outstanding shares on Friday, March 9th, EventVestor reports. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
A number of equities analysts have weighed in on BIG shares. Zacks Investment Research downgraded shares of Big Lots from a “buy” rating to a “hold” rating in a research note on Tuesday, November 21st. KeyCorp reaffirmed a “buy” rating and set a $63.00 price target on shares of Big Lots in a research note on Friday, December 1st. Raymond James Financial reaffirmed a “buy” rating and set a $67.00 price target on shares of Big Lots in a research note on Saturday, December 2nd. Telsey Advisory Group increased their price target on shares of Big Lots from $56.00 to $59.00 and gave the stock a “market perform” rating in a research note on Monday, December 4th. Finally, Citigroup set a $69.00 price target on shares of Big Lots and gave the stock a “buy” rating in a research note on Tuesday, December 5th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $62.40.
Big Lots (NYSE:BIG) opened at $48.45 on Monday. Big Lots has a one year low of $45.10 and a one year high of $64.42. The company has a quick ratio of 0.24, a current ratio of 1.66 and a debt-to-equity ratio of 0.66. The company has a market cap of $2,036.50, a price-to-earnings ratio of 11.06, a PEG ratio of 0.71 and a beta of 0.99.
The company also recently declared a quarterly dividend, which will be paid on Friday, April 6th. Investors of record on Friday, March 23rd will be paid a dividend of $0.30 per share. This is an increase from Big Lots’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a yield of 2.48%. Big Lots’s payout ratio is 22.83%.
In related news, insider Timothy A. Johnson sold 20,000 shares of Big Lots stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $55.00, for a total transaction of $1,100,000.00. Following the sale, the insider now owns 65,649 shares of the company’s stock, valued at approximately $3,610,695. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jeffrey Paul Berger sold 6,000 shares of Big Lots stock in a transaction on Friday, January 5th. The stock was sold at an average price of $58.00, for a total transaction of $348,000.00. Following the sale, the director now directly owns 7,566 shares in the company, valued at approximately $438,828. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.
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About Big Lots
Big Lots, Inc is a non-traditional, discount retailer operating in the United States. As of January 28, 2017, the Company operated a total of 1,432 stores. The Company operates through the discount retailing segment. As of January 28, 2017, the Company’s stores are located at various states of the United States, such as Alabama, Arizona, California, Colorado, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Michigan, Montana, Nevada, Nebraska, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, South Carolina, Texas, Utah and Washington.
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