Big Lots (BIG) Stock Rating Lowered by Piper Jaffray Companies

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Big Lots (NYSE:BIG) was downgraded by equities research analysts at Piper Jaffray Companies from an “overweight” rating to a “neutral” rating in a research report issued on Friday, Marketbeat reports. They currently have a $31.00 target price on the stock, down from their prior target price of $44.00. Piper Jaffray Companies’ price target indicates a potential upside of 7.08% from the stock’s current price. Piper Jaffray Companies also issued estimates for Big Lots’ Q1 2020 earnings at $0.66 EPS, Q1 2021 earnings at $0.68 EPS, Q2 2021 earnings at $0.44 EPS and Q4 2021 earnings at $3.04 EPS.

BIG has been the topic of several other research reports. Morgan Stanley raised their price target on shares of Big Lots from $33.00 to $36.00 and gave the company an “equal weight” rating in a research report on Monday, March 11th. ValuEngine cut shares of Big Lots from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 15th. Raymond James raised their price target on shares of Big Lots from $36.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, March 11th. Deutsche Bank cut shares of Big Lots from a “buy” rating to a “hold” rating in a research report on Thursday, February 28th. Finally, Bank of America raised their price target on shares of Big Lots from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, March 11th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. Big Lots presently has an average rating of “Hold” and a consensus price target of $38.31.

Shares of NYSE BIG opened at $28.95 on Friday. Big Lots has a fifty-two week low of $26.21 and a fifty-two week high of $50.35. The stock has a market capitalization of $1.16 billion, a P/E ratio of 7.17, a price-to-earnings-growth ratio of 1.14 and a beta of 1.27. The company has a current ratio of 1.77, a quick ratio of 0.25 and a debt-to-equity ratio of 0.75.

Big Lots (NYSE:BIG) last announced its quarterly earnings results on Friday, March 8th. The company reported $2.68 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.30 by $0.38. Big Lots had a net margin of 3.00% and a return on equity of 25.67%. The business had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.60 billion. During the same quarter last year, the firm earned $2.57 EPS. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, sell-side analysts expect that Big Lots will post 3.67 earnings per share for the current year.

Big Lots declared that its board has approved a stock buyback program on Friday, March 8th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 3.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

In other Big Lots news, insider Stephen M. Haffer sold 1,646 shares of Big Lots stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $35.57, for a total transaction of $58,548.22. Following the transaction, the insider now owns 7,432 shares of the company’s stock, valued at approximately $264,356.24. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Michael Allen Schlonsky sold 5,000 shares of Big Lots stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $38.99, for a total transaction of $194,950.00. Following the transaction, the executive vice president now directly owns 67,296 shares in the company, valued at approximately $2,623,871.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,380 shares of company stock worth $434,290. Insiders own 1.10% of the company’s stock.

Several large investors have recently bought and sold shares of the stock. Raymond James & Associates raised its holdings in shares of Big Lots by 2.7% in the 1st quarter. Raymond James & Associates now owns 14,215 shares of the company’s stock worth $540,000 after purchasing an additional 377 shares during the period. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Big Lots by 6.0% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 7,163 shares of the company’s stock worth $207,000 after purchasing an additional 405 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Big Lots by 71.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,001 shares of the company’s stock worth $38,000 after purchasing an additional 418 shares during the period. Great West Life Assurance Co. Can raised its holdings in shares of Big Lots by 2.0% in the 4th quarter. Great West Life Assurance Co. Can now owns 25,928 shares of the company’s stock worth $696,000 after purchasing an additional 501 shares during the period. Finally, Captrust Financial Advisors raised its holdings in shares of Big Lots by 263.0% in the 4th quarter. Captrust Financial Advisors now owns 933 shares of the company’s stock worth $27,000 after purchasing an additional 676 shares during the period.

About Big Lots

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 d├ęcor, and frames departments; and food category that includes beverage and grocery, candy and snacks, and specialty foods departments.

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