Big Lots (NYSE:BIG) Issues Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Big Lots (NYSE:BIG) announced its quarterly earnings results on Thursday. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.05), Briefing.com reports. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.43 billion. Big Lots had a negative net margin of 10.20% and a negative return on equity of 90.53%. Big Lots’s revenue was down 7.2% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.28) EPS.

Big Lots Trading Down 15.6 %

Shares of BIG stock opened at $4.42 on Friday. The company has a 50 day moving average of $5.72 and a 200-day moving average of $5.47. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.15 and a current ratio of 1.31. Big Lots has a 12-month low of $3.47 and a 12-month high of $14.98.

Institutional Investors Weigh In On Big Lots

Large investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. raised its holdings in Big Lots by 69.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,819 shares of the company’s stock valued at $27,000 after acquiring an additional 747 shares during the period. US Bancorp DE raised its holdings in Big Lots by 32.5% during the 1st quarter. US Bancorp DE now owns 2,053 shares of the company’s stock valued at $71,000 after acquiring an additional 503 shares during the period. Quarry LP bought a new stake in Big Lots during the 1st quarter valued at $37,000. Harbour Investments Inc. raised its holdings in Big Lots by 376.5% during the 2nd quarter. Harbour Investments Inc. now owns 3,974 shares of the company’s stock valued at $35,000 after acquiring an additional 3,140 shares during the period. Finally, Captrust Financial Advisors raised its holdings in Big Lots by 22.8% during the 1st quarter. Captrust Financial Advisors now owns 5,171 shares of the company’s stock valued at $180,000 after acquiring an additional 960 shares during the period. Hedge funds and other institutional investors own 72.02% of the company’s stock.

Analyst Ratings Changes

BIG has been the subject of several analyst reports. Loop Capital lowered shares of Big Lots from a “hold” rating to a “sell” rating in a research note on Monday, February 12th. Telsey Advisory Group decreased their price objective on shares of Big Lots from $7.00 to $5.00 and set a “market perform” rating for the company in a research note on Tuesday, February 13th. StockNews.com upgraded shares of Big Lots from a “sell” rating to a “hold” rating in a research note on Friday, December 1st. Finally, Piper Sandler decreased their price objective on shares of Big Lots from $6.00 to $3.50 and set an “underweight” rating for the company in a research note on Friday, December 1st. Four investment analysts have rated the stock with a sell rating and two have given a hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $5.25.

About Big Lots

Big Lots, Inc, through its subsidiaries, operates as a home discount retailer in the United States. The company offers products under various merchandising categories, such as furniture category that includes upholstery, mattresses, case goods, and ready-to-assemble departments; seasonal category, which comprises patio furniture, gazebos, Christmas trim, and other holiday departments; soft home category that consists of home décor, frames, fashion and utility bedding, bath, window, decorative textile, and area rugs departments; and food category that includes beverage and grocery, specialty foods, and pet departments.