Piper Sandler Equities Analysts Increase Earnings Estimates for Big Lots, Inc. (NYSE:BIG)
Big Lots, Inc. (NYSE:BIG) – Research analysts at Piper Sandler boosted their Q4 2022 earnings estimates for shares of Big Lots in a note issued to investors on Friday, June 26th. Piper Sandler analyst P. Keith now anticipates that the company will post earnings of $3.82 per share for the quarter, up from their previous estimate of $3.54. Piper Sandler currently has a “Overweight” rating and a $53.00 target price on the stock.
Several other research analysts have also recently weighed in on the company. JPMorgan Chase & Co. raised Big Lots from an “underweight” rating to a “neutral” rating in a research report on Sunday, April 19th. ValuEngine cut Big Lots from a “sell” rating to a “strong sell” rating in a research report on Thursday, June 4th. Jefferies Financial Group boosted their price objective on Big Lots from $55.00 to $75.00 in a research report on Monday, May 4th. Deutsche Bank boosted their price objective on Big Lots from $37.00 to $42.00 and gave the stock a “hold” rating in a research report on Monday. They noted that the move was a valuation call. Finally, Cfra boosted their price objective on Big Lots from $40.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. Big Lots has a consensus rating of “Hold” and a consensus target price of $38.00.
Big Lots (NYSE:BIG) last announced its earnings results on Friday, May 29th. The company reported $1.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.86. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Big Lots had a return on equity of 19.99% and a net margin of 5.05%. Big Lots’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.92 earnings per share.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of Montreal Can raised its stake in shares of Big Lots by 35.6% during the 4th quarter. Bank of Montreal Can now owns 6,379 shares of the company’s stock valued at $183,000 after purchasing an additional 1,674 shares during the period. Ancora Advisors LLC bought a new stake in shares of Big Lots during the 4th quarter valued at $7,180,000. Rafferty Asset Management LLC bought a new stake in shares of Big Lots during the 4th quarter valued at $201,000. New York State Common Retirement Fund raised its stake in shares of Big Lots by 3.5% during the 1st quarter. New York State Common Retirement Fund now owns 263,782 shares of the company’s stock valued at $3,751,000 after purchasing an additional 9,000 shares during the period. Finally, GW Henssler & Associates Ltd. bought a new stake in shares of Big Lots during the 1st quarter valued at $200,000. 92.70% of the stock is currently owned by hedge funds and other institutional investors.
The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Thursday, June 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.78%. Big Lots’s dividend payout ratio is presently 32.70%.
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 décor, and frames departments; and food category that includes beverage and grocery, candy and snacks, and specialty foods departments.
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