Big Lots (NYSE:BIG) stock price drops 3.4% after analyst downgrade

Big Lots, Inc. (NYSE:BIG – Get Rating) stock price fell 3.4% during Friday’s session after Piper Sandler lowered its price target on the stock from 34.00 $ to $29.00. Piper Sandler currently has a neutral rating on the title. The big lots were trading as low as $28.24 and last traded at $28.32. About 8,612 shares changed hands during trading, down 99% from the average daily volume of 1,133,969 shares. The stock previously closed at $29.31.

A number of other research analysts have also weighed in on BIG recently. JPMorgan Chase & Co. cut its price target on shares of Big Lots from $31.00 to $25.00 in a Tuesday, May 10 research report. Telsey Advisory Group cut its price target on shares of Big Lots from $53.00 to $50.00 and set a “market performance” rating for the company in a Monday, February 28 research report. Goldman Sachs Group lowered its price target on Big Lots shares from $40.00 to $36.00 and set a “sell” rating for the company in a Monday, March 7 research report. Loop Capital cut its price target on shares of Big Lots from $44.00 to $38.00 and set a “holding” rating for the company in a Friday, March 4 research report. Finally, StockNews.com launched coverage on Big Lots stocks in a research report on Thursday, March 31. They issued a “hold” rating for the company. Four equity research analysts rated the stock with a sell rating and six assigned the company a hold rating. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $38.33.

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Separately, Executive Vice President Nicholas E. Padovano sold 900 shares of Big Lots in a trade dated Tuesday, March 22. The shares were sold at an average price of $38.39, for a total transaction of $34,551.00. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via this hyperlink. Additionally, Executive Vice President Nicholas E. Padovano sold 4,300 shares of Big Lots in a trade dated Wednesday, April 6. The stock was sold at an average price of $34.30, for a total transaction of $147,490.00. Following the sale, the executive vice president now directly owns 25,979 shares of the company, valued at approximately $891,079.70. The disclosure of this sale can be found here. In the past three months, insiders have sold 10,000 shares of the company valued at $349,918. Insiders hold 2.70% of the shares of the company.

Institutional investors have recently changed their stake in the company. Border to Coast Pensions Partnership Ltd acquired a new position in shares of Big Lots in Q4 valued at approximately $30,615,139,000. Morgan Stanley increased its position in Big Lots shares by 137.7% in Q2. Morgan Stanley now owns 588,818 shares of the company valued at $38,867,000 after buying an additional 341,116 shares last quarter. Norges Bank acquired a new position in shares of Big Lots in Q4 valued at approximately $13,752,000. Squarepoint Ops LLC acquired a new position in Big Lots stock in Q4 valued at approximately $11,993,000. Finally, Pacer Advisors Inc. acquired a new position in Big Lots stock in Q4 valued at approximately $8,471,000. Institutional investors and hedge funds own 94.42% of the company’s shares.

The stock’s 50-day moving average is $35.08 and its 200-day moving average is $40.06. The company has a market capitalization of $803.96 million, a price/earnings ratio of 5.64, a PEG ratio of 0.51 and a beta of 2.12.

Big Lots (NYSE:BIG – Get Rating) last released quarterly earnings data on Thursday, March 3. The company reported earnings per share (EPS) of $1.75 for the quarter, missing analyst consensus estimates of $1.89 per ($0.14). The company posted revenue of $1.73 billion for the quarter, compared to analysts’ estimates of $1.72 billion. Big Lots had a return on equity of 16.21% and a net margin of 2.89%. Big Lots revenue for the quarter decreased 0.3% compared to the same quarter last year. In the same quarter of the previous year, the company had earned earnings per share of $2.59. On average, analysts expect Big Lots, Inc. to post EPS of 4.74 for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 1. Investors of record on Friday, March 18 received a dividend of $0.30 per share. This represents a dividend of $1.20 on an annualized basis and a yield of 4.26%. The ex-dividend date was Thursday, March 17. Big Lots’ dividend payout ratio is 23.08%.

About Big Lots (NYSE: BIG)

Big Lots, Inc, through its subsidiaries, operates as a discount door-to-door retailer in the United States. The Company offers products in various merchandising categories, such as the furniture category which includes upholstery, mattresses, crate items and ready-to-assemble departments; the seasonal category, which includes patio furniture, gazebos, Christmas trim and other holiday departments; the soft home category which includes the departments of fashion and utility bedding, bathroom, windows, decorative textiles, home organization, area rugs, home decor and picture frames; and the food category which includes beverages and groceries, candies and snacks, specialty foods and pet departments.

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