Big Lots (NYSE:BIG) Issues Quarterly Earnings Results, Misses Expectations By $1.56 EPS

Posted by ABMN Staff on May 26th, 2023

Big Lots (NYSE:BIG – Get Rating) announced its earnings results on Friday. The company reported ($3.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.84) by ($1.56), RTT News reports. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.19 billion. Big Lots had a negative net margin of 3.85% and a negative return on equity of 20.12%. The business’s quarterly revenue was down 18.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.39) earnings per share.

Big Lots Stock Performance

Big Lots stock opened at $7.21 on Friday. The firm’s fifty day moving average is $9.56 and its 200 day moving average is $14.12. The company has a quick ratio of 0.15, a current ratio of 1.40 and a debt-to-equity ratio of 0.39. Big Lots has a 52-week low of $7.12 and a 52-week high of $32.25.

Big Lots Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 31st. Investors of record on Friday, March 17th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 16.64%. The ex-dividend date of this dividend was Thursday, March 16th. Big Lots’s payout ratio is -16.46%.

Analysts Set New Price Targets

A number of research firms have weighed in on BIG. The Goldman Sachs Group dropped their price target on shares of Big Lots from $16.00 to $14.00 and set a “sell” rating for the company in a research report on Friday, March 3rd. Telsey Advisory Group dropped their price target on shares of Big Lots from $20.00 to $16.00 and set a “market perform” rating for the company in a research report on Tuesday, February 28th. Piper Sandler lowered shares of Big Lots from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $12.00 to $7.00 in a research report on Friday, April 21st. StockNews.com began coverage on shares of Big Lots in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Finally, Credit Suisse Group dropped their price target on shares of Big Lots from $15.00 to $13.00 and set an “underperform” rating for the company in a research report on Monday, March 6th. Four analysts have rated the stock with a sell rating and four have given a hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $14.00.

Institutional Investors Weigh In On Big Lots

Hedge funds have recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its stake in Big Lots by 69.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,819 shares of the company’s stock valued at $27,000 after purchasing an additional 747 shares in the last quarter. Quarry LP purchased a new stake in shares of Big Lots in the first quarter valued at $37,000. US Bancorp DE raised its stake in shares of Big Lots by 32.5% in the first 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. Toroso Investments LLC purchased a new stake in shares of Big Lots in the first quarter valued at $114,000. Finally, Captrust Financial Advisors raised its stake in shares of Big Lots by 28.5% in the second quarter. Captrust Financial Advisors now owns 6,646 shares of the company’s stock valued at $139,000 after acquiring an additional 1,475 shares during the period.

About Big Lots

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Big Lots, Inc engages in the operation of retail stores. It operates through the Discount Retailing segment. The Discount Retailing segment includes merchandising categories such as furniture, seasonal, soft home, food, consumables, hard home, and electronics, toys, and accessories. The company was founded by Sol A.