Big Lots, Inc. (NYSE:BIG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $59.00 price objective on the stock. Zacks Investment Research‘s price target indicates a potential upside of 11.91% from the stock’s current price.
According to Zacks, “Big Lots’ shares have outperformed the industry in the past three months owing to better-than-expected second-quarter fiscal 2017 results and encouraging earnings outlook. Moreover, the top line also surpassed the Zacks Consensus Estimate after missing the same in the trailing four quarters on account of robust performance of furniture and soft home. Following the results, management raised fiscal 2017 earnings guidance but remained somewhat cautious about its sales and comparable store sales performance. Sales growth for the full year is predicted to be in the range of 2-2.5%, compared with earlier guided range of 2-3%. Meanwhile, both furniture financing programs and soft home have been consistently gaining traction. However, the challenging retail landscape, aggressive promotional strategies and waning store traffic might weigh on the performance. Of late, estimates have been stable for both third quarter and fiscal 2017.”
A number of other analysts have also recently weighed in on BIG. BidaskClub upgraded shares of Big Lots from a “hold” rating to a “buy” rating in a research note on Wednesday, August 9th. Piper Jaffray Companies set a $52.00 price target on shares of Big Lots and gave the stock a “hold” rating in a research note on Sunday, October 1st. Oppenheimer Holdings, Inc. reiterated a “buy” rating on shares of Big Lots in a research note on Wednesday, September 20th. Deutsche Bank AG reiterated a “buy” rating and set a $57.00 price target (up previously from $56.00) on shares of Big Lots in a research note on Saturday, August 26th. Finally, KeyCorp reiterated a “buy” rating on shares of Big Lots in a research note on Friday, September 1st. Four research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $57.83.
Big Lots (NYSE:BIG) last issued its quarterly earnings results on Friday, August 25th. The company reported $0.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.05. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Big Lots had a net margin of 3.31% and a return on equity of 30.32%. Big Lots’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.52 EPS. On average, equities analysts predict that Big Lots will post $4.24 earnings per share for the current year.
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In other news, CEO David J. Campisi sold 96,940 shares of the stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $53.00, for a total value of $5,137,820.00. Following the completion of the transaction, the chief executive officer now owns 99,203 shares in the company, valued at approximately $5,257,759. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David J. Campisi sold 28,875 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $50.04, for a total transaction of $1,444,905.00. Following the completion of the transaction, the chief executive officer now owns 225,018 shares of the company’s stock, valued at approximately $11,259,900.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 171,517 shares of company stock valued at $8,906,771. 1.70% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. IFP Advisors Inc increased its holdings in shares of Big Lots by 13.6% in the 2nd quarter. IFP Advisors Inc now owns 2,334 shares of the company’s stock valued at $113,000 after purchasing an additional 280 shares in the last quarter. FNY Managed Accounts LLC purchased a new position in shares of Big Lots in the 1st quarter valued at about $123,000. LS Investment Advisors LLC increased its holdings in shares of Big Lots by 19.4% in the 2nd quarter. LS Investment Advisors LLC now owns 3,668 shares of the company’s stock valued at $177,000 after purchasing an additional 596 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Big Lots by 1.8% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 3,945 shares of the company’s stock valued at $191,000 after purchasing an additional 68 shares in the last quarter. Finally, BKS Advisors LLC purchased a new position in shares of Big Lots in the 2nd quarter valued at about $203,000.
Big Lots Company Profile
Big Lots, Inc is a non-traditional, discount retailer operating in the United States. As of January 28, 2017, the Company operated a total of 1,432 stores. The Company operates through the discount retailing segment. As of January 28, 2017, the Company’s stores are located at various states of the United States, such as Alabama, Arizona, California, Colorado, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Michigan, Montana, Nevada, Nebraska, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, South Carolina, Texas, Utah and Washington.
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