Coronation Fund Managers Ltd. trimmed its position in Lowe’s Companies, Inc. (NYSE:LOW) by 38.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 66,510 shares of the home improvement retailer’s stock after selling 40,850 shares during the quarter. Coronation Fund Managers Ltd.’s holdings in Lowe’s Companies were worth $6,712,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of LOW. Advisors Preferred LLC purchased a new stake in shares of Lowe’s Companies in the first quarter valued at approximately $26,000. Icon Wealth Partners LLC acquired a new position in shares of Lowe’s Companies in the 1st quarter valued at $26,000. Weaver Consulting Group acquired a new position in shares of Lowe’s Companies in the 1st quarter valued at $28,000. Prime Capital Investment Advisors LLC acquired a new position in shares of Lowe’s Companies in the 1st quarter valued at $33,000. Finally, Thor Advisors LLC acquired a new position in shares of Lowe’s Companies in the 1st quarter valued at $35,000. 76.67% of the stock is currently owned by institutional investors.
LOW has been the topic of several analyst reports. UBS Group cut their price target on Lowe’s Companies from $125.00 to $115.00 and set a “buy” rating on the stock in a research report on Thursday, May 23rd. Robert W. Baird reaffirmed an “outperform” rating and set a $127.00 price target (down from $133.00) on shares of Lowe’s Companies in a research report on Wednesday, May 22nd. Goldman Sachs Group initiated coverage on shares of Lowe’s Companies in a research note on Thursday, July 11th. They set a “buy” rating and a $119.00 target price on the stock. Cfra reissued a “hold” rating and set a $105.00 target price on shares of Lowe’s Companies in a research note on Friday, June 14th. Finally, Morgan Stanley set a $123.00 target price on shares of Lowe’s Companies and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Ten equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $112.88.
Lowe’s Companies (NYSE:LOW) last released its earnings results on Wednesday, May 22nd. The home improvement retailer reported $1.22 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.33 by ($0.11). The business had revenue of $17.74 billion during the quarter, compared to analysts’ expectations of $17.65 billion. Lowe’s Companies had a return on equity of 91.85% and a net margin of 3.31%. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period last year, the business earned $1.19 earnings per share. On average, equities analysts expect that Lowe’s Companies, Inc. will post 5.59 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 7th. Stockholders of record on Wednesday, July 24th will be issued a dividend of $0.55 per share. The ex-dividend date of this dividend is Tuesday, July 23rd. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.27%. This is an increase from Lowe’s Companies’s previous quarterly dividend of $0.48. Lowe’s Companies’s dividend payout ratio (DPR) is currently 42.80%.
In other news, insider Marvin R. Ellison purchased 10,000 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was acquired at an average price of $95.05 per share, for a total transaction of $950,500.00. Following the acquisition, the insider now directly owns 80,090 shares of the company’s stock, valued at $7,612,554.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Donald Frieson purchased 2,030 shares of the business’s stock in a transaction dated Wednesday, June 19th. The shares were purchased at an average price of $98.69 per share, with a total value of $200,340.70. Following the acquisition, the executive vice president now directly owns 10,980 shares in the company, valued at $1,083,616.20. The disclosure for this purchase can be found here. Insiders have bought a total of 12,280 shares of company stock valued at $1,174,566 in the last 90 days. Insiders own 0.07% of the company’s stock.
Lowe’s Companies Profile
Lowe's Companies, Inc, together with its subsidiaries, operates as a home improvement retailer in the United States, Canada, and Mexico. The company offers a line of products for construction, maintenance, repair, remodeling, and decorating. It provides home improvement products in various categories, such as lumber and building materials, appliances, seasonal and outdoor living, tools and hardware, fashion fixtures, rough plumbing and electrical, paint, millwork, lawn and garden, flooring, and kitchens.
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