Sumitomo Life Insurance Co. reduced its stake in Lowe’s Companies, Inc. (NYSE:LOW) by 7.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,752 shares of the home improvement retailer’s stock after selling 1,574 shares during the period. Sumitomo Life Insurance Co.’s holdings in Lowe’s Companies were worth $3,442,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. HighMark Wealth Management LLC raised its stake in Lowe’s Companies by 272.1% in the third quarter. HighMark Wealth Management LLC now owns 160 shares of the home improvement retailer’s stock worth $28,000 after buying an additional 117 shares in the last quarter. PrairieView Partners LLC bought a new position in Lowe’s Companies in the second quarter worth about $26,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in Lowe’s Companies in the second quarter worth about $26,000. Carolina Wealth Advisors LLC bought a new position in Lowe’s Companies in the third quarter worth about $33,000. Finally, Danda Trouve Investment Management Inc. increased its stake in shares of Lowe’s Companies by 73.9% during the third quarter. Danda Trouve Investment Management Inc. now owns 200 shares of the home improvement retailer’s stock valued at $33,000 after purchasing an additional 85 shares in the last quarter. 74.63% of the stock is owned by institutional investors.
Shares of Lowe’s Companies stock opened at $158.10 on Friday. The company’s fifty day simple moving average is $167.13 and its 200-day simple moving average is $141.24. The stock has a market capitalization of $119.48 billion, a PE ratio of 21.02, a P/E/G ratio of 1.24 and a beta of 1.48. Lowe’s Companies, Inc. has a 1-year low of $60.00 and a 1-year high of $180.67. The company has a debt-to-equity ratio of 4.64, a current ratio of 1.30 and a quick ratio of 0.65.
Lowe’s Companies (NYSE:LOW) last issued its quarterly earnings results on Wednesday, August 19th. The home improvement retailer reported $3.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.95 by $0.80. The business had revenue of $27.30 billion for the quarter, compared to analysts’ expectations of $24.24 billion. Lowe’s Companies had a net margin of 7.12% and a return on equity of 228.17%. The company’s revenue was up 30.1% compared to the same quarter last year. During the same quarter last year, the company posted $2.15 EPS. As a group, research analysts anticipate that Lowe’s Companies, Inc. will post 8.51 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 4th. Stockholders of record on Wednesday, October 21st will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend is Tuesday, October 20th. This is a boost from Lowe’s Companies’s previous quarterly dividend of $0.55. Lowe’s Companies’s dividend payout ratio (DPR) is currently 41.96%.
LOW has been the subject of a number of analyst reports. Bank of America raised their target price on shares of Lowe’s Companies from $176.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday, August 20th. Wedbush raised their target price on shares of Lowe’s Companies from $125.00 to $180.00 and gave the company an “outperform” rating in a research note on Thursday, August 20th. Truist Securiti raised their target price on shares of Lowe’s Companies from $135.00 to $178.00 in a research note on Wednesday, August 12th. The Goldman Sachs Group raised their target price on shares of Lowe’s Companies from $149.00 to $176.00 and gave the company a “buy” rating in a research note on Thursday, August 20th. Finally, KeyCorp raised their target price on shares of Lowe’s Companies from $180.00 to $200.00 and gave the company an “overweight” rating in a research note on Wednesday, October 21st. Four research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the stock. Lowe’s Companies has an average rating of “Buy” and an average target price of $169.16.
In other news, EVP Ross W. Mccanless sold 62,838 shares of the firm’s stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $168.33, for a total transaction of $10,577,520.54. Following the sale, the executive vice president now directly owns 72,967 shares in the company, valued at approximately $12,282,535.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.07% of the company’s stock.
About Lowe’s Companies
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 appliances, dÃ©cor, paint, hardware, millwork, lawn and garden, lighting, lumber and building materials, flooring, kitchens and bath, rough plumbing and electrical, seasonal and outdoor living, and tools.
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