Salem Investment Counselors Inc. decreased its stake in Lowe’s Companies, Inc. (NYSE:LOW – Free Report) by 36.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,200,879 shares of the home improvement retailer’s stock after selling 1,250,788 shares during the quarter. Lowe’s Companies makes up 18.4% of Salem Investment Counselors Inc.’s portfolio, making the stock its biggest holding. Salem Investment Counselors Inc. owned 0.38% of Lowe’s Companies worth $560,630,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. &PARTNERS increased its position in Lowe’s Companies by 53.7% in the first quarter. &PARTNERS now owns 8,104 shares of the home improvement retailer’s stock worth $2,064,000 after buying an additional 2,831 shares in the last quarter. Sanders Morris Harris LLC grew its position in shares of Lowe’s Companies by 3.5% during the first quarter. Sanders Morris Harris LLC now owns 5,874 shares of the home improvement retailer’s stock worth $1,496,000 after purchasing an additional 200 shares in the last quarter. MJP Associates Inc. ADV purchased a new stake in shares of Lowe’s Companies during the first quarter worth about $206,000. Clarus Wealth Advisors purchased a new stake in shares of Lowe’s Companies during the first quarter worth about $208,000. Finally, 17 Capital Partners LLC purchased a new stake in shares of Lowe’s Companies during the first quarter worth about $1,368,000. Hedge funds and other institutional investors own 74.06% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts recently issued reports on LOW shares. Royal Bank of Canada reiterated a “sector perform” rating and set a $246.00 target price on shares of Lowe’s Companies in a research report on Wednesday, May 22nd. DA Davidson cut their target price on Lowe’s Companies from $270.00 to $240.00 and set a “neutral” rating for the company in a research report on Wednesday, May 22nd. Evercore ISI cut their target price on Lowe’s Companies from $255.00 to $250.00 and set an “in-line” rating for the company in a research report on Wednesday, May 22nd. Gordon Haskett reissued a “hold” rating and set a $245.00 price target on shares of Lowe’s Companies in a research note on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. increased their price target on Lowe’s Companies from $265.00 to $268.00 and gave the company an “overweight” rating in a research note on Wednesday, February 28th. Fifteen equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $251.33.
Lowe’s Companies Stock Performance
LOW traded up $1.06 during trading on Friday, hitting $228.59. 3,627,458 shares of the stock were exchanged, compared to its average volume of 2,157,706. The firm has a 50 day simple moving average of $226.15 and a 200 day simple moving average of $228.08. The firm has a market cap of $130.26 billion, a price-to-earnings ratio of 18.36, a P/E/G ratio of 1.74 and a beta of 1.08. Lowe’s Companies, Inc. has a 1 year low of $181.85 and a 1 year high of $262.49.
Lowe’s Companies (NYSE:LOW – Get Free Report) last released its quarterly earnings data on Tuesday, May 21st. The home improvement retailer reported $3.06 EPS for the quarter, topping the consensus estimate of $2.94 by $0.12. The company had revenue of $21.36 billion for the quarter, compared to the consensus estimate of $21.14 billion. Lowe’s Companies had a negative return on equity of 48.52% and a net margin of 8.46%. Lowe’s Companies’s quarterly revenue was down 4.4% on a year-over-year basis. During the same period last year, the business posted $3.67 EPS. As a group, equities analysts anticipate that Lowe’s Companies, Inc. will post 12.23 earnings per share for the current fiscal year.
Lowe’s Companies Cuts Dividend
The business 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 $0.15 dividend. The ex-dividend date of this dividend is Wednesday, July 24th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.26%. Lowe’s Companies’s dividend payout ratio is presently 35.34%.
Lowe’s Companies Company Profile
Lowe’s Companies, Inc, together with its subsidiaries, operates as a home improvement retailer in the United States. The company offers a line of products for construction, maintenance, repair, remodeling, and decorating. It also provides home improvement products, such as appliances, seasonal and outdoor living, lawn and garden, lumber, kitchens and bath, tools, paint, millwork, hardware, flooring, rough plumbing, building materials, décor, and electrical.