QCI Asset Management Inc. NY lessened its stake in Lowe’s Companies, Inc. (NYSE:LOW) by 52.8% in the 2nd quarter, Holdings Channel reports. The firm owned 8,289 shares of the home improvement retailer’s stock after selling 9,287 shares during the period. QCI Asset Management Inc. NY’s holdings in Lowe’s Companies were worth $792,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. ClariVest Asset Management LLC purchased a new position in Lowe’s Companies in the 1st quarter valued at approximately $118,000. Rainier Group Investment Advisory LLC purchased a new position in Lowe’s Companies in the 1st quarter valued at approximately $121,000. NuWave Investment Management LLC purchased a new position in Lowe’s Companies in the 2nd quarter valued at approximately $126,000. FNY Investment Advisers LLC purchased a new position in Lowe’s Companies in the 2nd quarter valued at approximately $127,000. Finally, Jacobi Capital Management LLC boosted its position in Lowe’s Companies by 88.8% in the 1st quarter. Jacobi Capital Management LLC now owns 1,524 shares of the home improvement retailer’s stock valued at $129,000 after buying an additional 717 shares during the period. Hedge funds and other institutional investors own 75.04% of the company’s stock.
In related news, SVP Matthew V. Hollifield sold 12,362 shares of Lowe’s Companies stock in a transaction on Friday, June 8th. The shares were sold at an average price of $99.56, for a total transaction of $1,230,760.72. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.30% of the stock is currently owned by insiders.
Lowe’s Companies (NYSE:LOW) last released its quarterly earnings data on Wednesday, May 23rd. The home improvement retailer reported $1.19 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.22 by ($0.03). The firm had revenue of $17.36 billion for the quarter, compared to analysts’ expectations of $17.44 billion. Lowe’s Companies had a return on equity of 66.36% and a net margin of 5.55%. Lowe’s Companies’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period last year, the firm posted $1.03 earnings per share. sell-side analysts forecast that Lowe’s Companies, Inc. will post 5.44 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 8th. Stockholders of record on Wednesday, July 25th were given a dividend of $0.48 per share. This is a boost from Lowe’s Companies’s previous quarterly dividend of $0.41. This represents a $1.92 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend was Tuesday, July 24th. Lowe’s Companies’s payout ratio is 43.74%.
Several brokerages have commented on LOW. Zacks Investment Research raised shares of Lowe’s Companies from a “hold” rating to a “buy” rating and set a $113.00 price target for the company in a research report on Tuesday, July 24th. KeyCorp reissued an “overweight” rating and issued a $115.00 price target (up previously from $105.00) on shares of Lowe’s Companies in a research report on Tuesday, July 24th. Loop Capital set a $115.00 price target on shares of Lowe’s Companies and gave the company a “buy” rating in a research report on Wednesday, July 18th. Argus raised their price target on shares of Lowe’s Companies from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, May 25th. Finally, ValuEngine raised shares of Lowe’s Companies from a “hold” rating to a “buy” rating in a research report on Thursday, May 24th. Eight analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company’s stock. Lowe’s Companies presently has a consensus rating of “Buy” and an average target price of $102.71.
Lowe’s Companies Company Profile
Lowe's Companies, Inc, together with its subsidiaries, operates as a home improvement retailer in the United States, Canada, and Mexico. It offers a line of products for maintenance, repair, remodeling, and decorating. The company provides home improvement products in various categories, such as lumber and building materials, tools and hardware, appliances, fashion fixtures, rough plumbing and electrical, seasonal and outdoor living, lawn and garden, paint, millwork, flooring, and kitchens, as well as outdoor power equipment.
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