State Board of Administration of Florida Retirement System trimmed its position in shares of Lowe’s Companies, Inc. (NYSE:LOW – Get Rating) by 1.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 739,552 shares of the home improvement retailer’s stock after selling 10,317 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Lowe’s Companies were worth $138,895,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently modified their holdings of LOW. Crescent Grove Advisors LLC purchased a new position in shares of Lowe’s Companies during the third quarter valued at about $250,000. Tectonic Advisors LLC lifted its stake in Lowe’s Companies by 12.4% in the third quarter. Tectonic Advisors LLC now owns 3,017 shares of the home improvement retailer’s stock worth $567,000 after purchasing an additional 333 shares during the last quarter. Curi Wealth Management LLC lifted its stake in Lowe’s Companies by 21.2% in the third quarter. Curi Wealth Management LLC now owns 4,382 shares of the home improvement retailer’s stock worth $823,000 after purchasing an additional 767 shares during the last quarter. AAFMAA Wealth Management & Trust LLC bought a new stake in Lowe’s Companies in the third quarter worth about $352,000. Finally, Impax Asset Management Group plc raised its stake in shares of Lowe’s Companies by 14.4% during the third quarter. Impax Asset Management Group plc now owns 214,658 shares of the home improvement retailer’s stock valued at $40,315,000 after acquiring an additional 27,007 shares in the last quarter. 72.62% of the stock is owned by institutional investors.
In related news, EVP Ross W. Mccanless sold 57,629 shares of the stock in a transaction on Tuesday, December 13th. The shares were sold at an average price of $211.35, for a total value of $12,179,889.15. Following the transaction, the executive vice president now directly owns 26,923 shares of the company’s stock, valued at approximately $5,690,176.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.24% of the company’s stock.
Lowe’s Companies Price Performance
Lowe’s Companies (NYSE:LOW – Get Rating) last posted its quarterly earnings data on Wednesday, November 16th. The home improvement retailer reported $3.27 earnings per share for the quarter, topping analysts’ consensus estimates of $3.11 by $0.16. The firm had revenue of $23.48 billion during the quarter, compared to analysts’ expectations of $23.16 billion. Lowe’s Companies had a net margin of 6.97% and a negative return on equity of 103.72%. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the company posted $2.73 EPS. On average, research analysts forecast that Lowe’s Companies, Inc. will post 13.73 earnings per share for the current fiscal year.
Lowe’s Companies Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 8th. Shareholders of record on Wednesday, January 25th will be issued a dividend of $1.05 per share. The ex-dividend date is Tuesday, January 24th. This represents a $4.20 dividend on an annualized basis and a yield of 1.91%. Lowe’s Companies’s dividend payout ratio (DPR) is presently 41.14%.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on LOW. Exane BNP Paribas downgraded shares of Lowe’s Companies from a “neutral” rating to an “underperform” rating and set a $159.00 price target for the company. in a research note on Wednesday, October 19th. Wedbush boosted their price objective on shares of Lowe’s Companies from $190.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, December 8th. Cowen began coverage on shares of Lowe’s Companies in a report on Wednesday, October 19th. They issued a “market perform” rating and a $210.00 price target on the stock. Robert W. Baird lifted their price target on shares of Lowe’s Companies from $230.00 to $250.00 in a report on Thursday, November 17th. Finally, Morgan Stanley dropped their price objective on shares of Lowe’s Companies from $270.00 to $235.00 and set an “overweight” rating on the stock in a report on Tuesday, January 17th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $229.12.
About Lowe’s Companies
Lowe’s Cos., Inc engages in the retail sale of home improvement products. The firm offers products for maintenance, repair, remodeling, home decorating and property maintenance. It also provides home improvement products in the following categories: appliances, bathroom, building supply, electrical, flooring, hardware, paint, kitchen, plumbing, lighting & fans, outdoor living, windows and doors.
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