Lowe’s Companies (NYSE:LOW) Sets New 52-Week High Following Analyst Upgrade

Lowe’s Companies, Inc. (NYSE:LOW) shares reached a new 52-week high on Monday after Piper Sandler raised their price target on the stock from $262.00 to $307.00. Piper Sandler currently has an overweight rating on the stock. Lowe’s Companies traded as high as $269.33 and last traded at $269.05, with a volume of 203437 shares traded. The stock had previously closed at $267.14.

A number of other equities research analysts also recently issued reports on the stock. Telsey Advisory Group reiterated a “market perform” rating and set a $230.00 price objective on shares of Lowe’s Companies in a research note on Tuesday, August 20th. TD Cowen upped their target price on Lowe’s Companies from $240.00 to $265.00 and gave the stock a “hold” rating in a report on Thursday, September 19th. Oppenheimer raised shares of Lowe’s Companies from a “market perform” rating to an “outperform” rating and raised their price target for the company from $230.00 to $305.00 in a research note on Tuesday, September 24th. UBS Group lifted their price objective on Lowe’s Companies from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Wednesday, August 21st. Finally, Gordon Haskett cut their price target on shares of Lowe’s Companies from $245.00 to $240.00 and set a “hold” rating on the stock in a research report on Wednesday, August 21st. Eleven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Lowe’s Companies currently has an average rating of “Moderate Buy” and an average target price of $260.00.

Insider Buying and Selling at Lowe’s Companies

In related news, CAO Dan Clayton Griggs, Jr. sold 6,769 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $248.82, for a total value of $1,684,262.58. Following the completion of the sale, the chief accounting officer now owns 9,383 shares of the company’s stock, valued at $2,334,678.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.26% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Davis Capital Management grew its stake in shares of Lowe’s Companies by 10.2% in the third quarter. Davis Capital Management now owns 2,673 shares of the home improvement retailer’s stock worth $724,000 after acquiring an additional 247 shares during the last quarter. Mattson Financial Services LLC purchased a new stake in shares of Lowe’s Companies during the second quarter valued at approximately $1,975,000. Anchor Investment Management LLC lifted its holdings in shares of Lowe’s Companies by 1.4% during the second quarter. Anchor Investment Management LLC now owns 44,376 shares of the home improvement retailer’s stock valued at $9,783,000 after purchasing an additional 604 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Lowe’s Companies by 69.3% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 74,500 shares of the home improvement retailer’s stock worth $16,424,000 after acquiring an additional 30,500 shares during the period. Finally, Verity & Verity LLC raised its holdings in shares of Lowe’s Companies by 2.7% during the second quarter. Verity & Verity LLC now owns 32,630 shares of the home improvement retailer’s stock valued at $7,194,000 after purchasing an additional 857 shares during the last quarter. 74.06% of the stock is currently owned by institutional investors.

Lowe’s Companies Price Performance

The company has a market cap of $155.37 billion, a P/E ratio of 21.90, a P/E/G ratio of 2.15 and a beta of 1.10. The stock’s 50-day moving average is $247.52 and its two-hundred day moving average is $236.48.

Lowe’s Companies (NYSE:LOW) last issued its quarterly earnings data on Tuesday, August 20th. The home improvement retailer reported $4.10 earnings per share for the quarter, topping the consensus estimate of $3.96 by $0.14. The firm had revenue of $23.59 billion for the quarter, compared to analysts’ expectations of $23.93 billion. Lowe’s Companies had a net margin of 8.25% and a negative return on equity of 47.07%. The business’s quarterly revenue was down 5.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.56 EPS. On average, analysts predict that Lowe’s Companies, Inc. will post 11.93 EPS for the current year.

Lowe’s Companies Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 6th. Shareholders of record on Wednesday, October 23rd will be issued a dividend of $1.15 per share. The ex-dividend date is Wednesday, October 23rd. This represents a $4.60 annualized dividend and a yield of 1.69%. This is an increase from Lowe’s Companies’s previous quarterly dividend of $0.15. Lowe’s Companies’s payout ratio is currently 36.95%.

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.