Burgundy Asset Management Ltd. Lowers Stake in Lowe’s Companies, Inc. (NYSE:LOW)

Burgundy Asset Management Ltd. lessened its position in shares of Lowe’s Companies, Inc. (NYSE:LOW) by 0.7% in the second quarter, Holdings Channel.com reports. The fund owned 35,207 shares of the home improvement retailer’s stock after selling 244 shares during the quarter. Burgundy Asset Management Ltd.’s holdings in Lowe’s Companies were worth $7,762,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in LOW. Tidemark LLC acquired a new position in shares of Lowe’s Companies during the fourth quarter worth about $27,000. Voisard Asset Management Group Inc. acquired a new position in shares of Lowe’s Companies during the fourth quarter worth about $28,000. Transcendent Capital Group LLC acquired a new position in shares of Lowe’s Companies during the fourth quarter worth about $31,000. Stephens Consulting LLC lifted its stake in shares of Lowe’s Companies by 93.3% during the second quarter. Stephens Consulting LLC now owns 145 shares of the home improvement retailer’s stock worth $32,000 after purchasing an additional 70 shares in the last quarter. Finally, Keener Financial Planning LLC acquired a new position in shares of Lowe’s Companies during the first quarter worth about $35,000. Hedge funds and other institutional investors own 74.06% of the company’s stock.

Lowe’s Companies Trading Down 0.0 %

NYSE:LOW opened at $256.63 on Thursday. The firm has a market capitalization of $146.24 billion, a PE ratio of 20.61, a price-to-earnings-growth ratio of 2.03 and a beta of 1.10. The stock has a 50 day moving average of $242.43 and a 200-day moving average of $235.09. Lowe’s Companies, Inc. has a 52 week low of $181.85 and a 52 week high of $262.49.

Lowe’s Companies (NYSE:LOW) last posted its earnings results on Tuesday, August 20th. The home improvement retailer reported $4.10 EPS for the quarter, beating the consensus estimate of $3.96 by $0.14. The company had revenue of $23.59 billion during the quarter, compared to analyst estimates of $23.93 billion. Lowe’s Companies had a negative return on equity of 47.07% and a net margin of 8.25%. The business’s revenue was down 5.5% compared to the same quarter last year. During the same period in the prior year, the company earned $4.56 earnings per share. As a group, analysts predict that Lowe’s Companies, Inc. will post 11.93 EPS for the current fiscal year.

Lowe’s Companies Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 6th. Investors of record on Wednesday, October 23rd will be issued a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 1.79%. This is a positive change from Lowe’s Companies’s previous quarterly dividend of $0.15. The ex-dividend date is Wednesday, October 23rd. Lowe’s Companies’s dividend payout ratio is 36.95%.

Analyst Ratings Changes

A number of brokerages have commented on LOW. Wedbush restated a “neutral” rating and set a $250.00 price objective on shares of Lowe’s Companies in a research note on Wednesday, August 21st. Truist Financial boosted their price objective on Lowe’s Companies from $265.00 to $269.00 and gave the stock a “buy” rating in a research note on Wednesday, August 21st. JPMorgan Chase & Co. reduced their price objective on Lowe’s Companies from $272.00 to $270.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 21st. Bank of America cut their price target on Lowe’s Companies from $280.00 to $275.00 and set a “buy” rating on the stock in a research note on Wednesday, August 21st. Finally, DA Davidson cut their price target on Lowe’s Companies from $270.00 to $240.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 22nd. Twelve equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $252.83.

Insider Buying and Selling

In related news, CAO Dan Clayton Griggs, Jr. sold 6,769 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 9,383 shares of the company’s stock, valued at approximately $2,334,678.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.26% 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. 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.