Armistice Capital LLC Sells 10,313 Shares of Lowe’s Companies, Inc. (NYSE:LOW)

Armistice Capital LLC lowered its position in Lowe’s Companies, Inc. (NYSE:LOW) by 11.7% during the 2nd quarter, Holdings Channel reports. The fund owned 77,478 shares of the home improvement retailer’s stock after selling 10,313 shares during the period. Armistice Capital LLC’s holdings in Lowe’s Companies were worth $17,081,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Lowe’s Companies by 5.2% during the first quarter. Vanguard Group Inc. now owns 53,693,630 shares of the home improvement retailer’s stock worth $13,677,378,000 after purchasing an additional 2,674,372 shares during the period. Schroder Investment Management Group raised its holdings in Lowe’s Companies by 1.9% during the fourth quarter. Schroder Investment Management Group now owns 2,851,127 shares of the home improvement retailer’s stock worth $634,518,000 after buying an additional 52,859 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Lowe’s Companies by 36.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,840,704 shares of the home improvement retailer’s stock valued at $468,884,000 after buying an additional 493,180 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Lowe’s Companies by 6.0% during the second quarter. Envestnet Asset Management Inc. now owns 1,617,849 shares of the home improvement retailer’s stock valued at $356,671,000 after buying an additional 90,945 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Lowe’s Companies by 14.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,516,347 shares of the home improvement retailer’s stock worth $337,463,000 after acquiring an additional 194,070 shares in the last quarter. Institutional investors and hedge funds own 74.06% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on LOW shares. UBS Group raised their price target on shares of Lowe’s Companies from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Wednesday, August 21st. Truist Financial lifted their target price on Lowe’s Companies from $265.00 to $269.00 and gave the company a “buy” rating in a research report on Wednesday, August 21st. TD Cowen upped their price target on Lowe’s Companies from $240.00 to $265.00 and gave the stock a “hold” rating in a report on Thursday, September 19th. Morgan Stanley lifted their price objective on shares of Lowe’s Companies from $250.00 to $255.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Finally, Piper Sandler reduced their target price on shares of Lowe’s Companies from $264.00 to $262.00 and set an “overweight” rating for the company in a research note on Wednesday, August 21st. Eleven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Lowe’s Companies presently has an average rating of “Moderate Buy” and a consensus price target of $258.13.

Insider Activity at Lowe’s Companies

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

Lowe’s Companies Stock Performance

Shares of LOW opened at $264.89 on Thursday. The firm has a market cap of $150.94 billion, a P/E ratio of 21.28, a price-to-earnings-growth ratio of 2.15 and a beta of 1.10. Lowe’s Companies, Inc. has a fifty-two week low of $181.85 and a fifty-two week high of $268.09. The business has a 50-day moving average of $244.69 and a 200 day moving average of $235.64.

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

Lowe’s Companies Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 6th. Stockholders of record on Wednesday, October 23rd will be given a $1.15 dividend. The ex-dividend date of this dividend is Wednesday, October 23rd. This is a boost from Lowe’s Companies’s previous quarterly dividend of $0.15. This represents a $4.60 annualized dividend and a dividend yield of 1.74%. Lowe’s Companies’s payout ratio is 36.95%.

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.