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

Shares of Lowe’s Companies, Inc. (NYSE:LOW) hit a new 52-week high during trading 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 trading hands. The stock had previously closed at $267.14.

LOW has been the topic of a number of other reports. Evercore ISI lifted their price objective on Lowe’s Companies from $225.00 to $250.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 21st. Melius Research started coverage on Lowe’s Companies in a research note on Monday, September 23rd. They issued a “buy” rating and a $290.00 price objective on the stock. Gordon Haskett cut their price objective on Lowe’s Companies from $245.00 to $240.00 and set a “hold” rating on the stock in a research note on Wednesday, August 21st. Royal Bank of Canada cut their price objective on Lowe’s Companies from $245.00 to $238.00 and set a “sector perform” rating on the stock in a research note on Wednesday, August 21st. Finally, Truist Financial lifted 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. Eleven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $260.00.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Lowe’s Companies

Several institutional investors have recently modified their holdings of the company. Anchor Investment Management LLC increased its position in shares of Lowe’s Companies by 1.4% during the 2nd 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 during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Lowe’s Companies by 69.3% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 74,500 shares of the home improvement retailer’s stock valued at $16,424,000 after acquiring an additional 30,500 shares during the period. Verity & Verity LLC boosted its holdings in Lowe’s Companies by 2.7% during the 2nd quarter. Verity & Verity LLC now owns 32,630 shares of the home improvement retailer’s stock valued at $7,194,000 after acquiring an additional 857 shares during the period. Prio Wealth Limited Partnership boosted its holdings in Lowe’s Companies by 5.5% during the 2nd quarter. Prio Wealth Limited Partnership now owns 6,764 shares of the home improvement retailer’s stock valued at $1,491,000 after acquiring an additional 350 shares during the period. Finally, Cannon Financial Strategists Inc. purchased a new stake in Lowe’s Companies during the 2nd quarter valued at about $218,000. 74.06% of the stock is currently owned by institutional investors.

Lowe’s Companies Trading Up 0.5 %

The company has a market capitalization of $152.94 billion, a PE ratio of 21.50, a PEG ratio of 2.15 and a beta of 1.10. The firm has a fifty day moving average of $246.22 and a two-hundred day moving average of $236.10.

Lowe’s Companies (NYSE:LOW) last released 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. Lowe’s Companies had a negative return on equity of 47.07% and a net margin of 8.25%. The business had revenue of $23.59 billion during the quarter, compared to analysts’ expectations of $23.93 billion. During the same quarter last year, the business posted $4.56 EPS. The business’s revenue was down 5.5% on a year-over-year basis. On average, equities analysts expect that Lowe’s Companies, Inc. will post 11.93 EPS for the current fiscal year.

Lowe’s Companies Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 6th. Stockholders of record on Wednesday, October 23rd will be paid a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date is Wednesday, October 23rd. This is a boost from Lowe’s Companies’s previous quarterly dividend of $0.15. Lowe’s Companies’s dividend payout ratio (DPR) is presently 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.