Cannon Financial Strategists Inc. Invests $218,000 in Lowe’s Companies, Inc. (NYSE:LOW)

Cannon Financial Strategists Inc. purchased a new position in Lowe’s Companies, Inc. (NYSE:LOW) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 990 shares of the home improvement retailer’s stock, valued at approximately $218,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Voisard Asset Management Group Inc. acquired a new position in shares of Lowe’s Companies in the 4th quarter valued at $28,000. Keener Financial Planning LLC bought a new position in Lowe’s Companies during the first quarter worth about $35,000. Transcendent Capital Group LLC acquired a new position in Lowe’s Companies in the fourth quarter valued at about $31,000. Stephens Consulting LLC increased its holdings in shares of Lowe’s Companies by 93.3% in the second quarter. Stephens Consulting LLC now owns 145 shares of the home improvement retailer’s stock worth $32,000 after acquiring an additional 70 shares in the last quarter. Finally, Kimelman & Baird LLC bought a new stake in shares of Lowe’s Companies in the second quarter worth about $37,000. 74.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Wedbush reiterated a “neutral” rating and set a $250.00 price objective on shares of Lowe’s Companies in a report on Wednesday, August 21st. UBS Group upped their price target on shares of Lowe’s Companies from $270.00 to $290.00 and gave the company a “buy” rating in a report on Wednesday, August 21st. Wells Fargo & Company lowered their price objective on shares of Lowe’s Companies from $290.00 to $280.00 and set an “overweight” rating for the company in a research report on Wednesday, August 21st. Gordon Haskett cut their price objective 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. Finally, Truist Financial increased their target price on Lowe’s Companies from $265.00 to $269.00 and gave the stock a “buy” rating in a report 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.com, Lowe’s Companies has an average rating of “Moderate Buy” and a consensus 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 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 sale, the chief accounting officer now owns 9,383 shares in the company, valued at $2,334,678.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.26% of the company’s stock.

Lowe’s Companies Stock Up 0.7 %

Shares of Lowe’s Companies stock opened at $272.65 on Wednesday. Lowe’s Companies, Inc. has a 12-month low of $181.85 and a 12-month high of $274.16. The business’s 50 day moving average is $247.52 and its 200-day moving average is $236.48. The stock 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.

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, topping the consensus estimate of $3.96 by $0.14. Lowe’s Companies had a net margin of 8.25% and a negative return on equity of 47.07%. The firm had revenue of $23.59 billion for the quarter, compared to analyst estimates of $23.93 billion. During the same period in the prior year, the firm posted $4.56 earnings per share. The company’s quarterly revenue was down 5.5% compared to the same quarter last year. On average, sell-side analysts expect that Lowe’s Companies, Inc. will post 11.93 EPS for the current year.

Lowe’s Companies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 6th. Investors of record on Wednesday, October 23rd will be issued a dividend of $1.15 per share. The ex-dividend date of this dividend is Wednesday, October 23rd. This represents a $4.60 dividend on an annualized basis and a yield of 1.69%. 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.