The Manufacturers Life Insurance Company Buys 149,649 Shares of Lowe’s Companies, Inc. (NYSE:LOW)

The Manufacturers Life Insurance Company raised its position in Lowe’s Companies, Inc. (NYSE:LOW) by 11.1% during the second quarter, Holdings Channel reports. The institutional investor owned 1,499,015 shares of the home improvement retailer’s stock after buying an additional 149,649 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Lowe’s Companies were worth $330,473,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. MBB Public Markets I LLC boosted its holdings in Lowe’s Companies by 2,861.2% in the second quarter. MBB Public Markets I LLC now owns 40,568 shares of the home improvement retailer’s stock valued at $8,944,000 after acquiring an additional 39,198 shares during the last quarter. Daymark Wealth Partners LLC boosted its stake in shares of Lowe’s Companies by 12.7% in the 2nd quarter. Daymark Wealth Partners LLC now owns 25,569 shares of the home improvement retailer’s stock valued at $5,637,000 after purchasing an additional 2,889 shares during the last quarter. Deerfield Management Company L.P. Series C bought a new position in Lowe’s Companies in the second quarter valued at approximately $1,789,000. DoubleLine ETF Adviser LP acquired a new stake in Lowe’s Companies during the 2nd quarter worth $3,376,000. Finally, APG Asset Management N.V. raised its position in shares of Lowe’s Companies by 2.2% during the 2nd quarter. APG Asset Management N.V. now owns 1,121,686 shares of the home improvement retailer’s stock valued at $230,732,000 after acquiring an additional 24,278 shares during the last quarter. 74.06% of the stock is owned by institutional investors and hedge funds.

Insider Transactions 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 shares were 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 $2,334,678.06. The transaction was disclosed in a document filed 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 0.3 %

NYSE LOW opened at $265.68 on Friday. Lowe’s Companies, Inc. has a 12-month low of $181.85 and a 12-month high of $268.09. The firm’s 50 day moving average is $245.65 and its 200-day moving average is $236.05. The company has a market capitalization of $151.39 billion, a PE ratio of 21.34, a price-to-earnings-growth ratio of 2.15 and a beta of 1.10.

Lowe’s Companies (NYSE:LOW) last posted its quarterly earnings data on Tuesday, August 20th. The home improvement retailer reported $4.10 EPS for the quarter, topping analysts’ consensus estimates of $3.96 by $0.14. The company had revenue of $23.59 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the business posted $4.56 EPS. As a group, sell-side analysts expect that Lowe’s Companies, Inc. will post 11.93 EPS for the current year.

Lowe’s Companies Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 6th. Shareholders of record on Wednesday, October 23rd will be given a dividend of $1.15 per share. This is a positive change from Lowe’s Companies’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Wednesday, October 23rd. This represents a $4.60 annualized dividend and a dividend yield of 1.73%. Lowe’s Companies’s payout ratio is 36.95%.

Wall Street Analyst Weigh In

LOW has been the topic of several recent research reports. Piper Sandler reduced their price target on Lowe’s Companies from $264.00 to $262.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 21st. Oppenheimer upgraded Lowe’s Companies from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $230.00 to $305.00 in a research report on Tuesday. Wells Fargo & Company cut their price target on shares of Lowe’s Companies from $290.00 to $280.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 21st. 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 research note on Wednesday, August 21st. Finally, TD Cowen upped their target price on shares of Lowe’s Companies from $240.00 to $265.00 and gave the company a “hold” rating in a research note on Thursday, September 19th. Eleven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $258.13.

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.