Lowe's Companies Sees Large Volume Increase After Strong Earnings (LOW)
Lowe's Companies (NYSE:LOW) shares saw unusually-high trading volume on Wednesday following a stronger than expected earnings report, AnalystRatingsNetwork.com reports. Approximately 10,805,592 shares traded hands during trading, an increase of 111% from the previous session’s volume of 5,127,938 shares.The stock last traded at $51.53 and had previously closed at $51.52.
The company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.02. The company had revenue of $16.60 billion for the quarter. During the same quarter in the previous year, the company posted $0.88 earnings per share. The company’s revenue for the quarter was up 5.7% on a year-over-year basis.
LOW has been the subject of a number of recent research reports. Analysts at Canaccord Genuity raised their price target on shares of Lowe's Companies from $37.00 to $40.00 in a research note on Wednesday. They now have a “sell” rating on the stock. Separately, analysts at Bank of America reiterated a “buy” rating on shares of Lowe's Companies in a research note on Wednesday. Finally, analysts at Morgan Stanley initiated coverage on shares of Lowe's Companies in a research note on Tuesday, June 24th. They set an “equal weight” rating and a $50.00 price target on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company. Lowe's Companies presently has an average rating of “Buy” and a consensus target price of $51.21.
The stock has a 50-day moving average of $48.34 and a 200-day moving average of $47.56. The company has a market cap of $51.501 billion and a price-to-earnings ratio of 22.80. Lowe's Companies also was the target of some unusual options trading on Monday. Traders purchased 11,401 call options on the stock. This is an increase of 256% compared to the average volume of 3,202 call options.
Lowe’s Companies, Inc (NYSE:LOW) is a home improvement retailer.
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