Hennessy Advisors Inc. Raises Stock Position in Lowe’s Companies, Inc. $LOW

Hennessy Advisors Inc. grew its position in shares of Lowe’s Companies, Inc. (NYSE:LOW) by 645.8% during the third quarter, according to its most recent filing with the SEC. The firm owned 10,300 shares of the home improvement retailer’s stock after acquiring an additional 8,919 shares during the period. Hennessy Advisors Inc.’s holdings in Lowe’s Companies were worth $2,588,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of LOW. Vanguard Group Inc. boosted its stake in Lowe’s Companies by 0.7% during the second quarter. Vanguard Group Inc. now owns 54,976,355 shares of the home improvement retailer’s stock worth $12,197,604,000 after acquiring an additional 366,977 shares in the last quarter. State Street Corp increased its stake in shares of Lowe’s Companies by 0.8% during the second quarter. State Street Corp now owns 24,911,775 shares of the home improvement retailer’s stock valued at $5,527,176,000 after purchasing an additional 207,826 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Lowe’s Companies by 0.3% during the second quarter. Geode Capital Management LLC now owns 12,351,783 shares of the home improvement retailer’s stock valued at $2,732,049,000 after purchasing an additional 42,190 shares during the last quarter. Norges Bank bought a new stake in shares of Lowe’s Companies in the 2nd quarter worth approximately $1,773,624,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Lowe’s Companies by 1.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 3,536,122 shares of the home improvement retailer’s stock worth $784,559,000 after purchasing an additional 34,382 shares in the last quarter. 74.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on LOW shares. Wall Street Zen raised Lowe’s Companies from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Robert W. Baird reduced their price target on Lowe’s Companies from $295.00 to $290.00 and set an “outperform” rating for the company in a report on Thursday, November 20th. Truist Financial set a $269.00 price target on Lowe’s Companies in a research report on Wednesday, December 17th. Telsey Advisory Group cut their price objective on shares of Lowe’s Companies from $305.00 to $285.00 and set an “outperform” rating on the stock in a research report on Thursday, November 20th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Lowe’s Companies from $275.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday, November 20th. Seventeen investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $276.80.

Lowe’s Companies Price Performance

Lowe’s Companies stock opened at $241.17 on Friday. Lowe’s Companies, Inc. has a one year low of $206.38 and a one year high of $274.98. The business’s fifty day moving average is $239.75 and its 200 day moving average is $240.95. The stock has a market capitalization of $135.28 billion, a PE ratio of 20.00, a price-to-earnings-growth ratio of 4.00 and a beta of 0.96.

Lowe’s Companies (NYSE:LOW) last issued its earnings results on Wednesday, November 26th. The home improvement retailer reported $3.06 earnings per share for the quarter, topping analysts’ consensus estimates of $2.97 by $0.09. The business had revenue of $20.81 billion during the quarter, compared to analyst estimates of $20.88 billion. Lowe’s Companies had a negative return on equity of 55.86% and a net margin of 8.05%.Lowe’s Companies’s revenue was up 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.89 EPS. As a group, sell-side analysts expect that Lowe’s Companies, Inc. will post 11.9 EPS for the current fiscal year.

Lowe’s Companies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 4th. Investors of record on Wednesday, January 21st will be issued a $1.20 dividend. The ex-dividend date is Wednesday, January 21st. This represents a $4.80 annualized dividend and a yield of 2.0%. Lowe’s Companies’s dividend payout ratio (DPR) is currently 39.80%.

Lowe’s Companies Company Profile

Lowe’s Companies, Inc is a leading home improvement retailer that operates large-format stores and digital channels serving both do-it-yourself homeowners and professional contractors. The company offers a broad assortment of products including building materials, lumber, appliances, tools and hardware, plumbing and electrical supplies, paint, flooring, kitchen and bath fixtures, outdoor and garden products, and home decor. Lowe’s also provides a range of services such as installation, home improvement financing, tool and equipment rental, and contractor-focused sales programs.

Operations are centered on a nationwide brick-and-mortar store network supported by distribution centers and an e-commerce platform that enables online ordering, delivery and in-store pickup.