Bank of New York Mellon Corp Acquires 463,012 Shares of Lowe’s Companies, Inc. $LOW

Bank of New York Mellon Corp raised its holdings in Lowe’s Companies, Inc. (NYSE:LOW) by 12.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 4,294,776 shares of the home improvement retailer’s stock after purchasing an additional 463,012 shares during the quarter. Bank of New York Mellon Corp’s holdings in Lowe’s Companies were worth $1,079,320,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Lowe’s Companies by 0.7% in the second quarter. Vanguard Group Inc. now owns 54,976,355 shares of the home improvement retailer’s stock valued at $12,197,604,000 after buying an additional 366,977 shares during the last quarter. State Street Corp increased its position in Lowe’s Companies by 0.8% in the 2nd quarter. State Street Corp now owns 24,911,775 shares of the home improvement retailer’s stock valued at $5,527,176,000 after acquiring an additional 207,826 shares in the last quarter. Geode Capital Management LLC increased its position in Lowe’s Companies by 0.3% in the 2nd 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 acquiring an additional 42,190 shares in the last quarter. Norges Bank bought a new position in shares of Lowe’s Companies in the second quarter worth about $1,773,624,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Lowe’s Companies by 1.0% during the second 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. Institutional investors own 74.06% of the company’s stock.

Lowe’s Companies Stock Down 1.4%

Shares of Lowe’s Companies stock opened at $273.96 on Wednesday. The business has a fifty day simple moving average of $251.41 and a 200 day simple moving average of $247.06. The stock has a market cap of $153.68 billion, a PE ratio of 22.72, a price-to-earnings-growth ratio of 4.61 and a beta of 0.96. Lowe’s Companies, Inc. has a 12 month low of $206.38 and a 12 month high of $281.36.

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

Lowe’s Companies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 4th. Investors of record on Wednesday, January 21st will be issued a dividend of $1.20 per share. The ex-dividend date is Wednesday, January 21st. This represents a $4.80 dividend on an annualized basis and a yield of 1.8%. Lowe’s Companies’s payout ratio is currently 39.80%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on LOW. Truist Financial set a $295.00 price target on shares of Lowe’s Companies in a report on Friday, January 16th. Robert W. Baird decreased their price objective on Lowe’s Companies from $295.00 to $290.00 and set an “outperform” rating on the stock in a research report on Thursday, November 20th. Stifel Nicolaus boosted their target price on Lowe’s Companies from $230.00 to $250.00 and gave the stock a “hold” rating in a research report on Monday, December 1st. Wall Street Zen raised Lowe’s Companies from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Finally, Sanford C. Bernstein lifted their price objective on Lowe’s Companies from $282.00 to $284.00 and gave the stock an “outperform” rating in a research report on Thursday, November 20th. Nineteen analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $283.65.

Insider Buying and Selling

In other Lowe’s Companies news, CEO Marvin R. Ellison sold 18,000 shares of the stock in a transaction on Friday, January 9th. The shares were sold at an average price of $261.17, for a total value of $4,701,060.00. Following the sale, the chief executive officer directly owned 231,043 shares in the company, valued at approximately $60,341,500.31. This trade represents a 7.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.27% of the company’s stock.

About Lowe’s Companies

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.