Welch & Forbes LLC Cuts Stake in Lowe’s Companies, Inc. (NYSE:LOW)

Posted by on Jun 26th, 2023

Welch & Forbes LLC reduced its position in Lowe’s Companies, Inc. (NYSE:LOW – Get Rating) by 4.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,613 shares of the home improvement retailer’s stock after selling 797 shares during the quarter. Welch & Forbes LLC’s holdings in Lowe’s Companies were worth $3,722,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Legend Financial Advisors Inc. purchased a new position in Lowe’s Companies in the third quarter valued at about $26,000. Blume Capital Management Inc. grew its stake in Lowe’s Companies by 70.6% in the third quarter. Blume Capital Management Inc. now owns 145 shares of the home improvement retailer’s stock valued at $27,000 after purchasing an additional 60 shares during the last quarter. McElhenny Sheffield Capital Management LLC purchased a new position in Lowe’s Companies in the fourth quarter valued at about $28,000. Tanglewood Legacy Advisors LLC purchased a new position in Lowe’s Companies in the fourth quarter valued at about $30,000. Finally, Grey Fox Wealth Advisors LLC purchased a new position in Lowe’s Companies in the fourth quarter valued at about $31,000. 73.47% of the stock is currently owned by institutional investors.

Lowe’s Companies Price Performance

Shares of LOW stock opened at $215.22 on Monday. The company has a market cap of $126.11 billion, a price-to-earnings ratio of 20.96, a PEG ratio of 1.30 and a beta of 1.08. The stock has a 50 day simple moving average of $207.96 and a 200-day simple moving average of $204.83. Lowe’s Companies, Inc. has a 1-year low of $170.76 and a 1-year high of $223.31.

Lowe’s Companies (NYSE:LOW – Get Rating) last announced its earnings results on Tuesday, May 23rd. The home improvement retailer reported $3.67 earnings per share for the quarter, topping the consensus estimate of $3.48 by $0.19. The business had revenue of $22.35 billion during the quarter, compared to the consensus estimate of $21.68 billion. Lowe’s Companies had a negative return on equity of 68.42% and a net margin of 6.65%. The business’s quarterly revenue was down 5.5% on a year-over-year basis. During the same period in the prior year, the company posted $3.51 EPS. Analysts anticipate that Lowe’s Companies, Inc. will post 13.42 earnings per share for the current fiscal year.

Lowe’s Companies Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 9th. Investors of record on Wednesday, July 26th will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 2.04%. This is a boost from Lowe’s Companies’s previous quarterly dividend of $1.05. The ex-dividend date is Tuesday, July 25th. Lowe’s Companies’s payout ratio is presently 40.90%.

Analyst Upgrades and Downgrades

LOW has been the topic of several analyst reports. Piper Sandler cut their target price on Lowe’s Companies from $235.00 to $230.00 in a research note on Wednesday, May 24th. StockNews.com upgraded Lowe’s Companies from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Wedbush boosted their price target on Lowe’s Companies from $200.00 to $210.00 in a research note on Wednesday, May 24th. Argus dropped their price target on Lowe’s Companies from $290.00 to $250.00 in a research note on Thursday, May 25th. Finally, Oppenheimer dropped their price target on Lowe’s Companies from $300.00 to $275.00 in a research note on Tuesday, February 28th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Lowe’s Companies currently has an average rating of “Hold” and a consensus target price of $222.65.

Insider Buying and Selling

In related news, EVP Donald Frieson sold 13,114 shares of the business’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $203.45, for a total transaction of $2,668,043.30. Following the completion of the sale, the executive vice president now directly owns 18,020 shares in the company, valued at $3,666,169. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.24% of the stock is owned by company insiders.

Lowe’s Companies Company Profile

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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.

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Institutional Ownership by Quarter for Lowe's Companies (NYSE:LOW)

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