Lowe’s Companies, Inc. (NYSE:LOW) Holdings Cut by Allspring Global Investments Holdings LLC

Posted by Defense World Staff on Oct 6th, 2023

Lowe's Companies logo Allspring Global Investments Holdings LLC lowered its stake in shares of Lowe’s Companies, Inc. (NYSE:LOW – Free Report) by 53.9% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 43,277 shares of the home improvement retailer’s stock after selling 50,699 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Lowe’s Companies were worth $9,768,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Axiom Financial Strategies LLC raised its position in Lowe’s Companies by 9.8% during the first quarter. Axiom Financial Strategies LLC now owns 1,381 shares of the home improvement retailer’s stock valued at $275,000 after acquiring an additional 123 shares in the last quarter. United Bank increased its stake in shares of Lowe’s Companies by 6.8% during the 1st quarter. United Bank now owns 9,734 shares of the home improvement retailer’s stock worth $1,968,000 after purchasing an additional 617 shares during the last quarter. Prudential PLC bought a new position in shares of Lowe’s Companies during the 1st quarter valued at $1,629,000. Baird Financial Group Inc. lifted its stake in shares of Lowe’s Companies by 0.4% in the 1st quarter. Baird Financial Group Inc. now owns 256,098 shares of the home improvement retailer’s stock valued at $51,780,000 after purchasing an additional 920 shares during the last quarter. Finally, Covestor Ltd boosted its holdings in Lowe’s Companies by 74.6% in the first quarter. Covestor Ltd now owns 295 shares of the home improvement retailer’s stock worth $60,000 after purchasing an additional 126 shares in the last quarter. 71.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Janice Dupre sold 5,380 shares of the firm’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $231.28, for a total transaction of $1,244,286.40. Following the completion of the sale, the executive vice president now directly owns 24,216 shares of the company’s stock, valued at approximately $5,600,676.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Joseph Michael Mcfarland sold 4,500 shares of the company’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $222.53, for a total transaction of $1,001,385.00. Following the transaction, the executive vice president now directly owns 46,594 shares in the company, valued at $10,368,562.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Janice Dupre sold 5,380 shares of the stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $231.28, for a total transaction of $1,244,286.40. Following the sale, the executive vice president now directly owns 24,216 shares in the company, valued at $5,600,676.48. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by corporate insiders.

Lowe’s Companies Trading Up 0.1 %

Shares of LOW opened at $199.80 on Friday. The stock has a 50 day simple moving average of $221.55 and a 200-day simple moving average of $214.46. The stock has a market cap of $115.31 billion, a PE ratio of 19.67, a PEG ratio of 1.30 and a beta of 1.11. Lowe’s Companies, Inc. has a 1 year low of $176.50 and a 1 year high of $237.21.

Lowe’s Companies (NYSE:LOW – Get Free Report) last issued its quarterly earnings data on Tuesday, August 22nd. The home improvement retailer reported $4.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.49 by $0.07. Lowe’s Companies had a negative return on equity of 58.56% and a net margin of 6.48%. The company had revenue of $24.96 billion during the quarter, compared to analysts’ expectations of $24.97 billion. During the same period last year, the business earned $4.67 earnings per share. The business’s revenue was down 9.2% on a year-over-year basis. On average, sell-side analysts forecast that Lowe’s Companies, Inc. will post 13.44 EPS for the current fiscal year.

Lowe’s Companies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 8th. Stockholders of record on Wednesday, October 25th will be paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date is Tuesday, October 24th. Lowe’s Companies’s dividend payout ratio (DPR) is currently 43.31%.

Analysts Set New Price Targets

A number of brokerages have weighed in on LOW. UBS Group boosted their price target on Lowe’s Companies from $250.00 to $265.00 and gave the stock a “buy” rating in a research report on Wednesday, August 23rd. The Goldman Sachs Group reduced their target price on Lowe’s Companies from $260.00 to $252.00 and set a “buy” rating for the company in a report on Tuesday, August 22nd. Loop Capital lifted their price target on shares of Lowe’s Companies from $215.00 to $225.00 and gave the company a “hold” rating in a research report on Wednesday, August 23rd. Evercore ISI decreased their price objective on shares of Lowe’s Companies from $240.00 to $235.00 and set an “in-line” rating for the company in a report on Friday, September 8th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $275.00 target price on shares of Lowe’s Companies in a research note on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $236.28.

Check Out Our Latest Stock Analysis on LOW

About Lowe’s Companies

(Free Report)

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.