Gordon Haskett Cuts Lowe’s Companies (NYSE:LOW) Price Target to $240.00

Lowe’s Companies (NYSE:LOW) had its price objective cut by Gordon Haskett from $245.00 to $240.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a hold rating on the home improvement retailer’s stock.

LOW has been the subject of several other reports. Citigroup reduced their price objective on Lowe’s Companies from $243.00 to $240.00 and set a neutral rating for the company in a research note on Tuesday, May 7th. Truist Financial upped their target price on shares of Lowe’s Companies from $265.00 to $269.00 and gave the stock a buy rating in a report on Wednesday. Wedbush reaffirmed a neutral rating and issued a $250.00 target price on shares of Lowe’s Companies in a report on Wednesday. Evercore ISI upped their target price on shares of Lowe’s Companies from $225.00 to $250.00 and gave the stock an in-line rating in a report on Wednesday. Finally, JPMorgan Chase & Co. dropped their target price on shares of Lowe’s Companies from $272.00 to $270.00 and set an overweight rating for the company in a report on Wednesday. Twelve analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $254.04.

Lowe’s Companies Price Performance

NYSE:LOW opened at $250.07 on Wednesday. The firm has a market capitalization of $142.50 billion, a price-to-earnings ratio of 20.09, a price-to-earnings-growth ratio of 1.85 and a beta of 1.07. Lowe’s Companies has a one year low of $181.85 and a one year high of $262.49. The business has a fifty day moving average price of $231.99 and a 200-day moving average price of $232.54.

Lowe’s Companies (NYSE:LOW) last posted its quarterly earnings data on Tuesday, August 20th. The home improvement retailer reported $4.10 EPS for the quarter, topping the consensus estimate of $3.96 by $0.14. The firm had revenue of $23.59 billion during the quarter, compared to analyst estimates of $23.93 billion. Lowe’s Companies had a negative return on equity of 48.52% and a net margin of 8.46%. Lowe’s Companies’s revenue was down 5.5% on a year-over-year basis. During the same period in the prior year, the business posted $4.56 EPS. On average, equities research analysts expect that Lowe’s Companies will post 12.23 earnings per share for the current fiscal year.

Lowe’s Companies Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 7th. Investors of record on Wednesday, July 24th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.24%. The ex-dividend date of this dividend was Wednesday, July 24th. Lowe’s Companies’s payout ratio is 36.95%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Norges Bank purchased a new stake in Lowe’s Companies in the 4th quarter worth about $1,638,746,000. Vanguard Group Inc. raised its position in Lowe’s Companies by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 53,693,630 shares of the home improvement retailer’s stock worth $13,677,378,000 after purchasing an additional 2,674,372 shares during the period. Strategic Financial Concepts LLC raised its position in Lowe’s Companies by 20,275.6% in the 2nd quarter. Strategic Financial Concepts LLC now owns 1,205,014 shares of the home improvement retailer’s stock worth $2,657,000 after purchasing an additional 1,199,100 shares during the period. Canoe Financial LP purchased a new stake in Lowe’s Companies in the 4th quarter worth about $206,912,000. Finally, M&G Plc purchased a new stake in Lowe’s Companies in the 1st quarter worth about $217,995,000. Institutional investors own 74.06% of the company’s stock.

About Lowe’s Companies

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.