Davis Capital Management Grows Stock Position in Lowe’s Companies, Inc. (NYSE:LOW)

Davis Capital Management boosted its stake in shares of Lowe’s Companies, Inc. (NYSE:LOW) by 10.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,673 shares of the home improvement retailer’s stock after purchasing an additional 247 shares during the quarter. Davis Capital Management’s holdings in Lowe’s Companies were worth $724,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of LOW. Voisard Asset Management Group Inc. purchased a new stake in shares of Lowe’s Companies during the fourth quarter worth approximately $28,000. Transcendent Capital Group LLC purchased a new stake in shares of Lowe’s Companies in the 4th quarter valued at approximately $31,000. Stephens Consulting LLC raised its holdings in shares of Lowe’s Companies by 93.3% in the 2nd quarter. Stephens Consulting LLC now owns 145 shares of the home improvement retailer’s stock valued at $32,000 after purchasing an additional 70 shares in the last quarter. Keener Financial Planning LLC purchased a new stake in shares of Lowe’s Companies during the 1st quarter worth $35,000. Finally, Kimelman & Baird LLC acquired a new position in shares of Lowe’s Companies during the second quarter worth $37,000. Institutional investors and hedge funds own 74.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on LOW. JPMorgan Chase & Co. decreased their price target on Lowe’s Companies from $272.00 to $270.00 and set an “overweight” rating for the company in a report on Wednesday, August 21st. Evercore ISI increased their price target on shares of Lowe’s Companies from $225.00 to $250.00 and gave the company an “in-line” rating in a research note on Wednesday, August 21st. Wedbush restated a “neutral” rating and set a $250.00 price objective on shares of Lowe’s Companies in a research report on Wednesday, August 21st. Melius Research started coverage on shares of Lowe’s Companies in a research report on Monday, September 23rd. They issued a “buy” rating and a $290.00 target price on the stock. Finally, Wells Fargo & Company reduced their price target on shares of Lowe’s Companies from $290.00 to $280.00 and set an “overweight” rating for the company in a research report on Wednesday, August 21st. Twelve research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $263.54.

Insider Activity

In related news, CAO Dan Clayton Griggs, Jr. sold 6,769 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $248.82, for a total transaction of $1,684,262.58. Following the sale, the chief accounting officer now owns 9,383 shares of the company’s stock, valued at $2,334,678.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.26% of the company’s stock.

Lowe’s Companies Stock Performance

Shares of LOW opened at $271.97 on Thursday. The stock has a market capitalization of $154.98 billion, a P/E ratio of 21.84, a P/E/G ratio of 2.15 and a beta of 1.10. Lowe’s Companies, Inc. has a 1 year low of $181.85 and a 1 year high of $274.16. The company’s fifty day moving average is $248.33 and its two-hundred day moving average is $236.73.

Lowe’s Companies (NYSE:LOW) last posted its quarterly earnings results on Tuesday, August 20th. The home improvement retailer reported $4.10 EPS for the quarter, beating the consensus estimate of $3.96 by $0.14. Lowe’s Companies had a negative return on equity of 47.07% and a net margin of 8.25%. The business had revenue of $23.59 billion during the quarter, compared to analysts’ expectations of $23.93 billion. During the same period last year, the firm earned $4.56 EPS. The company’s quarterly revenue was down 5.5% compared to the same quarter last year. Sell-side analysts predict that Lowe’s Companies, Inc. will post 11.93 EPS for the current year.

Lowe’s Companies Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 6th. Stockholders of record on Wednesday, October 23rd will be paid a dividend of $1.15 per share. The ex-dividend date of this dividend is Wednesday, October 23rd. This is a boost from Lowe’s Companies’s previous quarterly dividend of $0.15. This represents a $4.60 dividend on an annualized basis and a dividend yield of 1.69%. Lowe’s Companies’s dividend payout ratio is 36.95%.

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.