Independence Bank of Kentucky Sells 1,316 Shares of Lowe’s Companies, Inc. (NYSE:LOW)

Independence Bank of Kentucky cut its stake in Lowe’s Companies, Inc. (NYSE:LOW) by 7.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,320 shares of the home improvement retailer’s stock after selling 1,316 shares during the quarter. Lowe’s Companies comprises about 0.9% of Independence Bank of Kentucky’s holdings, making the stock its 23rd biggest holding. Independence Bank of Kentucky’s holdings in Lowe’s Companies were worth $4,149,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Voisard Asset Management Group Inc. bought a new position in Lowe’s Companies in the fourth quarter worth about $28,000. Transcendent Capital Group LLC purchased a new position in shares of Lowe’s Companies during the 4th quarter worth approximately $31,000. Stephens Consulting LLC raised its position 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 worth $32,000 after acquiring an additional 70 shares in the last quarter. Keener Financial Planning LLC purchased a new position in shares of Lowe’s Companies in the 1st quarter valued at approximately $35,000. Finally, Kimelman & Baird LLC bought a new stake in shares of Lowe’s Companies during the second quarter valued at approximately $37,000. 74.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on LOW shares. Gordon Haskett lowered their price objective on Lowe’s Companies from $245.00 to $240.00 and set a “hold” rating for the company in a research report on Wednesday, August 21st. Wedbush reissued a “neutral” rating and set a $250.00 price target on shares of Lowe’s Companies in a research report on Wednesday, August 21st. Oppenheimer upgraded shares of Lowe’s Companies from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $230.00 to $305.00 in a report on Tuesday, September 24th. Piper Sandler lifted their target price on shares of Lowe’s Companies from $262.00 to $307.00 and gave the company an “overweight” rating in a report on Monday, September 30th. Finally, Evercore ISI upped their price target on Lowe’s Companies from $225.00 to $250.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 21st. Eleven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $265.63.

Insider Activity

In other Lowe’s Companies news, EVP Margrethe R. Vagell sold 5,730 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $271.45, for a total value of $1,555,408.50. Following the completion of the sale, the executive vice president now owns 13,214 shares in the company, valued at $3,586,940.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, EVP Margrethe R. Vagell sold 5,730 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $271.45, for a total value of $1,555,408.50. Following the completion of the sale, the executive vice president now directly owns 13,214 shares of the company’s stock, valued at $3,586,940.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Dan Clayton Griggs, Jr. sold 6,769 shares of Lowe’s Companies stock in a transaction on 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 transaction, the chief accounting officer now owns 9,383 shares in the company, valued at approximately $2,334,678.06. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.26% of the company’s stock.

Lowe’s Companies Trading Up 0.5 %

LOW stock traded up $1.46 during trading on Friday, reaching $274.67. The stock had a trading volume of 115,257 shares, compared to its average volume of 2,458,700. The firm has a market cap of $155.82 billion, a PE ratio of 22.65, a PEG ratio of 2.28 and a beta of 1.10. The stock’s 50 day moving average is $252.10 and its two-hundred day moving average is $237.64. Lowe’s Companies, Inc. has a 52 week low of $181.85 and a 52 week high of $278.10.

Lowe’s Companies (NYSE:LOW) last issued its quarterly earnings data on Tuesday, August 20th. The home improvement retailer reported $4.10 earnings per share for the quarter, topping the consensus estimate of $3.96 by $0.14. The firm had revenue of $23.59 billion for the quarter, compared to analysts’ expectations of $23.93 billion. Lowe’s Companies had a net margin of 8.25% and a negative return on equity of 47.07%. The business’s quarterly revenue was down 5.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.56 EPS. On average, research analysts anticipate that Lowe’s Companies, Inc. will post 11.91 EPS for the current year.

Lowe’s Companies Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 6th. Stockholders of record on Wednesday, October 23rd will be given a dividend of $1.15 per share. This is an increase from Lowe’s Companies’s previous quarterly dividend of $0.15. The ex-dividend date is Wednesday, October 23rd. This represents a $4.60 dividend on an annualized basis and a dividend yield of 1.67%. Lowe’s Companies’s payout ratio is presently 38.14%.

Lowe’s Companies Company Profile

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.