Independence Bank of Kentucky Raises Holdings in Lowe’s Companies, Inc. (NYSE:LOW)

Independence Bank of Kentucky boosted its position in Lowe’s Companies, Inc. (NYSE:LOW) by 5.8% in the 1st quarter, Holdings Channel reports. The firm owned 15,806 shares of the home improvement retailer’s stock after acquiring an additional 865 shares during the quarter. Lowe’s Companies accounts for about 1.2% of Independence Bank of Kentucky’s portfolio, making the stock its 16th largest position. Independence Bank of Kentucky’s holdings in Lowe’s Companies were worth $4,026,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in LOW. Norges Bank purchased a new position in shares of Lowe’s Companies during the 4th quarter worth $1,638,746,000. International Assets Investment Management LLC acquired a new position in Lowe’s Companies in the 4th quarter valued at about $430,090,000. Schroder Investment Management Group grew its stake in shares of Lowe’s Companies by 189.5% in the 3rd quarter. Schroder Investment Management Group now owns 2,798,268 shares of the home improvement retailer’s stock valued at $581,592,000 after buying an additional 1,831,727 shares during the period. Canoe Financial LP acquired a new stake in shares of Lowe’s Companies during the 4th quarter worth approximately $206,912,000. Finally, Aristotle Capital Management LLC increased its holdings in shares of Lowe’s Companies by 143.8% during the 3rd quarter. Aristotle Capital Management LLC now owns 1,361,716 shares of the home improvement retailer’s stock worth $283,019,000 after buying an additional 803,216 shares during the last quarter. Institutional investors and hedge funds own 74.06% of the company’s stock.

Lowe’s Companies Trading Up 0.3 %

NYSE:LOW traded up $0.66 during mid-day trading on Friday, hitting $220.46. The stock had a trading volume of 12,630,451 shares, compared to its average volume of 2,428,194. Lowe’s Companies, Inc. has a twelve month low of $181.85 and a twelve month high of $262.49. The stock has a 50-day simple moving average of $225.32 and a two-hundred day simple moving average of $228.26. The company has a market capitalization of $125.63 billion, a PE ratio of 17.71, a PEG ratio of 1.68 and a beta of 1.08.

Lowe’s Companies (NYSE:LOW) last announced its quarterly earnings data on Tuesday, May 21st. The home improvement retailer reported $3.06 earnings per share for the quarter, beating analysts’ consensus estimates of $2.94 by $0.12. The business had revenue of $21.36 billion for the quarter, compared to analyst estimates of $21.14 billion. Lowe’s Companies had a net margin of 8.46% and a negative return on equity of 48.52%. The company’s revenue was down 4.4% on a year-over-year basis. During the same period last year, the business earned $3.67 EPS. Sell-side analysts predict that Lowe’s Companies, Inc. will post 12.23 EPS for the current fiscal year.

Lowe’s Companies Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 7th. Shareholders of record on Wednesday, July 24th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.27%. The ex-dividend date of this dividend is Wednesday, July 24th. Lowe’s Companies’s dividend payout ratio (DPR) is 35.34%.

Analyst Ratings Changes

LOW has been the subject of several analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $246.00 price objective on shares of Lowe’s Companies in a research report on Wednesday, May 22nd. Truist Financial reduced their price objective on shares of Lowe’s Companies from $271.00 to $265.00 and set a “buy” rating on the stock in a report on Wednesday, May 22nd. Oppenheimer reaffirmed a “market perform” rating and set a $230.00 target price on shares of Lowe’s Companies in a research note on Monday, March 4th. Mizuho assumed coverage on shares of Lowe’s Companies in a research report on Tuesday, March 19th. They set a “buy” rating and a $280.00 price target for the company. Finally, Wedbush restated a “neutral” rating and issued a $250.00 price objective on shares of Lowe’s Companies in a report on Wednesday, May 22nd. Fifteen research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Lowe’s Companies has a consensus rating of “Hold” and an average price target of $251.33.

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.