Miracle Mile Advisors LLC Sells 54 Shares of Lowe’s Companies, Inc. (NYSE:LOW)

Miracle Mile Advisors LLC cut its holdings in shares of Lowe’s Companies, Inc. (NYSE:LOW) by 1.1% during the second quarter, Holdings Channel reports. The fund owned 4,703 shares of the home improvement retailer’s stock after selling 54 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Lowe’s Companies were worth $1,037,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the company. International Assets Investment Management LLC acquired a new stake in Lowe’s Companies in the fourth quarter valued at approximately $24,091,000. Mackenzie Financial Corp increased its stake in Lowe’s Companies by 14.8% in the 4th quarter. Mackenzie Financial Corp now owns 120,166 shares of the home improvement retailer’s stock worth $26,743,000 after acquiring an additional 15,517 shares during the last quarter. SVB Wealth LLC increased its stake in Lowe’s Companies by 3.3% in the fourth quarter. SVB Wealth LLC now owns 14,188 shares of the home improvement retailer’s stock valued at $3,158,000 after acquiring an additional 457 shares during the last quarter. United Asset Strategies Inc. boosted its position in Lowe’s Companies by 17.7% during the fourth quarter. United Asset Strategies Inc. now owns 6,669 shares of the home improvement retailer’s stock valued at $1,484,000 after buying an additional 1,001 shares during the period. Finally, Cookson Peirce & Co. Inc. raised its position in Lowe’s Companies by 11.2% during the 4th quarter. Cookson Peirce & Co. Inc. now owns 3,994 shares of the home improvement retailer’s stock valued at $889,000 after purchasing an additional 403 shares during the last quarter. Institutional investors own 74.06% of the company’s stock.

Lowe’s Companies Price Performance

Shares of LOW stock traded up $1.09 on Friday, reaching $241.15. 1,725,785 shares of the stock were exchanged, compared to its average volume of 2,529,547. The stock has a 50 day moving average price of $229.89 and a 200 day moving average price of $231.63. The stock has a market cap of $137.42 billion, a PE ratio of 19.37, a P/E/G ratio of 1.85 and a beta of 1.07. Lowe’s Companies, Inc. has a one year low of $181.85 and a one year high of $262.49.

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

Lowe’s Companies Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 7th. Investors of record on Wednesday, July 24th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, July 24th. This represents a $0.60 dividend on an annualized basis and a yield of 0.25%. Lowe’s Companies’s payout ratio is 36.95%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $246.00 price target on shares of Lowe’s Companies in a research report on Wednesday, May 22nd. Wedbush reissued a “neutral” rating and set a $250.00 price target on shares of Lowe’s Companies in a research note on Wednesday, May 22nd. JPMorgan Chase & Co. upped their price target on shares of Lowe’s Companies from $268.00 to $272.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Truist Financial decreased their price target on shares of Lowe’s Companies from $271.00 to $265.00 and set a “buy” rating for the company in a research report on Wednesday, May 22nd. Finally, Stifel Nicolaus increased their price objective on Lowe’s Companies from $225.00 to $250.00 and gave the company a “hold” rating in a report on Monday, May 13th. Fourteen analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $250.19.

Lowe’s Companies 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.