Horizons Wealth Management Sells 58 Shares of Lowe’s Companies, Inc. (NYSE:LOW)

Horizons Wealth Management trimmed its stake in Lowe’s Companies, Inc. (NYSE:LOW) by 12.4% during the 2nd quarter, HoldingsChannel reports. The fund owned 408 shares of the home improvement retailer’s stock after selling 58 shares during the quarter. Horizons Wealth Management’s holdings in Lowe’s Companies were worth $97,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Lowe’s Companies during the 4th quarter valued at $1,638,746,000. Vanguard Group Inc. increased its stake in Lowe’s Companies by 5.2% in the first 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. Canoe Financial LP purchased a new position in shares of Lowe’s Companies in the 4th quarter worth approximately $206,912,000. M&G Plc purchased a new stake in Lowe’s Companies during the 1st quarter worth approximately $217,995,000. Finally, Pathstone Holdings LLC purchased a new position in shares of Lowe’s Companies in the fourth quarter worth $126,615,000. 74.06% of the stock is owned by hedge funds and other institutional investors.

Lowe’s Companies Stock Performance

Shares of NYSE:LOW traded down $2.88 during trading on Tuesday, reaching $240.33. The company had a trading volume of 3,898,001 shares, compared to its average volume of 2,539,287. Lowe’s Companies, Inc. has a twelve month low of $181.85 and a twelve month high of $262.49. The firm has a market capitalization of $136.95 billion, a PE ratio of 19.33, a price-to-earnings-growth ratio of 1.85 and a beta of 1.07. The firm’s fifty day moving average is $230.39 and its 200 day moving average is $232.04.

Lowe’s Companies (NYSE:LOW) last released its quarterly earnings results on Tuesday, August 20th. The home improvement retailer reported $4.10 earnings per share for the quarter, beating analysts’ consensus estimates of $3.96 by $0.14. The business 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 for the quarter was down 5.5% on a year-over-year basis. During the same quarter last year, the company posted $4.56 EPS. Equities analysts predict 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. Shareholders of record on Wednesday, July 24th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.25%. The ex-dividend date of this dividend was Wednesday, July 24th. Lowe’s Companies’s payout ratio is currently 36.95%.

Wall Street Analyst Weigh In

A number of brokerages have commented on LOW. Truist Financial lowered their price target on 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. Citigroup decreased their price target on Lowe’s Companies from $243.00 to $240.00 and set a “neutral” rating for the company in a report on Tuesday, May 7th. Stifel Nicolaus upped their price objective on shares of Lowe’s Companies from $225.00 to $250.00 and gave the stock a “hold” rating in a research report on Monday, May 13th. Evercore ISI dropped their price target on shares of Lowe’s Companies from $250.00 to $225.00 and set an “in-line” rating for the company in a research report on Tuesday, July 2nd. Finally, Wedbush reaffirmed a “neutral” rating and set a $250.00 price objective on shares of Lowe’s Companies in a research report on Wednesday, May 22nd. Fourteen equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $250.19.

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.