Lowe’s Companies, Inc. (NYSE:LOW) Sees Large Decline in Short Interest

Lowe’s Companies, Inc. (NYSE:LOW) was the recipient of a large decrease in short interest in the month of November. As of November 15th, there was short interest totalling 5,570,000 shares, a decrease of 20.3% from the October 31st total of 6,990,000 shares. Currently, 1.0% of the shares of the company are sold short. Based on an average daily volume of 2,230,000 shares, the days-to-cover ratio is presently 2.5 days.

Insider Activity at Lowe’s Companies

In other news, EVP Quonta D. Vance sold 7,198 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $274.37, for a total transaction of $1,974,915.26. Following the completion of the transaction, the executive vice president now owns 16,703 shares of the company’s stock, valued at approximately $4,582,802.11. This represents a 30.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Dan Clayton Griggs, Jr. sold 6,769 shares of the 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 completion of the sale, the chief accounting officer now owns 9,383 shares of the company’s stock, valued at approximately $2,334,678.06. The trade was a 41.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,697 shares of company stock worth $5,214,586 in the last 90 days. 0.26% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lowe’s Companies

Several hedge funds have recently added to or reduced their stakes in the company. FMR LLC lifted its stake in Lowe’s Companies by 10.2% in the third quarter. FMR LLC now owns 26,010,730 shares of the home improvement retailer’s stock valued at $7,045,006,000 after buying an additional 2,399,897 shares during the period. International Assets Investment Management LLC increased its stake in shares of Lowe’s Companies by 1,889.7% in the 3rd quarter. International Assets Investment Management LLC now owns 2,134,969 shares of the home improvement retailer’s stock valued at $578,256,000 after acquiring an additional 2,027,668 shares during the last quarter. Strategic Financial Concepts LLC raised its position in shares of Lowe’s Companies by 20,275.6% in the 2nd quarter. Strategic Financial Concepts LLC now owns 1,205,014 shares of the home improvement retailer’s stock valued at $2,657,000 after acquiring an additional 1,199,100 shares during the period. Applied Finance Capital Management LLC boosted its stake in Lowe’s Companies by 387.7% during the 3rd quarter. Applied Finance Capital Management LLC now owns 811,374 shares of the home improvement retailer’s stock worth $219,761,000 after acquiring an additional 645,017 shares during the last quarter. Finally, Marshall Wace LLP boosted its stake in Lowe’s Companies by 170.5% during the 2nd quarter. Marshall Wace LLP now owns 735,633 shares of the home improvement retailer’s stock worth $162,178,000 after acquiring an additional 463,645 shares during the last quarter. Institutional investors own 74.06% of the company’s stock.

Lowe’s Companies Stock Performance

LOW traded down $0.76 during mid-day trading on Friday, reaching $272.43. The stock had a trading volume of 1,526,387 shares, compared to its average volume of 2,448,096. The firm’s fifty day simple moving average is $270.29 and its two-hundred day simple moving average is $246.13. The stock has a market capitalization of $154.55 billion, a P/E ratio of 22.72, a P/E/G ratio of 2.29 and a beta of 1.10. Lowe’s Companies has a 52 week low of $196.32 and a 52 week high of $287.01.

Analysts Set New Price Targets

A number of research firms have weighed in on LOW. Wells Fargo & Company lifted their price target on shares of Lowe’s Companies from $280.00 to $295.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Melius Research began coverage on shares of Lowe’s Companies in a research report on Monday, September 23rd. They set a “buy” rating and a $290.00 target price on the stock. Loop Capital raised shares of Lowe’s Companies from a “hold” rating to a “buy” rating and increased their price target for the stock from $250.00 to $300.00 in a research report on Wednesday, October 9th. Oppenheimer upgraded shares of Lowe’s Companies from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $230.00 to $305.00 in a research note on Tuesday, September 24th. Finally, Barclays upped their price objective on Lowe’s Companies from $229.00 to $245.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 20th. Ten analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Lowe’s Companies has an average rating of “Moderate Buy” and an average price target of $277.92.

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.