State of New Jersey Common Pension Fund D lifted its holdings in Lowe’s Companies, Inc. (NYSE:LOW) by 138.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 560,000 shares of the home improvement retailer’s stock after purchasing an additional 325,000 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Lowe’s Companies were worth $61,303,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the stock. Clarfeld Financial Advisors LLC bought a new stake in Lowe’s Companies in the fourth quarter valued at about $26,000. Prime Capital Investment Advisors LLC bought a new stake in Lowe’s Companies in the first quarter valued at about $33,000. Lee Financial Co increased its stake in Lowe’s Companies by 54.3% in the first quarter. Lee Financial Co now owns 358 shares of the home improvement retailer’s stock valued at $39,000 after acquiring an additional 126 shares during the period. CNB Bank bought a new stake in Lowe’s Companies in the fourth quarter valued at about $46,000. Finally, Capital Financial Planning LLC bought a new stake in Lowe’s Companies in the fourth quarter valued at about $46,000. 76.66% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently weighed in on LOW. Morgan Stanley upped their target price on shares of Lowe’s Companies from $115.00 to $123.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Zacks Investment Research cut shares of Lowe’s Companies from a “hold” rating to a “sell” rating in a research note on Monday, May 6th. Citigroup upped their target price on shares of Lowe’s Companies from $125.00 to $127.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Wedbush upped their target price on shares of Lowe’s Companies from $95.00 to $110.00 and gave the company a “neutral” rating in a research note on Thursday, February 28th. Finally, ValuEngine raised shares of Lowe’s Companies from a “hold” rating to a “buy” rating in a research note on Thursday, February 28th. Eight investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $114.52.
Lowe’s Companies (NYSE:LOW) last announced its earnings results on Wednesday, February 27th. The home improvement retailer reported $0.80 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.80. Lowe’s Companies had a net margin of 3.24% and a return on equity of 80.91%. The company had revenue of $15.65 billion for the quarter, compared to analyst estimates of $15.75 billion. During the same period in the prior year, the business earned $0.74 earnings per share. Lowe’s Companies’s quarterly revenue was up 1.0% on a year-over-year basis. Research analysts predict that Lowe’s Companies, Inc. will post 6.05 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, May 8th. Stockholders of record on Wednesday, April 24th were given a dividend of $0.48 per share. The ex-dividend date of this dividend was Tuesday, April 23rd. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.77%. Lowe’s Companies’s payout ratio is 37.35%.
About Lowe’s Companies
Lowe's Companies, Inc, together with its subsidiaries, operates as a home improvement retailer in the United States, Canada, and Mexico. The company offers a line of products for construction, maintenance, repair, remodeling, and decorating. It provides home improvement products in various categories, such as lumber and building materials, appliances, seasonal and outdoor living, tools and hardware, fashion fixtures, rough plumbing and electrical, paint, millwork, lawn and garden, flooring, and kitchens.
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