Lowe’s Companies, Inc. Forecasted to Earn Q2 2023 Earnings of $4.59 Per Share (NYSE:LOW)

Lowe’s Companies, Inc. (NYSE:LOW – Get Rating) – Stock analysts at Oppenheimer reduced their Q2 2023 earnings per share estimates for Lowe’s Companies in a report issued on Wednesday, August 3rd. Oppenheimer analyst B. Nagel now expects that the home improvement retailer will post earnings of $4.59 per share for the quarter, down from their prior estimate of $4.71. The consensus estimate for Lowe’s Companies’ current full-year earnings is $13.44 per share. Oppenheimer also issued estimates for Lowe’s Companies’ Q3 2023 earnings at $3.05 EPS, Q4 2023 earnings at $2.22 EPS, FY2023 earnings at $13.44 EPS, FY2024 earnings at $14.66 EPS and FY2025 earnings at $16.10 EPS.

Lowe’s Companies (NYSE:LOW – Get Rating) last posted its earnings results on Wednesday, May 18th. The home improvement retailer reported $3.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.24 by $0.27. The firm had revenue of $23.66 billion during the quarter, compared to analysts’ expectations of $23.72 billion. Lowe’s Companies had a negative return on equity of 251.50% and a net margin of 8.85%. The company’s revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the firm earned $3.21 earnings per share.

Other research analysts have also recently issued reports about the company. Evercore ISI reduced their price objective on Lowe’s Companies to $245.00 in a research report on Thursday, June 9th. JPMorgan Chase & Co. upped their price objective on Lowe’s Companies from $228.00 to $230.00 and gave the stock a “neutral” rating in a research report on Thursday, May 19th. UBS Group dropped their target price on Lowe’s Companies from $250.00 to $240.00 and set a “buy” rating on the stock in a report on Thursday, May 19th. DA Davidson dropped their target price on Lowe’s Companies from $292.00 to $240.00 and set a “buy” rating on the stock in a report on Thursday, May 19th. Finally, Jefferies Financial Group dropped their target price on Lowe’s Companies from $290.00 to $238.00 and set a “buy” rating on the stock in a report on Thursday, May 19th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Lowe’s Companies has a consensus rating of “Moderate Buy” and a consensus target price of $238.58.

Lowe’s Companies Price Performance

LOW stock opened at $199.08 on Friday. The stock has a market capitalization of $127.24 billion, a P/E ratio of 16.22, a P/E/G ratio of 1.23 and a beta of 1.25. The business has a 50-day moving average of $185.71 and a 200-day moving average of $203.88. Lowe’s Companies has a fifty-two week low of $170.12 and a fifty-two week high of $263.31.

Hedge Funds Weigh In On Lowe’s Companies

A number of large investors have recently made changes to their positions in the company. Norges Bank acquired a new stake in Lowe’s Companies during the fourth quarter worth approximately $1,751,232,000. Magellan Asset Management Ltd grew its position in Lowe’s Companies by 12,323.7% during the first quarter. Magellan Asset Management Ltd now owns 3,174,865 shares of the home improvement retailer’s stock worth $641,926,000 after buying an additional 3,149,310 shares in the last quarter. Salem Investment Counselors Inc. grew its position in Lowe’s Companies by 1,121.7% during the fourth quarter. Salem Investment Counselors Inc. now owns 3,302,622 shares of the home improvement retailer’s stock worth $853,662,000 after buying an additional 3,032,297 shares in the last quarter. Renaissance Technologies LLC grew its position in Lowe’s Companies by 7,952.8% during the first quarter. Renaissance Technologies LLC now owns 1,586,400 shares of the home improvement retailer’s stock worth $320,754,000 after buying an additional 1,566,700 shares in the last quarter. Finally, Egerton Capital UK LLP grew its position in Lowe’s Companies by 56.2% during the first quarter. Egerton Capital UK LLP now owns 3,610,961 shares of the home improvement retailer’s stock worth $730,100,000 after buying an additional 1,299,622 shares in the last quarter. Institutional investors own 75.46% of the company’s stock.

Lowe’s Companies Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 3rd. Stockholders of record on Wednesday, July 20th were paid a dividend of $1.05 per share. The ex-dividend date of this dividend was Tuesday, July 19th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 2.11%. This is a positive change from Lowe’s Companies’s previous quarterly dividend of $0.80. Lowe’s Companies’s dividend payout ratio (DPR) is 34.23%.

Lowe’s Companies Company Profile

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Lowe's Companies, Inc, together with its subsidiaries, operates as a home improvement retailer in the United States and internationally. The company offers a line of products for construction, maintenance, repair, remodeling, and decorating. It 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, lighting, and electrical.