Bank of Nova Scotia Increases Position in Lowe’s Companies, Inc. (NYSE:LOW)
Bank of Nova Scotia boosted its stake in shares of Lowe’s Companies, Inc. (NYSE:LOW) by 919.9% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 198,256 shares of the home improvement retailer’s stock after buying an additional 178,818 shares during the period. Bank of Nova Scotia’s holdings in Lowe’s Companies were worth $16,299,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in LOW. SRS Capital Advisors Inc. boosted its position in shares of Lowe’s Companies by 0.4% in the first quarter. SRS Capital Advisors Inc. now owns 1,236 shares of the home improvement retailer’s stock valued at $101,000 after buying an additional 5 shares in the last quarter. Washington Trust Bank boosted its position in shares of Lowe’s Companies by 27.4% in the first quarter. Washington Trust Bank now owns 1,238 shares of the home improvement retailer’s stock valued at $102,000 after buying an additional 266 shares in the last quarter. Harbour Capital Advisors LLC purchased a new position in shares of Lowe’s Companies during the first quarter valued at $103,000. State of Alaska Department of Revenue purchased a new position in shares of Lowe’s Companies during the first quarter valued at $109,000. Finally, Hanson McClain Inc. boosted its position in shares of Lowe’s Companies by 3.5% in the first quarter. Hanson McClain Inc. now owns 1,337 shares of the home improvement retailer’s stock valued at $110,000 after buying an additional 45 shares in the last quarter. 74.65% of the stock is owned by institutional investors and hedge funds.
Lowe’s Companies, Inc. (NYSE:LOW) traded up 0.82% during midday trading on Monday, hitting $77.89. The stock had a trading volume of 967,559 shares. The stock has a 50-day moving average of $76.69 and a 200-day moving average of $79.41. The firm has a market cap of $65.76 billion, a P/E ratio of 24.42 and a beta of 1.08. Lowe’s Companies, Inc. has a 52 week low of $64.87 and a 52 week high of $86.25.
Lowe’s Companies (NYSE:LOW) last issued its quarterly earnings results on Wednesday, May 24th. The home improvement retailer reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by $0.03. The firm had revenue of $16.86 billion during the quarter, compared to the consensus estimate of $16.99 billion. Lowe’s Companies had a net margin of 4.22% and a return on equity of 56.78%. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.87 earnings per share. Analysts forecast that Lowe’s Companies, Inc. will post $4.62 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 9th. Stockholders of record on Wednesday, July 26th were issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.12%. This is a positive change from Lowe’s Companies’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Monday, July 24th. Lowe’s Companies’s payout ratio is 51.57%.
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Several research analysts recently weighed in on the company. Oppenheimer Holdings, Inc. set a $100.00 target price on Lowe’s Companies and gave the company a “buy” rating in a research note on Wednesday, May 24th. Wolfe Research reaffirmed an “outperform” rating and set a $94.00 target price (down previously from $95.00) on shares of Lowe’s Companies in a research note on Sunday, May 28th. Sanford C. Bernstein reaffirmed an “underperform” rating and set a $69.00 target price on shares of Lowe’s Companies in a research note on Wednesday, July 12th. BidaskClub raised Lowe’s Companies from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 2nd. Finally, Zacks Investment Research raised Lowe’s Companies from a “hold” rating to a “buy” rating and set a $88.00 target price for the company in a report on Friday. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $85.24.
In other news, insider Richard D. Maltsbarger sold 11,672 shares of the business’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $80.20, for a total value of $936,094.40. Following the sale, the insider now directly owns 37,716 shares in the company, valued at $3,024,823.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.11% of the company’s stock.
Lowe’s Companies Company Profile
Lowe’s Companies, Inc (Lowe’s) is a home improvement retailer. The Company operates approximately 1,860 home improvement and hardware stores, representing approximately 200 million square feet of retail selling space. The Company operates approximately 1,800 stores located across over 50 states in the United States, including approximately 80 Orchard Supply Hardware (Orchard) stores in California and Oregon, as well as approximately 40 stores in Canada and over 10 stores in Mexico.
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