Tower Bridge Advisors Has $13.54 Million Stock Position in Lowe’s Companies, Inc. (NYSE:LOW)

17 Nov 2024, 14:16 by Michael Walen · The Markets Daily

Tower Bridge Advisors lessened its holdings in shares of Lowe’s Companies, Inc. (NYSE:LOW – Free Report) by 2.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 49,995 shares of the home improvement retailer’s stock after selling 1,394 shares during the quarter. Lowe’s Companies accounts for approximately 1.4% of Tower Bridge Advisors’ holdings, making the stock its 20th largest holding. Tower Bridge Advisors’ holdings in Lowe’s Companies were worth $13,541,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Edgestream Partners L.P. lifted its holdings in shares of Lowe’s Companies by 2.8% during the 1st quarter. Edgestream Partners L.P. now owns 6,236 shares of the home improvement retailer’s stock valued at $1,588,000 after purchasing an additional 172 shares in the last quarter. Cynosure Group LLC acquired a new stake in Lowe’s Companies during the 1st quarter worth approximately $405,000. Davis R M Inc. lifted its stake in Lowe’s Companies by 20.1% in the first quarter. Davis R M Inc. now owns 12,580 shares of the home improvement retailer’s stock valued at $3,205,000 after buying an additional 2,105 shares in the last quarter. Trustmark National Bank Trust Department boosted its holdings in shares of Lowe’s Companies by 26.6% in the first quarter. Trustmark National Bank Trust Department now owns 1,649 shares of the home improvement retailer’s stock valued at $420,000 after buying an additional 346 shares during the period. Finally, Bahl & Gaynor Inc. increased its position in shares of Lowe’s Companies by 2.0% during the first quarter. Bahl & Gaynor Inc. now owns 51,435 shares of the home improvement retailer’s stock worth $13,102,000 after acquiring an additional 999 shares in the last quarter. 74.06% of the stock is currently owned by institutional investors.

Lowe’s Companies Stock Down 0.4 %

LOW opened at $269.40 on Friday. Lowe’s Companies, Inc. has a 12-month low of $196.23 and a 12-month high of $287.01. The business has a 50 day moving average of $267.19 and a 200-day moving average of $243.62. The stock has a market cap of $152.83 billion, a price-to-earnings ratio of 22.34, a PEG ratio of 2.21 and a beta of 1.10.

Lowe’s Companies (NYSE:LOW – Get Free Report) last announced its quarterly earnings results on Tuesday, August 20th. The home improvement retailer reported $4.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.96 by $0.14. Lowe’s Companies had a negative return on equity of 47.07% and a net margin of 8.25%. The business had revenue of $23.59 billion during the quarter, compared to the consensus estimate of $23.93 billion. During the same quarter last year, the firm posted $4.56 EPS. The company’s quarterly revenue was down 5.5% on a year-over-year basis. As a group, analysts expect that Lowe’s Companies, Inc. will post 11.93 earnings per share for the current year.

Lowe’s Companies Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 6th. Investors of record on Wednesday, October 23rd were paid a $1.15 dividend. The ex-dividend date was Wednesday, October 23rd. This represents a $4.60 dividend on an annualized basis and a yield of 1.71%. This is a positive change from Lowe’s Companies’s previous quarterly dividend of $0.15. Lowe’s Companies’s dividend payout ratio is 38.14%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on LOW shares. StockNews.com raised shares of Lowe’s Companies from a “hold” rating to a “buy” rating in a research report on Wednesday, September 18th. Melius Research started coverage on Lowe’s Companies in a report on Monday, September 23rd. They issued a “buy” rating and a $290.00 price target on the stock. Gordon Haskett decreased their price objective on Lowe’s Companies from $245.00 to $240.00 and set a “hold” rating for the company in a report on Wednesday, August 21st. Wedbush restated a “neutral” rating and issued a $250.00 target price on shares of Lowe’s Companies in a research note on Wednesday, August 21st. Finally, Sanford C. Bernstein assumed coverage on shares of Lowe’s Companies in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $323.00 price target for the company. Ten research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, Lowe’s Companies currently has an average rating of “Moderate Buy” and a consensus target price of $273.84.

Read Our Latest Stock Analysis on LOW

Insider Buying and Selling at Lowe’s Companies

In related news, EVP Margrethe R. Vagell sold 5,730 shares of the business’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $271.45, for a total value of $1,555,408.50. Following the completion of the sale, the executive vice president now directly owns 13,214 shares in the company, valued at $3,586,940.30. The trade was a 30.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Dan Clayton Griggs, Jr. sold 6,769 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $248.82, for a total value of $1,684,262.58. Following the transaction, the chief accounting officer now owns 9,383 shares in the company, valued at $2,334,678.06. The trade was a 41.91 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.26% of the company’s stock.

About Lowe’s Companies

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