Smith Salley Wealth Management Boosts Stock Position in Lowe’s Companies, Inc. (NYSE:LOW)

27 Oct 2024, 11:56 by Mitch Edgeman · The Markets Daily

Smith Salley Wealth Management raised its holdings in Lowe’s Companies, Inc. (NYSE:LOW – Free Report) by 8.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 123,014 shares of the home improvement retailer’s stock after purchasing an additional 9,705 shares during the quarter. Lowe’s Companies accounts for 2.2% of Smith Salley Wealth Management’s investment portfolio, making the stock its 10th largest position. Smith Salley Wealth Management’s holdings in Lowe’s Companies were worth $33,318,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Lowe’s Companies by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 53,693,630 shares of the home improvement retailer’s stock valued at $13,677,378,000 after acquiring an additional 2,674,372 shares during the last quarter. Legal & General Group Plc boosted its holdings in Lowe’s Companies by 1.6% during the 2nd quarter. Legal & General Group Plc now owns 5,205,491 shares of the home improvement retailer’s stock valued at $1,147,603,000 after acquiring an additional 82,978 shares during the period. International Assets Investment Management LLC grew its position in Lowe’s Companies by 1,889.7% during the 3rd quarter. International Assets Investment Management LLC now owns 2,134,969 shares of the home improvement retailer’s stock worth $578,256,000 after acquiring an additional 2,027,668 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Lowe’s Companies by 36.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,840,704 shares of the home improvement retailer’s stock worth $468,884,000 after purchasing an additional 493,180 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in Lowe’s Companies by 6.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 1,617,849 shares of the home improvement retailer’s stock worth $356,671,000 after acquiring an additional 90,945 shares during the last quarter. Hedge funds and other institutional investors own 74.06% of the company’s stock.

Analyst Upgrades and Downgrades

LOW has been the subject of several research analyst reports. Evercore ISI raised their price objective on shares of Lowe’s Companies from $225.00 to $250.00 and gave the stock an “in-line” rating in a report on Wednesday, August 21st. Sanford C. Bernstein initiated coverage on shares of Lowe’s Companies in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $323.00 price target for the company. Telsey Advisory Group upped their target price on shares of Lowe’s Companies from $230.00 to $275.00 and gave the company a “market perform” rating in a research note on Wednesday, October 2nd. StockNews.com upgraded shares of Lowe’s Companies from a “hold” rating to a “buy” rating in a research note on Wednesday, September 18th. Finally, Wedbush reiterated a “neutral” rating and set a $250.00 price objective on shares of Lowe’s Companies in a research report on Wednesday, August 21st. Eleven investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Lowe’s Companies has an average rating of “Moderate Buy” and an average price target of $270.60.

View Our Latest Report on Lowe’s Companies

Insider Buying and Selling

In other Lowe’s Companies news, 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 value of $1,684,262.58. Following the completion of the transaction, the chief accounting officer now directly owns 9,383 shares of the company’s stock, valued at approximately $2,334,678.06. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CAO Dan Clayton Griggs, Jr. sold 6,769 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief accounting officer now directly owns 9,383 shares of the company’s stock, valued at $2,334,678.06. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Margrethe R. Vagell sold 5,730 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were 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 approximately $3,586,940.30. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by corporate insiders.

Lowe’s Companies Price Performance

Shares of LOW opened at $267.64 on Friday. Lowe’s Companies, Inc. has a 1-year low of $181.85 and a 1-year high of $287.01. The stock has a market cap of $151.83 billion, a PE ratio of 22.19, a price-to-earnings-growth ratio of 2.24 and a beta of 1.10. The firm has a fifty day moving average price of $260.81 and a 200 day moving average price of $239.84.

Lowe’s Companies (NYSE:LOW – Get Free Report) last posted its quarterly earnings data on Tuesday, August 20th. The home improvement retailer reported $4.10 earnings per share for the quarter, topping analysts’ consensus estimates of $3.96 by $0.14. The company had revenue of $23.59 billion during the quarter, compared to analysts’ expectations of $23.93 billion. Lowe’s Companies had a negative return on equity of 47.07% and a net margin of 8.25%. The firm’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same period last year, the firm earned $4.56 EPS. As a group, equities analysts expect that Lowe’s Companies, Inc. will post 11.91 EPS for the current fiscal year.

Lowe’s Companies Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 6th. Shareholders of record on Wednesday, October 23rd will be given a dividend of $1.15 per share. This is a boost from Lowe’s Companies’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Wednesday, October 23rd. This represents a $4.60 annualized dividend and a yield of 1.72%. Lowe’s Companies’s payout ratio is presently 38.14%.

Lowe’s Companies Company Profile

(Free Report)

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.