Carnegie Investment Counsel Purchases 1,078 Shares of Lowe’s Companies, Inc. (NYSE:LOW)

by · The Markets Daily

Carnegie Investment Counsel boosted its holdings in Lowe’s Companies, Inc. (NYSE:LOW – Free Report) by 0.7% during the third quarter, Holdings Channel.com reports. The fund owned 154,087 shares of the home improvement retailer’s stock after buying an additional 1,078 shares during the quarter. Lowe’s Companies accounts for 1.2% of Carnegie Investment Counsel’s investment portfolio, making the stock its 14th largest holding. Carnegie Investment Counsel’s holdings in Lowe’s Companies were worth $41,734,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Retirement Planning Group LLC purchased a new stake in Lowe’s Companies in the third quarter valued at approximately $231,000. Matrix Asset Advisors Inc. NY increased its holdings in shares of Lowe’s Companies by 30.3% in the 3rd quarter. Matrix Asset Advisors Inc. NY now owns 14,390 shares of the home improvement retailer’s stock worth $3,898,000 after buying an additional 3,345 shares during the last quarter. Mechanics Bank Trust Department raised its position in shares of Lowe’s Companies by 8.0% during the 3rd quarter. Mechanics Bank Trust Department now owns 9,876 shares of the home improvement retailer’s stock valued at $2,675,000 after buying an additional 731 shares in the last quarter. Brown Miller Wealth Management LLC lifted its holdings in shares of Lowe’s Companies by 1.1% during the 3rd quarter. Brown Miller Wealth Management LLC now owns 17,594 shares of the home improvement retailer’s stock worth $4,765,000 after acquiring an additional 190 shares during the last quarter. Finally, Ritholtz Wealth Management grew its position in Lowe’s Companies by 30.5% in the third quarter. Ritholtz Wealth Management now owns 13,394 shares of the home improvement retailer’s stock worth $3,628,000 after acquiring an additional 3,134 shares in the last quarter. Hedge funds and other institutional investors own 74.06% of the company’s stock.

Lowe’s Companies Stock Performance

Lowe’s Companies stock opened at $275.76 on Friday. Lowe’s Companies, Inc. has a fifty-two week low of $181.85 and a fifty-two week high of $278.10. The stock’s 50 day simple moving average is $252.80 and its two-hundred day simple moving average is $237.69. The stock has a market cap of $157.14 billion, a price-to-earnings ratio of 22.15, a PEG ratio of 2.28 and a beta of 1.10.

Lowe’s Companies (NYSE:LOW – Get Free Report) last released its quarterly earnings results on Tuesday, August 20th. The home improvement retailer reported $4.10 earnings per share for the quarter, beating the consensus estimate of $3.96 by $0.14. The company had revenue of $23.59 billion for the quarter, compared to analyst estimates 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 was down 5.5% on a year-over-year basis. During the same period in the previous year, the company posted $4.56 earnings per share. On average, analysts predict that Lowe’s Companies, Inc. will post 11.91 earnings per share for the current year.

Lowe’s Companies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 6th. Investors of record on Wednesday, October 23rd will be paid a $1.15 dividend. This represents a $4.60 annualized dividend and a dividend yield of 1.67%. This is a positive change from Lowe’s Companies’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Wednesday, October 23rd. Lowe’s Companies’s dividend payout ratio (DPR) is presently 36.95%.

Insider Buying and Selling

In other news, CAO Dan Clayton Griggs, Jr. sold 6,769 shares of the business’s stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 9,383 shares of the company’s stock, valued at $2,334,678.06. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, 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 transaction, the executive vice president now owns 13,214 shares in the company, valued at approximately $3,586,940.30. This 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 this link. Also, 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 sale, 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 disclosure for this sale can be found here. 0.26% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on LOW shares. Piper Sandler lifted their price target on Lowe’s Companies from $262.00 to $307.00 and gave the stock an “overweight” rating in a research note on Monday, September 30th. Royal Bank of Canada cut their target price on Lowe’s Companies from $245.00 to $238.00 and set a “sector perform” rating for the company in a research note on Wednesday, August 21st. TD Cowen lifted their price target on shares of Lowe’s Companies from $240.00 to $265.00 and gave the stock a “hold” rating in a research note on Thursday, September 19th. Oppenheimer upgraded shares of Lowe’s Companies from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $230.00 to $305.00 in a report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Lowe’s Companies from $272.00 to $270.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 21st. Eleven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $266.88.

Read Our Latest Analysis on Lowe’s Companies

About Lowe’s Companies

(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.

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