Lowe’s Companies, Inc. (NYSE:LOW) Shares Sold by Magellan Asset Management Ltd

Magellan Asset Management Ltd trimmed its holdings in Lowe’s Companies, Inc. (NYSE:LOW) by 31.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,251,515 shares of the home improvement retailer’s stock after selling 572,321 shares during the quarter. Lowe’s Companies makes up about 2.8% of Magellan Asset Management Ltd’s holdings, making the stock its 13th biggest position. Magellan Asset Management Ltd owned 0.22% of Lowe’s Companies worth $278,525,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in Lowe’s Companies in the 4th quarter valued at about $1,638,746,000. Ontario Teachers Pension Plan Board lifted its holdings in Lowe’s Companies by 187,225.6% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 2,111,159 shares of the home improvement retailer’s stock valued at $438,783,000 after purchasing an additional 2,110,032 shares in the last quarter. International Assets Investment Management LLC purchased a new position in Lowe’s Companies in the 4th quarter valued at about $430,090,000. Schroder Investment Management Group lifted its holdings in Lowe’s Companies by 189.5% in the 3rd quarter. Schroder Investment Management Group now owns 2,798,268 shares of the home improvement retailer’s stock valued at $581,592,000 after purchasing an additional 1,831,727 shares in the last quarter. Finally, Canoe Financial LP purchased a new position in shares of Lowe’s Companies during the 4th quarter worth about $206,912,000. 74.06% of the stock is owned by institutional investors and hedge funds.

Lowe’s Companies Price Performance

Shares of Lowe’s Companies stock traded down $1.02 on Thursday, hitting $218.45. 2,033,522 shares of the company’s stock traded hands, compared to its average volume of 2,465,322. Lowe’s Companies, Inc. has a one year low of $181.85 and a one year high of $262.49. The company has a fifty day moving average of $229.97 and a two-hundred day moving average of $226.00. The company has a market capitalization of $124.48 billion, a price-to-earnings ratio of 17.55, a price-to-earnings-growth ratio of 1.66 and a beta of 1.08.

Lowe’s Companies (NYSE:LOW) last posted its quarterly earnings results on Tuesday, May 21st. The home improvement retailer reported $3.06 earnings per share for the quarter, topping analysts’ consensus estimates of $2.94 by $0.12. The business had revenue of $21.36 billion for the quarter, compared to the consensus estimate of $21.14 billion. Lowe’s Companies had a negative return on equity of 48.52% and a net margin of 8.46%. The firm’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same period in the prior year, the business earned $3.67 EPS. Equities research analysts anticipate that Lowe’s Companies, Inc. will post 12.23 earnings per share for the current year.

Lowe’s Companies Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 7th. Stockholders of record on Wednesday, July 24th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.27%. The ex-dividend date of this dividend is Wednesday, July 24th. Lowe’s Companies’s payout ratio is currently 36.95%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on LOW shares. UBS Group increased their target price on shares of Lowe’s Companies from $250.00 to $270.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Zelman & Associates reiterated a “neutral” rating and set a $265.00 target price on shares of Lowe’s Companies in a research note on Tuesday, April 2nd. Gordon Haskett restated a “hold” rating and set a $245.00 price objective on shares of Lowe’s Companies in a research note on Wednesday, April 3rd. StockNews.com upgraded Lowe’s Companies from a “hold” rating to a “buy” rating in a research note on Wednesday, May 22nd. Finally, Evercore ISI cut their target price on Lowe’s Companies from $255.00 to $250.00 and set an “in-line” rating on the stock in a research note on Wednesday, May 22nd. Fourteen research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $251.33.

About Lowe’s Companies

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.