Spinnaker Trust Sells 54 Shares of Lowe’s Companies, Inc. (NYSE:LOW)

Spinnaker Trust reduced its stake in shares of Lowe’s Companies, Inc. (NYSE:LOW) by 5.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 923 shares of the home improvement retailer’s stock after selling 54 shares during the period. Spinnaker Trust’s holdings in Lowe’s Companies were worth $203,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of LOW. Vanguard Group Inc. grew its holdings in Lowe’s Companies by 5.2% during the first quarter. Vanguard Group Inc. now owns 53,693,630 shares of the home improvement retailer’s stock valued at $13,677,378,000 after purchasing an additional 2,674,372 shares during the period. Norges Bank purchased a new stake in Lowe’s Companies in the 4th quarter worth about $1,638,746,000. Charles Schwab Investment Management Inc. raised its stake in Lowe’s Companies by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,211,131 shares of the home improvement retailer’s stock valued at $714,637,000 after acquiring an additional 41,451 shares during the period. Schroder Investment Management Group lifted its holdings in Lowe’s Companies by 1.9% during the fourth quarter. Schroder Investment Management Group now owns 2,851,127 shares of the home improvement retailer’s stock valued at $634,518,000 after purchasing an additional 52,859 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Lowe’s Companies by 36.6% during 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 period. Hedge funds and other institutional investors own 74.06% of the company’s stock.

Lowe’s Companies Stock Performance

NYSE:LOW traded up $1.73 during mid-day trading on Friday, reaching $248.50. The stock had a trading volume of 2,587,136 shares, compared to its average volume of 2,428,352. The stock has a market capitalization of $141.61 billion, a P/E ratio of 19.96, a P/E/G ratio of 2.04 and a beta of 1.07. The firm has a 50 day moving average price of $234.08 and a two-hundred day moving average price of $233.50. Lowe’s Companies, Inc. has a one year low of $181.85 and a one year high of $262.49.

Lowe’s Companies (NYSE:LOW) last posted its quarterly earnings results on Tuesday, August 20th. The home improvement retailer reported $4.10 EPS for the quarter, topping the consensus estimate of $3.96 by $0.14. Lowe’s Companies had a net margin of 8.25% and a negative return on equity of 47.07%. The firm had revenue of $23.59 billion for the quarter, compared to the consensus estimate of $23.93 billion. During the same period last year, the firm posted $4.56 earnings per share. The business’s revenue was down 5.5% compared to the same quarter last year. Research analysts forecast that Lowe’s Companies, Inc. will post 11.94 earnings per share for the current year.

Lowe’s Companies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 6th. Stockholders of record on Wednesday, October 23rd will be paid a dividend of $1.15 per share. This is a boost from Lowe’s Companies’s previous quarterly dividend of $0.15. This represents a $4.60 dividend on an annualized basis and a dividend yield of 1.85%. Lowe’s Companies’s dividend payout ratio (DPR) is 36.95%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Evercore ISI upped their price target on shares of Lowe’s Companies from $225.00 to $250.00 and gave the company an “in-line” rating in a research note on Wednesday, August 21st. Citigroup dropped their target price on Lowe’s Companies from $243.00 to $240.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 7th. Stifel Nicolaus boosted their price objective on Lowe’s Companies from $225.00 to $250.00 and gave the company a “hold” rating in a research note on Monday, May 13th. Bank of America dropped their price objective on Lowe’s Companies from $280.00 to $275.00 and set a “buy” rating on the stock in a report on Wednesday, August 21st. Finally, Truist Financial upped their price target on Lowe’s Companies from $265.00 to $269.00 and gave the company a “buy” rating in a research report on Wednesday, August 21st. Twelve research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $254.04.

Lowe’s Companies Company Profile

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.