Convergence Investment Partners LLC Cuts Position in Lowe’s Companies, Inc. (NYSE:LOW)

Convergence Investment Partners LLC decreased its holdings in Lowe’s Companies, Inc. (NYSE:LOW) by 3.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,665 shares of the home improvement retailer’s stock after selling 55 shares during the quarter. Convergence Investment Partners LLC’s holdings in Lowe’s Companies were worth $367,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Tidemark LLC purchased a new stake in shares of Lowe’s Companies in the fourth quarter valued at approximately $27,000. Voisard Asset Management Group Inc. acquired a new stake in Lowe’s Companies in the 4th quarter valued at $28,000. Transcendent Capital Group LLC purchased a new stake in Lowe’s Companies in the 4th quarter worth $31,000. Stephens Consulting LLC raised its position in Lowe’s Companies by 93.3% during the second quarter. Stephens Consulting LLC now owns 145 shares of the home improvement retailer’s stock worth $32,000 after acquiring an additional 70 shares during the period. Finally, Pacific Capital Wealth Advisors Inc. purchased a new position in Lowe’s Companies during the fourth quarter valued at $33,000. Hedge funds and other institutional investors own 74.06% of the company’s stock.

Lowe’s Companies Price Performance

NYSE:LOW opened at $248.50 on Tuesday. The company’s 50-day moving average is $234.48 and its two-hundred day moving average is $233.69. Lowe’s Companies, Inc. has a 1-year low of $181.85 and a 1-year high of $262.49. The firm has a market capitalization of $141.60 billion, a price-to-earnings ratio of 19.96, a PEG ratio of 2.04 and a beta of 1.07.

Lowe’s Companies (NYSE:LOW) last released its quarterly earnings data on Tuesday, August 20th. The home improvement retailer reported $4.10 EPS for the quarter, beating analysts’ consensus estimates of $3.96 by $0.14. The firm had revenue of $23.59 billion for 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 quarterly revenue was down 5.5% on a year-over-year basis. During the same period in the prior year, the firm posted $4.56 earnings per share. As a group, equities analysts anticipate that Lowe’s Companies, Inc. will post 11.94 earnings per share for the current fiscal year.

Lowe’s Companies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 6th. Stockholders of record on Wednesday, October 23rd will be issued 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 is currently 36.95%.

Analyst Ratings Changes

A number of research firms have recently commented on LOW. Citigroup cut their target price on shares of Lowe’s Companies from $243.00 to $240.00 and set a “neutral” rating for the company in a research note on Tuesday, May 7th. Wells Fargo & Company lowered their price objective on Lowe’s Companies from $290.00 to $280.00 and set an “overweight” rating on the stock in a report on Wednesday, August 21st. Piper Sandler reduced their target price on Lowe’s Companies from $264.00 to $262.00 and set an “overweight” rating for the company in a report on Wednesday, August 21st. Gordon Haskett decreased their target price on Lowe’s Companies from $245.00 to $240.00 and set a “hold” rating on the stock in a research report on Wednesday, August 21st. Finally, Bank of America dropped their price target on Lowe’s Companies from $280.00 to $275.00 and set a “buy” rating for the company in a research report on Wednesday, August 21st. Twelve equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Lowe’s Companies presently has an average rating of “Moderate Buy” and a consensus target price 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.