Addenda Capital Inc. Sells 2,120 Shares of Lowe’s Companies, Inc. (NYSE:LOW)

Addenda Capital Inc. reduced its stake in Lowe’s Companies, Inc. (NYSE:LOW) by 6.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 32,961 shares of the home improvement retailer’s stock after selling 2,120 shares during the quarter. Addenda Capital Inc.’s holdings in Lowe’s Companies were worth $8,396,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of LOW. Norges Bank purchased a new position in shares of Lowe’s Companies in the 4th quarter valued at approximately $1,638,746,000. International Assets Investment Management LLC purchased a new position in shares of Lowe’s Companies in the 4th quarter valued at approximately $430,090,000. Schroder Investment Management Group raised its position in shares of 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 during the last quarter. Canoe Financial LP purchased a new position in shares of Lowe’s Companies in the 4th quarter valued at approximately $206,912,000. Finally, Aristotle Capital Management LLC raised its position in Lowe’s Companies by 143.8% during the 3rd quarter. Aristotle Capital Management LLC now owns 1,361,716 shares of the home improvement retailer’s stock worth $283,019,000 after buying an additional 803,216 shares during the last quarter. 74.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on LOW. Citigroup reduced their price target on shares of Lowe’s Companies from $243.00 to $240.00 and set a “neutral” rating for the company in a research report on Tuesday, May 7th. Truist Financial cut their target price on shares of Lowe’s Companies from $271.00 to $265.00 and set a “buy” rating for the company in a report on Wednesday, May 22nd. Evercore ISI cut their target price on shares of Lowe’s Companies from $255.00 to $250.00 and set an “in-line” rating for the company in a report on Wednesday, May 22nd. Stifel Nicolaus lifted their target price on shares of Lowe’s Companies from $225.00 to $250.00 and gave the company a “hold” rating in a report on Monday, May 13th. Finally, Mizuho started coverage on shares of Lowe’s Companies in a research note on Tuesday, March 19th. They issued a “buy” rating and a $280.00 price target on the stock. Fifteen investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $251.33.

Lowe’s Companies Stock Up 0.3 %

NYSE:LOW traded up $0.73 on Friday, reaching $220.53. 12,630,398 shares of the company’s stock were exchanged, compared to its average volume of 2,554,689. The firm has a market capitalization of $125.67 billion, a price-to-earnings ratio of 17.71, a price-to-earnings-growth ratio of 1.68 and a beta of 1.08. The business has a fifty day moving average of $225.32 and a 200-day moving average of $228.26. Lowe’s Companies, Inc. has a 52-week low of $181.85 and a 52-week high of $262.49.

Lowe’s Companies (NYSE:LOW) last announced its quarterly earnings data on Tuesday, May 21st. The home improvement retailer reported $3.06 EPS for the quarter, topping analysts’ consensus estimates of $2.94 by $0.12. Lowe’s Companies had a negative return on equity of 48.52% and a net margin of 8.46%. The business had revenue of $21.36 billion during the quarter, compared to the consensus estimate of $21.14 billion. During the same period in the previous year, the company posted $3.67 earnings per share. The business’s revenue for the quarter was down 4.4% on a year-over-year basis. As a group, equities 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 disclosed a quarterly dividend, which will be paid on Wednesday, August 7th. Stockholders of record on Wednesday, July 24th will be given a dividend of $0.15 per share. 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 dividend payout ratio is presently 35.34%.

Lowe’s Companies 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.