TCP Asset Management LLC Acquires 121 Shares of Lowe’s Companies, Inc. (NYSE:LOW)

TCP Asset Management LLC lifted its holdings in shares of Lowe’s Companies, Inc. (NYSE:LOW) by 7.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,847 shares of the home improvement retailer’s stock after acquiring an additional 121 shares during the quarter. TCP Asset Management LLC’s holdings in Lowe’s Companies were worth $470,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in Lowe’s Companies in the fourth quarter worth $1,638,746,000. International Assets Investment Management LLC bought a new position in Lowe’s Companies in the fourth quarter worth $430,090,000. Schroder Investment Management Group raised its holdings in Lowe’s Companies by 189.5% in the third quarter. Schroder Investment Management Group now owns 2,798,268 shares of the home improvement retailer’s stock worth $581,592,000 after purchasing an additional 1,831,727 shares in the last quarter. Canoe Financial LP bought a new position in Lowe’s Companies in the fourth quarter worth $206,912,000. Finally, Pathstone Holdings LLC bought a new position in Lowe’s Companies in the fourth quarter worth $126,615,000. Institutional investors own 74.06% of the company’s stock.

Lowe’s Companies Stock Down 0.2 %

NYSE LOW traded down $0.53 during trading on Wednesday, hitting $213.17. 1,423,518 shares of the stock traded hands, compared to its average volume of 2,542,897. The company has a market capitalization of $121.47 billion, a P/E ratio of 17.29, a price-to-earnings-growth ratio of 1.69 and a beta of 1.08. The firm has a 50-day simple moving average of $224.57 and a 200-day simple moving average of $228.32. Lowe’s Companies, Inc. has a 12-month low of $181.85 and a 12-month high of $262.49.

Lowe’s Companies (NYSE:LOW) last announced its earnings results 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. The firm had revenue of $21.36 billion during the quarter, compared to analysts’ expectations of $21.14 billion. Lowe’s Companies had a negative return on equity of 48.52% and a net margin of 8.46%. The company’s quarterly revenue was down 4.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.67 EPS. As a group, research analysts predict that Lowe’s Companies, Inc. will post 12.23 EPS for the current fiscal year.

Lowe’s Companies Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 7th. Investors of record on Wednesday, July 24th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.28%. The ex-dividend date of this dividend is Wednesday, July 24th. Lowe’s Companies’s payout ratio is currently 35.34%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. DA Davidson cut their target price on Lowe’s Companies from $270.00 to $240.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 22nd. StockNews.com cut Lowe’s Companies from a “buy” rating to a “hold” rating in a research note on Tuesday, June 18th. Truist Financial cut their target price on Lowe’s Companies from $271.00 to $265.00 and set a “buy” rating on the stock in a research note on Wednesday, May 22nd. Gordon Haskett reaffirmed a “hold” rating and set a $245.00 price objective on shares of Lowe’s Companies in a research report on Wednesday, April 3rd. Finally, Evercore ISI dropped their price objective on Lowe’s Companies from $250.00 to $225.00 and set an “in-line” rating on the stock in a research report on Tuesday. Fifteen analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $250.41.

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.