Meritage Portfolio Management Lowers Stock Holdings in Lowe’s Companies, Inc. (NYSE:LOW)

Meritage Portfolio Management cut its stake in shares of Lowe’s Companies, Inc. (NYSE:LOW) by 2.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 18,737 shares of the home improvement retailer’s stock after selling 404 shares during the period. Meritage Portfolio Management’s holdings in Lowe’s Companies were worth $5,075,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Crew Capital Management Ltd. lifted its holdings in shares of Lowe’s Companies by 1.0% in the third quarter. Crew Capital Management Ltd. now owns 3,873 shares of the home improvement retailer’s stock valued at $1,049,000 after buying an additional 37 shares during the period. Summit Place Financial Advisors LLC raised its position in Lowe’s Companies by 2.8% in the third quarter. Summit Place Financial Advisors LLC now owns 1,375 shares of the home improvement retailer’s stock worth $372,000 after acquiring an additional 37 shares in the last quarter. Clean Yield Group lifted its holdings in Lowe’s Companies by 2.4% in the 3rd quarter. Clean Yield Group now owns 1,599 shares of the home improvement retailer’s stock valued at $433,000 after acquiring an additional 38 shares during the last quarter. Drive Wealth Management LLC boosted its position in shares of Lowe’s Companies by 2.2% during the 2nd quarter. Drive Wealth Management LLC now owns 1,894 shares of the home improvement retailer’s stock valued at $418,000 after purchasing an additional 41 shares in the last quarter. Finally, Chapin Davis Inc. grew its stake in shares of Lowe’s Companies by 1.3% in the 3rd quarter. Chapin Davis Inc. now owns 3,082 shares of the home improvement retailer’s stock worth $835,000 after purchasing an additional 41 shares during the last quarter. 74.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on LOW. Evercore ISI raised their target price on shares of Lowe’s Companies from $225.00 to $250.00 and gave the stock an “in-line” rating in a report on Wednesday, August 21st. JPMorgan Chase & Co. decreased their target price on Lowe’s Companies from $272.00 to $270.00 and set an “overweight” rating on the stock in a report on Wednesday, August 21st. Melius Research assumed coverage on Lowe’s Companies in a report on Monday, September 23rd. They set a “buy” rating and a $290.00 target price for the company. Sanford C. Bernstein initiated coverage on Lowe’s Companies in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $323.00 price target on the stock. Finally, Wells Fargo & Company boosted their target price on shares of Lowe’s Companies from $280.00 to $295.00 and gave the company an “overweight” rating in a research note on Wednesday. Ten analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Lowe’s Companies currently has a consensus rating of “Moderate Buy” and an average target price of $273.44.

Insider Transactions at Lowe’s Companies

In related news, CAO Dan Clayton Griggs, Jr. sold 6,769 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $248.82, for a total transaction of $1,684,262.58. Following the completion of the sale, the chief accounting officer now directly owns 9,383 shares of the company’s stock, valued at $2,334,678.06. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Lowe’s Companies news, CAO Dan Clayton Griggs, Jr. sold 6,769 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $248.82, for a total transaction of $1,684,262.58. Following the sale, the chief accounting officer now owns 9,383 shares of the company’s stock, valued at $2,334,678.06. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Margrethe R. Vagell sold 5,730 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $271.45, for a total transaction of $1,555,408.50. Following the completion of the transaction, the executive vice president now directly owns 13,214 shares of the company’s stock, valued at approximately $3,586,940.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.26% of the stock is owned by company insiders.

Lowe’s Companies Stock Performance

Shares of LOW stock traded up $4.80 during trading hours on Friday, hitting $271.10. The company had a trading volume of 2,102,467 shares, compared to its average volume of 2,186,897. The firm has a market capitalization of $153.79 billion, a price-to-earnings ratio of 22.48, a PEG ratio of 2.15 and a beta of 1.10. Lowe’s Companies, Inc. has a 12 month low of $189.05 and a 12 month high of $287.01. The firm’s fifty day moving average is $264.61 and its 200 day moving average is $242.11.

Lowe’s Companies (NYSE:LOW) last released its quarterly earnings data on Tuesday, August 20th. The home improvement retailer reported $4.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.96 by $0.14. The firm had revenue of $23.59 billion during the quarter, compared to analyst estimates of $23.93 billion. Lowe’s Companies had a negative return on equity of 47.07% and a net margin of 8.25%. The business’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same period in the prior year, the company posted $4.56 earnings per share. On average, sell-side analysts expect that Lowe’s Companies, Inc. will post 11.91 EPS for the current fiscal year.

Lowe’s Companies Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 6th. Stockholders of record on Wednesday, October 23rd were paid a $1.15 dividend. The ex-dividend date was Wednesday, October 23rd. This represents a $4.60 dividend on an annualized basis and a dividend yield of 1.70%. This is a boost from Lowe’s Companies’s previous quarterly dividend of $0.15. Lowe’s Companies’s payout ratio is 38.14%.

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.