AlphaCore Capital LLC has significantly increased its investment in Lowe’s Companies, Inc. (NYSE: LOW) by acquiring an additional 2,094 shares, raising its total ownership by 33.4% during the second quarter. According to the firm’s recent Form 13F filing with the Securities and Exchange Commission (SEC), AlphaCore now holds a total of 8,356 shares valued at approximately $1.85 million.
In addition to AlphaCore, several other institutional investors have also adjusted their positions in Lowe’s Companies. Mufg Securities Americas Inc. raised its stake by 24.1%, now owning 12,404 shares worth about $2.75 million after acquiring 2,409 shares in the last quarter. Evelyn Partners Investment Management LLP saw a remarkable increase of 642.4% in its holdings, bringing its total to 8,010 shares valued at approximately $1.82 million after purchasing an additional 6,931 shares.
Journey Strategic Wealth LLC has also bolstered its investment by 30.5%, now owning 5,333 shares worth around $1.18 million. White Pine Capital LLC increased its stake by 6.8%, resulting in ownership of 1,254 shares valued at about $278,000. Lastly, Hillsdale Investment Management Inc. acquired a new stake in Lowe’s worth $710,000. Overall, institutional investors and hedge funds now hold 74.06% of Lowe’s stock.
Stock Performance and Recent Earnings
Lowe’s Companies opened at $234.12 on Friday. The firm’s fifty-day moving average price is $243.31, while the 200-day moving average stands at $237.49. With a market capitalization of $131.30 billion, Lowe’s has a price-to-earnings ratio of 19.24 and a beta of 0.87. Over the past year, shares have fluctuated between a low of $206.38 and a high of $280.64.
On November 19, 2023, Lowe’s reported its quarterly earnings, posting $3.06 earnings per share (EPS), exceeding the consensus estimate of $2.97 by $0.09. The company achieved revenue of $20.81 billion, slightly below analysts’ expectations of $20.88 billion. Despite these figures, Lowe’s net margin stood at 8.20%, with a negative return on equity of 52.02%. The firm’s quarterly revenue represented a 3.2% increase compared to the same quarter last year, with the previous year’s EPS recorded at $2.89.
Looking ahead, Lowe’s has set its fiscal year 2025 guidance at 12.250 EPS. Analysts project that Lowe’s Companies will achieve an EPS of 11.9 for the current year.
Dividends and Analyst Ratings
Recently, Lowe’s declared a quarterly dividend of $1.20 per share, payable on February 4, 2024, to shareholders of record on January 21, 2024. This results in an annualized dividend of $4.80 and a dividend yield of 2.1%. The company’s dividend payout ratio stands at 39.80%.
Research analysts have expressed varied opinions on Lowe’s stock, with Mizuho reducing its price target from $285.00 to $272.00 while maintaining an “outperform” rating. Telsey Advisory Group also lowered its price objective from $305.00 to $285.00, similarly rating the stock as “outperform.”
Sanford C. Bernstein raised its price target slightly from $282.00 to $284.00, while Wells Fargo & Company adjusted its target down to $280.00, maintaining an “overweight” rating. Guggenheim reaffirmed a “buy” rating with a price target of $300.00. Currently, sixteen analysts rate Lowe’s as a “buy,” ten as “hold,” and one as “sell,” leading to an average rating of “Moderate Buy” with a consensus target price of $274.75.
In insider trading news, on September 5, 2023, Executive Vice President Brandon J. Sink sold 8,192 shares at an average price of $268.58, totaling approximately $2.2 million. This sale marked a 27.49% reduction in his holdings, which are now valued at about $5.8 million. Another executive, Juliette Williams Pryor, sold 929 shares at an average price of $257.20, amounting to about $239,000, reflecting a 2.99% decrease in her position.
Over the past three months, insiders have sold a total of 52,931 shares of Lowe’s stock worth approximately $14.38 million, indicating that insiders currently hold 0.27% of the company’s stock.
Lowe’s Companies, Inc., along with its subsidiaries, operates as a major home improvement retailer in the United States, offering products for construction, maintenance, repair, remodeling, and decoration. The company provides a diverse range of home improvement products, including appliances, outdoor living items, tools, and building materials.
