HighTower Advisors LLC has reduced its investment in Lowe’s Companies, Inc. (NYSE:LOW) by 2.9% during the first quarter of 2023. The firm now holds 748,565 shares of the home improvement retailer’s stock, following the sale of 22,116 shares. As of the end of the most recent quarter, these holdings were valued at approximately $174.6 million, according to HoldingsChannel.com.
Several other institutional investors have also adjusted their positions in Lowe’s Companies. Notably, Gen Wealth Partners Inc increased its stake by 1.9% in the fourth quarter, now owning 2,163 shares valued at $534,000 following the acquisition of an additional 40 shares. Similarly, Second Line Capital LLC raised its position by 0.9%, bringing its total ownership to 4,793 shares valued at $1.18 million after purchasing 44 additional shares.
Fielder Capital Group LLC also expanded its investment, increasing its holdings by 5.9% to own 865 shares valued at $202,000. Dumont & Blake Investment Advisors LLC added to its position by 1.1%, now owning 4,570 shares worth $1.07 million. Overall, institutional investors and hedge funds control approximately 74.06% of Lowe’s stock.
Insider Transactions and Stock Performance
In corporate developments, Lowe’s Executive Vice President, Juliette Williams Pryor, sold 1,130 shares on June 3, 2023, at an average price of $227.50, totaling $257,075. This transaction reduced her holdings to 31,898 shares, valued at around $7.26 million. The sale has been documented in a filing with the Securities and Exchange Commission, indicating that corporate insiders hold a mere 0.27% of the company’s stock.
On the trading front, shares of Lowe’s Companies opened at $240.04 on Tuesday, reflecting a slight decline of 0.5%. The company boasts a market capitalization of $134.53 billion, a price-to-earnings (P/E) ratio of 19.89, and a beta of 0.89. Over the past year, Lowe’s stock has fluctuated significantly, with a low of $206.38 and a high of $287.01. The 50-day and 200-day simple moving averages stand at $224.68 and $230.41, respectively.
Lowe’s most recent quarterly earnings report, released on May 21, 2023, revealed earnings per share of $2.92, surpassing analysts’ expectations of $2.88. The company reported revenue of $20.93 billion, slightly below the consensus estimate of $21.09 billion. Despite the positive earnings surprise, the company’s revenue decreased by 2.0% compared to the same quarter last year, where it earned $3.06 per share.
Dividend Increase News
In a positive development for shareholders, Lowe’s recently announced an increase in its quarterly dividend. Shareholders of record on July 23, 2023, received a dividend of $1.20 per share, up from the previous $1.15. This translates to an annualized dividend of $4.80 and a dividend yield of 2.0%. The company’s current payout ratio is approximately 39.77%, indicating a commitment to returning value to its investors.
Lowe’s Companies, Inc. operates as a leading home improvement retailer, providing a range of products for construction, maintenance, repair, and remodeling across the United States. With a diverse product line that includes appliances, tools, and building materials, the company continues to be a significant player in the home improvement sector.
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