Harvey Capital Management Inc. maintained its position in Lowe’s Companies, Inc. (NYSE:LOW) during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 55,780 shares of the home improvement retailer’s stock at the end of the second quarter. Lowe’s Companies comprises about 1.9% of Harvey Capital Management Inc.’s holdings, making the stock its 23rd largest position. Harvey Capital Management Inc.’s holdings in Lowe’s Companies were worth $4,324,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. S&CO Inc. increased its position in Lowe’s Companies by 4.4% in the first quarter. S&CO Inc. now owns 7,085 shares of the home improvement retailer’s stock valued at $582,000 after buying an additional 300 shares in the last quarter. Boltwood Capital Management increased its position in Lowe’s Companies by 4.9% in the first quarter. Boltwood Capital Management now owns 32,140 shares of the home improvement retailer’s stock valued at $2,642,000 after buying an additional 1,500 shares in the last quarter. Catawba Capital Management VA increased its position in Lowe’s Companies by 0.9% in the first quarter. Catawba Capital Management VA now owns 118,377 shares of the home improvement retailer’s stock valued at $9,732,000 after buying an additional 1,017 shares in the last quarter. Fulton Bank N.A. bought a new position in Lowe’s Companies during the first quarter valued at approximately $334,000. Finally, Watch Point Trust Co increased its position in Lowe’s Companies by 2.0% in the first quarter. Watch Point Trust Co now owns 20,502 shares of the home improvement retailer’s stock valued at $1,685,000 after buying an additional 407 shares in the last quarter. Hedge funds and other institutional investors own 74.70% of the company’s stock.
Shares of Lowe’s Companies, Inc. (LOW) traded up 0.32% during trading on Friday, reaching $77.26. 3,090,052 shares of the company were exchanged. The company’s 50-day moving average is $76.69 and its 200 day moving average is $79.41. The firm has a market capitalization of $65.22 billion, a PE ratio of 24.23 and a beta of 1.08. Lowe’s Companies, Inc. has a 1-year low of $64.87 and a 1-year high of $86.25.
Lowe’s Companies (NYSE:LOW) last announced its earnings results on Wednesday, May 24th. The home improvement retailer reported $1.03 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.06 by $0.03. The firm had revenue of $16.86 billion during the quarter, compared to analyst estimates of $16.99 billion. Lowe’s Companies had a net margin of 4.22% and a return on equity of 56.78%. Lowe’s Companies’s revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the business earned $0.87 earnings per share. Equities research analysts expect that Lowe’s Companies, Inc. will post $4.62 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 9th. Shareholders of record on Wednesday, July 26th were paid a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 2.12%. This is an increase from Lowe’s Companies’s previous quarterly dividend of $0.35. The ex-dividend date was Monday, July 24th. Lowe’s Companies’s dividend payout ratio (DPR) is 51.57%.
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Several research analysts have recently commented on the company. Vetr downgraded Lowe’s Companies from a “hold” rating to a “sell” rating and set a $83.11 price objective on the stock. in a report on Monday, May 8th. BMO Capital Markets reissued a “buy” rating and issued a $89.00 target price on shares of Lowe’s Companies in a research note on Friday, May 5th. Zacks Investment Research cut Lowe’s Companies from a “buy” rating to a “hold” rating in a research note on Wednesday, May 3rd. Credit Suisse Group set a $94.00 target price on Lowe’s Companies and gave the stock a “buy” rating in a research note on Tuesday, May 2nd. Finally, Jefferies Group LLC raised their target price on Lowe’s Companies from $80.00 to $94.00 and gave the stock a “hold” rating in a research note on Friday, May 12th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have given a buy rating to the company’s stock. Lowe’s Companies presently has a consensus rating of “Hold” and a consensus price target of $85.23.
In other Lowe’s Companies news, insider Richard D. Maltsbarger sold 11,672 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $80.20, for a total value of $936,094.40. Following the completion of the sale, the insider now directly owns 37,716 shares in the company, valued at $3,024,823.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.11% of the stock is owned by company insiders.
About Lowe’s Companies
Lowe’s Companies, Inc (Lowe’s) is a home improvement retailer. The Company operates approximately 1,860 home improvement and hardware stores, representing approximately 200 million square feet of retail selling space. The Company operates approximately 1,800 stores located across over 50 states in the United States, including approximately 80 Orchard Supply Hardware (Orchard) stores in California and Oregon, as well as approximately 40 stores in Canada and over 10 stores in Mexico.
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