Chicago Capital LLC purchased a new position in Lowe’s (NYSE:LOW) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 152,308 shares of the home improvement retailer’s stock, valued at approximately $13,365,000. Lowe’s comprises about 1.8% of Chicago Capital LLC’s holdings, making the stock its 26th largest holding.
Several other large investors also recently modified their holdings of the company. Magellan Asset Management Ltd increased its holdings in shares of Lowe’s by 4.5% in the 4th quarter. Magellan Asset Management Ltd now owns 24,499,155 shares of the home improvement retailer’s stock worth $2,276,951,000 after buying an additional 1,059,347 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Lowe’s by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 9,116,711 shares of the home improvement retailer’s stock worth $845,590,000 after buying an additional 187,857 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Lowe’s by 2.5% in the 4th quarter. Bank of New York Mellon Corp now owns 8,540,774 shares of the home improvement retailer’s stock worth $793,780,000 after buying an additional 208,072 shares during the last quarter. OppenheimerFunds Inc. increased its holdings in shares of Lowe’s by 18.0% in the 4th quarter. OppenheimerFunds Inc. now owns 6,044,731 shares of the home improvement retailer’s stock worth $561,798,000 after buying an additional 920,015 shares during the last quarter. Finally, Lazard Asset Management LLC grew its holdings in shares of Lowe’s by 33.4% during the 4th quarter. Lazard Asset Management LLC now owns 3,615,861 shares of the home improvement retailer’s stock valued at $336,056,000 after purchasing an additional 905,463 shares during the last quarter. 72.83% of the stock is currently owned by hedge funds and other institutional investors.
Shares of LOW stock opened at $85.75 on Wednesday. Lowe’s has a 52 week low of $70.76 and a 52 week high of $108.98. The company has a market capitalization of $71.66 billion, a PE ratio of 19.53, a P/E/G ratio of 0.91 and a beta of 1.33. The company has a debt-to-equity ratio of 2.65, a current ratio of 1.06 and a quick ratio of 0.11.
Lowe’s (NYSE:LOW) last announced its quarterly earnings results on Wednesday, February 28th. The home improvement retailer reported $0.74 EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.13). Lowe’s had a return on equity of 65.17% and a net margin of 5.02%. The company had revenue of $15.49 billion during the quarter, compared to the consensus estimate of $15.34 billion. During the same quarter in the prior year, the firm earned $0.86 earnings per share. The business’s revenue was down 1.8% compared to the same quarter last year. equities research analysts anticipate that Lowe’s will post 5.46 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 9th. Investors of record on Wednesday, April 25th were issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend was Tuesday, April 24th. Lowe’s’s payout ratio is 37.36%.
Lowe’s declared that its board has initiated a share repurchase program on Friday, January 26th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the home improvement retailer to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.
LOW has been the topic of several recent research reports. BMO Capital Markets reaffirmed a “hold” rating and set a $95.00 target price (up previously from $82.00) on shares of Lowe’s in a report on Thursday, March 1st. Royal Bank of Canada dropped their price target on shares of Lowe’s to $102.00 and set an “outperform” rating for the company in a research report on Thursday, March 1st. JPMorgan Chase reissued a “neutral” rating and set a $100.00 price target on shares of Lowe’s in a research report on Tuesday, March 6th. SunTrust Banks raised their target price on shares of Lowe’s from $80.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, March 2nd. Finally, Wells Fargo & Co set a $100.00 price target on shares of Lowe’s and gave the company a “buy” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty-four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $99.00.
Lowe’s Company Profile
Lowe's Companies, Inc, together with its subsidiaries, operates as a home improvement retailer in the United States, Canada, and Mexico. It offers a line of products for maintenance, repair, remodeling, and decorating. The company provides home improvement products in various categories, such as lumber and building materials, tools and hardware, appliances, fashion fixtures, rough plumbing and electrical, seasonal and outdoor living, lawn and garden, paint, millwork, flooring, and kitchens, as well as outdoor power equipment.
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