Steel Grove Capital Advisors LLC Purchases Shares of 1,145 Lowe’s Companies, Inc. (NYSE:LOW)

Steel Grove Capital Advisors LLC bought a new position in shares of Lowe’s Companies, Inc. (NYSE:LOW) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,145 shares of the home improvement retailer’s stock, valued at approximately $252,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in LOW. DRW Securities LLC lifted its stake in shares of Lowe’s Companies by 107.9% during the 2nd quarter. DRW Securities LLC now owns 3,013 shares of the home improvement retailer’s stock valued at $664,000 after buying an additional 1,564 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Lowe’s Companies by 34.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,282 shares of the home improvement retailer’s stock worth $944,000 after acquiring an additional 1,088 shares during the period. Fairscale Capital LLC bought a new position in shares of Lowe’s Companies in the 2nd quarter worth $75,000. Gabelli Funds LLC increased its holdings in shares of Lowe’s Companies by 0.3% in the 2nd quarter. Gabelli Funds LLC now owns 48,715 shares of the home improvement retailer’s stock worth $10,740,000 after buying an additional 160 shares during the last quarter. Finally, 1832 Asset Management L.P. increased its holdings in shares of Lowe’s Companies by 45,250.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 202,715 shares of the home improvement retailer’s stock worth $44,691,000 after buying an additional 202,268 shares during the last quarter. 74.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. StockNews.com raised shares of Lowe’s Companies from a “hold” rating to a “buy” rating in a research report on Wednesday, September 18th. Morgan Stanley increased their price target on shares of Lowe’s Companies from $250.00 to $255.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Wedbush restated a “neutral” rating and set a $250.00 price objective on shares of Lowe’s Companies in a research note on Wednesday, August 21st. Telsey Advisory Group restated a “market perform” rating and set a $230.00 price objective on shares of Lowe’s Companies in a research note on Tuesday, August 20th. Finally, Piper Sandler reduced their price target on shares of Lowe’s Companies from $264.00 to $262.00 and set an “overweight” rating for the company in a research note on Wednesday, August 21st. Twelve investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $255.00.

Lowe’s Companies Trading Up 0.8 %

Shares of LOW opened at $262.29 on Tuesday. The firm’s 50-day moving average is $244.18 and its two-hundred day moving average is $235.47. Lowe’s Companies, Inc. has a twelve month low of $181.85 and a twelve month high of $262.49. The firm has a market capitalization of $149.46 billion, a P/E ratio of 21.07, a PEG ratio of 2.03 and a beta of 1.10.

Lowe’s Companies (NYSE:LOW) last announced its quarterly earnings results on Tuesday, August 20th. The home improvement retailer reported $4.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.96 by $0.14. The company had revenue of $23.59 billion for the quarter, compared to the consensus estimate of $23.93 billion. Lowe’s Companies had a net margin of 8.25% and a negative return on equity of 47.07%. The company’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.56 earnings per share. Analysts predict that Lowe’s Companies, Inc. will post 11.93 EPS for the current year.

Lowe’s Companies Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 6th. Stockholders of record on Wednesday, October 23rd will be given a $1.15 dividend. The ex-dividend date of this dividend is Wednesday, October 23rd. This represents a $4.60 annualized dividend and a dividend yield of 1.75%. This is a positive change from Lowe’s Companies’s previous quarterly dividend of $0.15. Lowe’s Companies’s dividend payout ratio is presently 36.95%.

Insider Activity at Lowe’s Companies

In other Lowe’s Companies news, CAO Dan Clayton Griggs, Jr. sold 6,769 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief accounting officer now directly owns 9,383 shares of the company’s stock, valued at approximately $2,334,678.06. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.26% of the company’s stock.

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.