Covington Capital Management Decreases Holdings in Lowe’s Companies, Inc. (LOW)

Covington Capital Management reduced its holdings in Lowe’s Companies, Inc. (NYSE:LOW) by 3.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 113,384 shares of the home improvement retailer’s stock after selling 3,697 shares during the period. Covington Capital Management’s holdings in Lowe’s Companies were worth $9,321,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. increased its stake in Lowe’s Companies by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 63,871,103 shares of the home improvement retailer’s stock valued at $5,250,843,000 after buying an additional 2,650,045 shares during the last quarter. BlackRock Inc. increased its stake in Lowe’s Companies by 1,757.3% in the 1st quarter. BlackRock Inc. now owns 61,377,883 shares of the home improvement retailer’s stock valued at $5,045,875,000 after buying an additional 58,073,138 shares during the last quarter. Geode Capital Management LLC increased its stake in Lowe’s Companies by 8.2% in the 1st quarter. Geode Capital Management LLC now owns 8,848,938 shares of the home improvement retailer’s stock valued at $726,481,000 after buying an additional 671,581 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its stake in Lowe’s Companies by 11.5% in the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 8,249,599 shares of the home improvement retailer’s stock valued at $678,200,000 after buying an additional 852,426 shares during the last quarter. Finally, OppenheimerFunds Inc. increased its stake in Lowe’s Companies by 204.0% in the 1st quarter. OppenheimerFunds Inc. now owns 8,018,171 shares of the home improvement retailer’s stock valued at $659,174,000 after buying an additional 5,380,759 shares during the last quarter. Hedge funds and other institutional investors own 74.32% of the company’s stock.

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LOW has been the topic of several recent research reports. BMO Capital Markets reiterated a “buy” rating and issued a $89.00 price target on shares of Lowe’s Companies in a research note on Thursday, July 20th. Zacks Investment Research upgraded shares of Lowe’s Companies from a “sell” rating to a “hold” rating in a research note on Monday, September 11th. J P Morgan Chase & Co reissued a “neutral” rating and issued a $83.00 price objective (down previously from $89.00) on shares of Lowe’s Companies in a research report on Thursday, August 24th. Longbow Research reissued a “buy” rating and issued a $95.00 price objective on shares of Lowe’s Companies in a research report on Monday, August 14th. Finally, Morgan Stanley decreased their price objective on shares of Lowe’s Companies from $88.00 to $81.00 and set an “overweight” rating for the company in a research report on Thursday, August 24th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $85.00.

Lowe’s Companies, Inc. (NYSE LOW) traded down 0.60% during mid-day trading on Friday, reaching $77.99. 14,518,162 shares of the company’s stock were exchanged. Lowe’s Companies, Inc. has a 52-week low of $64.87 and a 52-week high of $86.25. The company has a 50-day moving average of $76.21 and a 200-day moving average of $79.61. The stock has a market cap of $64.95 billion, a price-to-earnings ratio of 22.14 and a beta of 1.07.

Lowe’s Companies (NYSE:LOW) last issued its earnings results on Wednesday, August 23rd. The home improvement retailer reported $1.57 earnings per share for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.05). The business had revenue of $19.50 billion for the quarter, compared to the consensus estimate of $19.58 billion. Lowe’s Companies had a return on equity of 62.02% and a net margin of 4.51%. Lowe’s Companies’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.37 EPS. Equities research analysts anticipate that Lowe’s Companies, Inc. will post $4.50 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 8th. Shareholders of record on Wednesday, October 25th will be given a dividend of $0.41 per share. The ex-dividend date is Tuesday, October 24th. This represents a $1.64 dividend on an annualized basis and a yield of 2.10%. Lowe’s Companies’s dividend payout ratio is presently 46.20%.

Lowe’s Companies Profile

Lowe’s Companies, Inc (Lowe’s) is a FORTUNE home improvement company. The Company operates approximately 2,370 home improvement and hardware stores. The Company offers a range of products for maintenance, repair, remodeling and decorating. The Company offers home improvement products in categories, including Lumber and Building Materials; Tools and Hardware; Appliances; Fashion Fixtures; Rough Plumbing and Electrical; Lawn and Garden; Seasonal and Outdoor Living; Paint; Flooring; Millwork, and Kitchens.

Institutional Ownership by Quarter for Lowe`s Companies (NYSE:LOW)

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