Canoe Financial LP Cuts Position in Lowe's Companies, Inc. (NYSE:LOW)

Canoe Financial LP decreased its holdings in Lowe's Companies, Inc. (NYSE:LOW - Free Report) by 4.7% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 69,124 shares of the home improvement retailer's stock after selling 3,400 shares during the period. Canoe Financial LP's holdings in Lowe's Companies were worth $16,122,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. FMR LLC raised its stake in shares of Lowe's Companies by 1.0% during the fourth quarter. FMR LLC now owns 26,270,496 shares of the home improvement retailer's stock valued at $6,483,558,000 after purchasing an additional 259,766 shares during the period. Geode Capital Management LLC raised its stake in shares of Lowe's Companies by 2.1% during the fourth quarter. Geode Capital Management LLC now owns 11,979,337 shares of the home improvement retailer's stock valued at $2,952,341,000 after purchasing an additional 245,876 shares during the period. Norges Bank purchased a new stake in shares of Lowe's Companies during the fourth quarter valued at approximately $1,842,954,000. Northern Trust Corp raised its stake in shares of Lowe's Companies by 16.3% during the fourth quarter. Northern Trust Corp now owns 7,074,391 shares of the home improvement retailer's stock valued at $1,745,960,000 after purchasing an additional 993,833 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Lowe's Companies by 6.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,035,630 shares of the home improvement retailer's stock valued at $1,242,793,000 after purchasing an additional 323,371 shares during the period. Hedge funds and other institutional investors own 74.06% of the company's stock.

Insider Buying and Selling

In related news, EVP Juliette Williams Pryor sold 1,130 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $227.50, for a total value of $257,075.00. Following the completion of the sale, the executive vice president now owns 31,898 shares of the company's stock, valued at $7,256,795. This represents a 3.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.27% of the company's stock.

Lowe's Companies Stock Performance

Shares of LOW opened at $212.40 on Friday. Lowe's Companies, Inc. has a 1 year low of $206.39 and a 1 year high of $287.01. The company has a market cap of $119.04 billion, a price-to-earnings ratio of 17.60, a price-to-earnings-growth ratio of 1.99 and a beta of 0.92. The firm has a fifty day moving average of $223.03 and a 200-day moving average of $238.02.

Lowe's Companies (NYSE:LOW - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The home improvement retailer reported $2.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.88 by $0.04. The company had revenue of $20.93 billion during the quarter, compared to the consensus estimate of $21.09 billion. Lowe's Companies had a net margin of 8.22% and a negative return on equity of 49.12%. The company's revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.06 earnings per share. Analysts predict that Lowe's Companies, Inc. will post 11.9 EPS for the current year.

Lowe's Companies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 6th. Investors of record on Wednesday, July 23rd will be issued a $1.20 dividend. The ex-dividend date of this dividend is Wednesday, July 23rd. This represents a $4.80 annualized dividend and a yield of 2.26%. This is an increase from Lowe's Companies's previous quarterly dividend of $1.15. Lowe's Companies's dividend payout ratio is presently 39.77%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on LOW. BNP Paribas upgraded shares of Lowe's Companies to a "strong sell" rating in a research note on Thursday, February 27th. Piper Sandler dropped their price objective on shares of Lowe's Companies from $296.00 to $269.00 and set an "overweight" rating on the stock in a research note on Monday, March 24th. Citigroup reiterated a "neutral" rating and set a $253.00 price objective (down previously from $269.00) on shares of Lowe's Companies in a research note on Wednesday, May 14th. Morgan Stanley dropped their price target on shares of Lowe's Companies from $300.00 to $255.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. Finally, Bank of America dropped their price target on shares of Lowe's Companies from $305.00 to $290.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $271.12.

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.

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