iA Global Asset Management Inc. Grows Stock Position in Lowe's Companies, Inc. (NYSE:LOW)

Key Points

• iA Global Asset Management Inc. increased its stake in Lowe's Companies by 242.5% in Q1, totaling $14.85 million worth of shares.
• Several analysts have recently adjusted their price targets for Lowe's, with a consensus rating of "Moderate Buy" and a target price of $270.68.
• Lowe's announced a quarterly dividend increase to $1.20 per share, marking a rise from the previous $1.15 dividend, with a current yield of 2.1%.

iA Global Asset Management Inc. increased its position in shares of Lowe's Companies, Inc. (NYSE:LOW - Free Report) by 242.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 63,652 shares of the home improvement retailer's stock after acquiring an additional 45,070 shares during the period. iA Global Asset Management Inc.'s holdings in Lowe's Companies were worth $14,846,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of LOW. State of Alaska Department of Revenue lifted its holdings in Lowe's Companies by 1.2% during the 1st quarter. State of Alaska Department of Revenue now owns 125,299 shares of the home improvement retailer's stock worth $29,223,000 after buying an additional 1,470 shares during the period. Aptus Capital Advisors LLC raised its position in shares of Lowe's Companies by 14.0% during the fourth quarter. Aptus Capital Advisors LLC now owns 106,305 shares of the home improvement retailer's stock worth $26,236,000 after acquiring an additional 13,092 shares during the last quarter. Larson Financial Group LLC lifted its stake in shares of Lowe's Companies by 8.1% in the first quarter. Larson Financial Group LLC now owns 16,551 shares of the home improvement retailer's stock worth $3,860,000 after acquiring an additional 1,242 shares during the period. Northern Trust Corp lifted its stake in shares of Lowe's Companies by 16.3% in the fourth quarter. Northern Trust Corp now owns 7,074,391 shares of the home improvement retailer's stock worth $1,745,960,000 after acquiring an additional 993,833 shares during the period. Finally, Cornerstone Wealth Group LLC boosted its holdings in Lowe's Companies by 12.6% in the first quarter. Cornerstone Wealth Group LLC now owns 29,361 shares of the home improvement retailer's stock valued at $6,848,000 after acquiring an additional 3,295 shares during the last quarter. Institutional investors own 74.06% of the company's stock.

Insider Activity

In related news, EVP Juliette Williams Pryor sold 1,130 shares of the business'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 transaction, the executive vice president directly owned 31,898 shares of the company's stock, valued at approximately $7,256,795. The trade was a 3.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.27% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Stifel Nicolaus dropped their price target on shares of Lowe's Companies from $250.00 to $240.00 and set a "hold" rating on the stock in a research report on Tuesday, May 27th. Citigroup decreased their price target on Lowe's Companies from $253.00 to $242.00 and set a "neutral" rating for the company in a report on Thursday, July 31st. Sanford C. Bernstein set a $266.00 price objective on Lowe's Companies and gave the stock an "outperform" rating in a research report on Thursday, May 22nd. KeyCorp upgraded Lowe's Companies from a "sector weight" rating to an "overweight" rating and set a $266.00 price target on the stock in a report on Friday, April 25th. Finally, Truist Financial set a $264.00 price objective on shares of Lowe's Companies and gave the stock a "buy" rating in a research report on Thursday, May 22nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and seventeen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Lowe's Companies presently has an average rating of "Moderate Buy" and a consensus price target of $270.68.

Lowe's Companies Stock Up 0.4%

Lowe's Companies stock traded up $0.89 during midday trading on Wednesday, hitting $238.35. 2,448,656 shares of the stock were exchanged, compared to its average volume of 2,670,507. Lowe's Companies, Inc. has a 52-week low of $206.38 and a 52-week high of $287.01. The business's 50-day moving average price is $223.53 and its 200-day moving average price is $231.23. The stock has a market capitalization of $133.58 billion, a price-to-earnings ratio of 19.75, a price-to-earnings-growth ratio of 2.24 and a beta of 0.89.

Lowe's Companies (NYSE:LOW - Get Free Report) last posted its earnings results on Wednesday, May 21st. The home improvement retailer reported $2.92 EPS for the quarter, topping the consensus estimate of $2.88 by $0.04. The firm had revenue of $20.93 billion for the quarter, compared to analysts' expectations 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 quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter last year, the firm earned $3.06 EPS. On average, sell-side analysts predict that Lowe's Companies, Inc. will post 11.9 earnings per share for the current fiscal year.

Lowe's Companies Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 6th. Stockholders of record on Wednesday, July 23rd will be given a dividend of $1.20 per share. The ex-dividend date of this dividend is Wednesday, July 23rd. This represents a $4.80 annualized dividend and a dividend yield of 2.0%. This is a boost from Lowe's Companies's previous quarterly dividend of $1.15. Lowe's Companies's payout ratio is 39.77%.

Lowe's Companies Company Profile

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.