Kovack Advisors Inc. Reduces Stock Position in Lowe's Companies, Inc. (NYSE:LOW)

Key Points

• Kovack Advisors Inc. reduced its stock position in Lowe's Companies, Inc. by 52.1%, holding 1,398 shares valued at approximately $326,000 after selling 1,522 shares in the first quarter.
• Lowe's declared a quarterly dividend of $1.20 per share, an increase from the previous $1.15, with an expected annualized dividend of $4.80.
• Despite a 2.0% year-over-year decline in revenue, Lowe's reported earnings of $2.92 per share, surpassing analysts' estimates of $2.88.

Kovack Advisors Inc. lessened its holdings in Lowe's Companies, Inc. (NYSE:LOW - Free Report) by 52.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,398 shares of the home improvement retailer's stock after selling 1,522 shares during the quarter. Kovack Advisors Inc.'s holdings in Lowe's Companies were worth $326,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. FMR LLC increased its holdings in Lowe's Companies by 1.0% in 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 buying an additional 259,766 shares during the last quarter. Geode Capital Management LLC grew its holdings 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 worth $2,952,341,000 after purchasing an additional 245,876 shares during the last quarter. Northern Trust Corp grew its holdings 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 worth $1,745,960,000 after purchasing an additional 993,833 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings 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 worth $1,242,793,000 after purchasing an additional 323,371 shares during the last quarter. Finally, Franklin Resources Inc. grew its holdings in shares of Lowe's Companies by 2.0% during the fourth quarter. Franklin Resources Inc. now owns 3,369,942 shares of the home improvement retailer's stock worth $831,702,000 after purchasing an additional 66,300 shares during the last quarter. Hedge funds and other institutional investors own 74.06% of the company's stock.

Insider Activity

In other news, EVP Juliette Williams Pryor sold 1,130 shares of Lowe's Companies stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $227.50, for a total transaction of $257,075.00. Following the completion of the sale, the executive vice president directly owned 31,898 shares in the company, valued at approximately $7,256,795. This trade represents a 3.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.27% of the company's stock.

Lowe's Companies Stock Up 0.6%

Shares of NYSE:LOW opened at $226.83 on Friday. The company has a 50-day moving average price of $223.04 and a 200 day moving average price of $232.36. Lowe's Companies, Inc. has a 52 week low of $206.38 and a 52 week high of $287.01. The company has a market cap of $127.12 billion, a P/E ratio of 18.79, a PEG ratio of 2.14 and a beta of 0.90.

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

Lowe's Companies Increases Dividend

The business also recently declared 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. This represents a $4.80 dividend on an annualized basis and a dividend yield of 2.12%. This is an increase from Lowe's Companies's previous quarterly dividend of $1.15. The ex-dividend date of this dividend is Wednesday, July 23rd. Lowe's Companies's dividend payout ratio (DPR) is presently 39.77%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. DA Davidson dropped their price objective on Lowe's Companies from $270.00 to $240.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Guggenheim reaffirmed a "buy" rating and set a $300.00 price objective on shares of Lowe's Companies in a report on Tuesday, July 22nd. Truist Financial set a $264.00 price objective on Lowe's Companies and gave the stock a "buy" rating in a report on Thursday, May 22nd. Wells Fargo & Company lowered their price target on Lowe's Companies from $285.00 to $260.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Finally, Robert W. Baird lowered their price target on Lowe's Companies from $295.00 to $285.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $271.12.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.