Procyon Advisors LLC Trims Stock Position in Lowe's Companies, Inc. (NYSE:LOW)

Procyon Advisors LLC trimmed its holdings in shares of Lowe's Companies, Inc. (NYSE:LOW - Free Report) by 22.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,271 shares of the home improvement retailer's stock after selling 2,359 shares during the period. Procyon Advisors LLC's holdings in Lowe's Companies were worth $1,929,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in Lowe's Companies in the 4th quarter valued at about $1,842,954,000. Kovitz Investment Group Partners LLC grew its holdings in shares of Lowe's Companies by 350.2% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 2,373,460 shares of the home improvement retailer's stock worth $585,770,000 after buying an additional 1,846,315 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Lowe's Companies by 26,796.0% in the first quarter. GAMMA Investing LLC now owns 1,657,332 shares of the home improvement retailer's stock valued at $386,540,000 after buying an additional 1,651,170 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Lowe's Companies during the fourth quarter valued at approximately $314,435,000. Finally, Strategic Financial Concepts LLC lifted its stake in shares of Lowe's Companies by 24,531.0% during the fourth quarter. Strategic Financial Concepts LLC now owns 1,228,102 shares of the home improvement retailer's stock valued at $303,096,000 after buying an additional 1,223,116 shares during the period. 74.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Sanford C. Bernstein set a $266.00 target price on shares of Lowe's Companies and gave the stock an "outperform" rating in a research note on Thursday, May 22nd. Robert W. Baird lowered their price objective on Lowe's Companies from $295.00 to $285.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Bank of America dropped their target price on 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. DA Davidson decreased their price target on Lowe's Companies from $270.00 to $240.00 and set a "neutral" rating on the stock in a research note on Thursday, May 22nd. Finally, Piper Sandler lowered their price target on Lowe's Companies from $296.00 to $269.00 and set an "overweight" rating for the company in a report on Monday, March 24th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, Lowe's Companies has a consensus rating of "Moderate Buy" and a consensus target price of $271.12.

Lowe's Companies Price Performance

Shares of LOW opened at $225.35 on Friday. The stock's 50-day moving average is $223.72 and its two-hundred day moving average is $241.72. The stock has a market cap of $126.29 billion, a PE ratio of 18.79, a P/E/G ratio of 1.96 and a beta of 0.92. Lowe's Companies, Inc. has a 12 month low of $206.39 and a 12 month high of $287.01.

Lowe's Companies (NYSE:LOW - Get Free Report) last announced its earnings results on Wednesday, May 21st. The home improvement retailer reported $2.92 EPS for the quarter, beating the consensus estimate of $2.88 by $0.04. The business had revenue of $20.93 billion for the quarter, compared to the consensus estimate of $21.09 billion. Lowe's Companies had a negative return on equity of 47.55% and a net margin of 8.19%. The company's revenue was down 2.0% on a year-over-year basis. During the same period last year, the business posted $3.06 EPS. On average, research analysts anticipate that Lowe's Companies, Inc. will post 11.9 earnings per share for the current year.

Lowe's Companies Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 6th. Investors of record on Wednesday, July 23rd will be issued a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 2.13%. This is a positive change from Lowe's Companies's previous quarterly dividend of $1.15. The ex-dividend date is Wednesday, July 23rd. Lowe's Companies's dividend payout ratio (DPR) is presently 39.77%.

Insider Buying and Selling

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

Lowe's Companies 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.

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