Prana Capital Management LP boosted its position in Lowe’s Companies, Inc. (NYSE:LOW) by 816.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 103,385 shares of the home improvement retailer’s stock after buying an additional 92,100 shares during the quarter. Lowe’s Companies makes up about 1.4% of Prana Capital Management LP’s portfolio, making the stock its 24th biggest position. Prana Capital Management LP’s holdings in Lowe’s Companies were worth $20,054,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. RE Advisers Corp acquired a new stake in Lowe’s Companies in the 2nd quarter valued at approximately $29,000. USA Financial Portformulas Corp lifted its stake in Lowe’s Companies by 1,505.6% in the second quarter. USA Financial Portformulas Corp now owns 289 shares of the home improvement retailer’s stock valued at $56,000 after acquiring an additional 271 shares during the last quarter. Twin Lakes Capital Management LLC acquired a new stake in Lowe’s Companies in the first quarter valued at $57,000. MV Capital Management Inc. lifted its stake in Lowe’s Companies by 36.6% in the second quarter. MV Capital Management Inc. now owns 332 shares of the home improvement retailer’s stock valued at $64,000 after acquiring an additional 89 shares during the last quarter. Finally, Cowen Prime Advisors LLC acquired a new stake in Lowe’s Companies in the second quarter valued at $66,000. 72.80% of the stock is currently owned by institutional investors and hedge funds.
LOW has been the subject of a number of research reports. Wedbush cut shares of Lowe’s Companies from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $225.00 to $210.00 in a research note on Monday, July 26th. Morgan Stanley raised their target price on shares of Lowe’s Companies from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Tuesday, August 31st. DA Davidson reiterated a “buy” rating on shares of Lowe’s Companies in a research report on Thursday, August 19th. Loop Capital downgraded Lowe’s Companies from a “buy” rating to a “hold” rating and set a $220.00 price target for the company. in a report on Friday, October 8th. Finally, Credit Suisse Group raised their target price on Lowe’s Companies from $208.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, August 19th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $222.80.
Lowe’s Companies (NYSE:LOW) last released its earnings results on Tuesday, August 17th. The home improvement retailer reported $4.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.01 by $0.24. The business had revenue of $27.57 billion for the quarter, compared to analyst estimates of $26.76 billion. Lowe’s Companies had a net margin of 7.41% and a return on equity of 541.39%. The business’s revenue was up 1.0% on a year-over-year basis. During the same period last year, the company posted $3.75 EPS. On average, sell-side analysts predict that Lowe’s Companies, Inc. will post 11.26 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 3rd. Shareholders of record on Wednesday, October 20th will be paid a $0.80 dividend. The ex-dividend date of this dividend is Tuesday, October 19th. This represents a $3.20 annualized dividend and a yield of 1.36%. Lowe’s Companies’s dividend payout ratio is presently 36.12%.
About Lowe’s Companies
Lowe’s Cos., Inc engages in the retail sale of home improvement products. The firm offers products for maintenance, repair, remodelling, home decorating and property maintenance. It also provides home improvement products in the following categories: appliances, bathroom, building supply, electrical, flooring, hardware, paint, kitchen, plumbing, lighting & fans, outdoor living, windows and doors.
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