Summit Global Investments Cuts Stock Position in Lowe’s Companies, Inc. (NYSE:LOW)

Summit Global Investments trimmed its holdings in shares of Lowe’s Companies, Inc. (NYSE:LOW) by 2.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,723 shares of the home improvement retailer’s stock after selling 44 shares during the period. Summit Global Investments’ holdings in Lowe’s Companies were worth $425,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. FMR LLC boosted its position in shares of Lowe’s Companies by 10.2% in the third quarter. FMR LLC now owns 26,010,730 shares of the home improvement retailer’s stock worth $7,045,006,000 after buying an additional 2,399,897 shares during the period. State Street Corp boosted its holdings in Lowe’s Companies by 1.9% in the 3rd quarter. State Street Corp now owns 25,013,655 shares of the home improvement retailer’s stock worth $6,774,948,000 after acquiring an additional 460,851 shares during the period. Geode Capital Management LLC grew its position in Lowe’s Companies by 1.6% in the third quarter. Geode Capital Management LLC now owns 11,733,461 shares of the home improvement retailer’s stock valued at $3,169,041,000 after acquiring an additional 187,473 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Lowe’s Companies by 10.2% during the fourth quarter. Bank of New York Mellon Corp now owns 4,186,720 shares of the home improvement retailer’s stock valued at $1,033,283,000 after purchasing an additional 385,994 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Lowe’s Companies by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,459,064 shares of the home improvement retailer’s stock valued at $853,697,000 after purchasing an additional 90,012 shares during the period. 74.06% of the stock is currently owned by institutional investors and hedge funds.

Lowe’s Companies Price Performance

Shares of LOW opened at $233.01 on Tuesday. Lowe’s Companies, Inc. has a 12 month low of $211.80 and a 12 month high of $287.01. The stock has a fifty day moving average price of $247.67 and a 200 day moving average price of $257.80. The company has a market cap of $131.57 billion, a P/E ratio of 19.43, a PEG ratio of 1.96 and a beta of 1.12.

Lowe’s Companies (NYSE:LOW) last released its quarterly earnings results on Wednesday, February 26th. The home improvement retailer reported $1.93 EPS for the quarter, topping the consensus estimate of $1.83 by $0.10. Lowe’s Companies had a net margin of 8.19% and a negative return on equity of 47.55%. The business had revenue of $18.55 billion during the quarter, compared to analyst estimates of $18.29 billion. As a group, research analysts anticipate that Lowe’s Companies, Inc. will post 11.9 earnings per share for the current year.

Lowe’s Companies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 7th. Shareholders of record on Wednesday, April 23rd will be paid a $1.15 dividend. The ex-dividend date of this dividend is Wednesday, April 23rd. This represents a $4.60 annualized dividend and a dividend yield of 1.97%. Lowe’s Companies’s payout ratio is currently 37.67%.

Analyst Ratings Changes

LOW has been the topic of several analyst reports. Mizuho dropped their price target on shares of Lowe’s Companies from $305.00 to $300.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Piper Sandler dropped their target price on Lowe’s Companies from $296.00 to $269.00 and set an “overweight” rating on the stock in a research report on Monday. BNP Paribas raised Lowe’s Companies to a “strong sell” rating in a report on Thursday, February 27th. Stifel Nicolaus lifted their price objective on Lowe’s Companies from $265.00 to $270.00 and gave the stock a “hold” rating in a report on Wednesday, December 11th. Finally, Bank of America reduced 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. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $279.71.

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.