Hennessy Advisors Inc. Decreases Stock Position in Lowe’s Companies, Inc. (NYSE:LOW)

Hennessy Advisors Inc. cut its stake in Lowe’s Companies, Inc. (NYSE:LOW) by 1.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,300 shares of the home improvement retailer’s stock after selling 200 shares during the period. Hennessy Advisors Inc.’s holdings in Lowe’s Companies were worth $2,712,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. PSI Advisors LLC boosted its holdings in Lowe’s Companies by 2.9% in the second quarter. PSI Advisors LLC now owns 2,900 shares of the home improvement retailer’s stock valued at $639,000 after purchasing an additional 82 shares during the period. First National Bank & Trust Co. of Newtown increased its position in shares of Lowe’s Companies by 14.6% during the second quarter. First National Bank & Trust Co. of Newtown now owns 1,567 shares of the home improvement retailer’s stock worth $345,000 after purchasing an additional 200 shares in the last quarter. Koa Wealth Management LLC increased its position in shares of Lowe’s Companies by 3.7% during the second quarter. Koa Wealth Management LLC now owns 10,043 shares of the home improvement retailer’s stock worth $2,214,000 after purchasing an additional 358 shares in the last quarter. Harbour Trust & Investment Management Co increased its position in shares of Lowe’s Companies by 3.1% during the second quarter. Harbour Trust & Investment Management Co now owns 28,416 shares of the home improvement retailer’s stock worth $6,265,000 after purchasing an additional 866 shares in the last quarter. Finally, Inlet Private Wealth LLC increased its position in shares of Lowe’s Companies by 8.9% during the second quarter. Inlet Private Wealth LLC now owns 4,043 shares of the home improvement retailer’s stock worth $891,000 after purchasing an additional 331 shares in the last quarter. 74.06% of the stock is currently owned by hedge funds and other institutional investors.

Lowe’s Companies Price Performance

Lowe’s Companies stock opened at $242.64 on Friday. The company has a market cap of $138.26 billion, a PE ratio of 19.30, a P/E/G ratio of 1.85 and a beta of 1.07. The company has a fifty day moving average price of $231.45 and a two-hundred day moving average price of $232.32. Lowe’s Companies, Inc. has a 12 month low of $181.85 and a 12 month high of $262.49.

Lowe’s Companies (NYSE:LOW) last posted its quarterly earnings data on Tuesday, August 20th. The home improvement retailer reported $4.10 earnings per share for the quarter, topping the consensus estimate of $3.96 by $0.14. The business had revenue of $23.59 billion during the quarter, compared to the consensus estimate of $23.93 billion. Lowe’s Companies had a net margin of 8.46% and a negative return on equity of 48.52%. The company’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.56 earnings per share. Equities research analysts anticipate that Lowe’s Companies, Inc. will post 12.23 earnings per share for the current year.

Lowe’s Companies Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 7th. Investors of record on Wednesday, July 24th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.25%. The ex-dividend date was Wednesday, July 24th. Lowe’s Companies’s payout ratio is currently 36.95%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Stifel Nicolaus boosted their price target on Lowe’s Companies from $225.00 to $250.00 and gave the company a “hold” rating in a research report on Monday, May 13th. Truist Financial boosted their price target on Lowe’s Companies from $265.00 to $269.00 and gave the company a “buy” rating in a research report on Wednesday. Piper Sandler dropped their price target on Lowe’s Companies from $264.00 to $262.00 and set an “overweight” rating on the stock in a research report on Wednesday. Wedbush restated a “neutral” rating and issued a $250.00 price target on shares of Lowe’s Companies in a research report on Wednesday. Finally, Bank of America cut their target price on Lowe’s Companies from $280.00 to $275.00 and set a “buy” rating for the company in a research note on Wednesday. Fourteen investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $252.96.

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.