Lowe’s Companies, Inc. (NYSE:LOW) Sees Large Drop in Short Interest

Lowe’s Companies, Inc. (NYSE:LOW) was the recipient of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 7,010,000 shares, a decline of 23.6% from the August 15th total of 9,180,000 shares. Based on an average daily volume of 2,580,000 shares, the days-to-cover ratio is presently 2.7 days. Currently, 1.2% of the company’s stock are short sold.

Lowe’s Companies Price Performance

Shares of NYSE LOW opened at $255.41 on Monday. Lowe’s Companies has a 12 month low of $181.85 and a 12 month high of $262.49. The company has a 50-day simple moving average of $240.11 and a 200-day simple moving average of $234.75. The company has a market cap of $144.89 billion, a PE ratio of 20.51, a price-to-earnings-growth ratio of 2.03 and a beta of 1.10.

Lowe’s Companies (NYSE:LOW) last issued its quarterly earnings results on Tuesday, August 20th. The home improvement retailer reported $4.10 earnings per share for the quarter, topping analysts’ consensus estimates of $3.96 by $0.14. The company had revenue of $23.59 billion for the quarter, compared to analyst estimates of $23.93 billion. Lowe’s Companies had a negative return on equity of 47.07% and a net margin of 8.25%. The business’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.56 EPS. On average, analysts anticipate that Lowe’s Companies will post 11.93 EPS for the current year.

Lowe’s Companies Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 6th. Investors of record on Wednesday, October 23rd will be issued a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 1.80%. This is an increase from Lowe’s Companies’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Wednesday, October 23rd. Lowe’s Companies’s payout ratio is presently 36.95%.

Hedge Funds Weigh In On Lowe’s Companies

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Lowe’s Companies by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 53,693,630 shares of the home improvement retailer’s stock valued at $13,677,378,000 after purchasing an additional 2,674,372 shares in the last quarter. Norges Bank acquired a new position in Lowe’s Companies during the fourth quarter valued at approximately $1,638,746,000. Legal & General Group Plc grew its stake in Lowe’s Companies by 1.6% during the second quarter. Legal & General Group Plc now owns 5,205,491 shares of the home improvement retailer’s stock worth $1,147,603,000 after buying an additional 82,978 shares during the period. Schroder Investment Management Group increased its position in shares of Lowe’s Companies by 1.9% in the fourth quarter. Schroder Investment Management Group now owns 2,851,127 shares of the home improvement retailer’s stock worth $634,518,000 after acquiring an additional 52,859 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Lowe’s Companies by 36.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,840,704 shares of the home improvement retailer’s stock valued at $468,884,000 after acquiring an additional 493,180 shares during the period. Institutional investors and hedge funds own 74.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on LOW shares. Evercore ISI raised their price objective on shares of Lowe’s Companies from $225.00 to $250.00 and gave the stock an “in-line” rating in a report on Wednesday, August 21st. Truist Financial boosted their target price on Lowe’s Companies from $265.00 to $269.00 and gave the company a “buy” rating in a report on Wednesday, August 21st. Telsey Advisory Group reaffirmed a “market perform” rating and set a $230.00 price target on shares of Lowe’s Companies in a research report on Tuesday, August 20th. Morgan Stanley increased their target price on shares of Lowe’s Companies from $250.00 to $255.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Finally, UBS Group boosted their target price on Lowe’s Companies from $270.00 to $290.00 and gave the company a “buy” rating in a report on Wednesday, August 21st. Twelve investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $252.83.

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.