IndexIQ Advisors LLC Raises Stake in Lowe’s Companies, Inc. (NYSE:LOW)

IndexIQ Advisors LLC increased its stake in shares of Lowe’s Companies, Inc. (NYSE:LOW) by 3.3% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 12,236 shares of the home improvement retailer’s stock after purchasing an additional 391 shares during the period. IndexIQ Advisors LLC’s holdings in Lowe’s Companies were worth $2,482,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Nuveen Asset Management LLC lifted its holdings in Lowe’s Companies by 1.2% during the 2nd quarter. Nuveen Asset Management LLC now owns 7,076,158 shares of the home improvement retailer’s stock worth $1,372,562,000 after purchasing an additional 82,772 shares in the last quarter. Morgan Stanley raised its holdings in shares of Lowe’s Companies by 3.7% in the 2nd quarter. Morgan Stanley now owns 5,670,692 shares of the home improvement retailer’s stock valued at $1,099,945,000 after acquiring an additional 201,647 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Lowe’s Companies by 2.4% in the 2nd quarter. Legal & General Group Plc now owns 5,079,252 shares of the home improvement retailer’s stock valued at $985,222,000 after acquiring an additional 116,801 shares in the last quarter. UBS Asset Management Americas Inc. raised its holdings in shares of Lowe’s Companies by 2.7% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 4,732,868 shares of the home improvement retailer’s stock valued at $918,034,000 after acquiring an additional 125,713 shares in the last quarter. Finally, Nordea Investment Management AB raised its holdings in shares of Lowe’s Companies by 96.3% in the 3rd quarter. Nordea Investment Management AB now owns 3,380,885 shares of the home improvement retailer’s stock valued at $698,964,000 after acquiring an additional 1,658,293 shares in the last quarter. 74.17% of the stock is currently owned by institutional investors and hedge funds.

Several analysts have weighed in on the company. Telsey Advisory Group raised their price target on Lowe’s Companies from $250.00 to $275.00 and gave the company an “outperform” rating in a report on Thursday, November 18th. Robert W. Baird raised their price target on Lowe’s Companies from $235.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 17th. Truist raised their price objective on Lowe’s Companies from $217.00 to $284.00 and gave the company a “buy” rating in a report on Thursday, November 18th. Wells Fargo & Company raised their price objective on Lowe’s Companies from $280.00 to $295.00 and gave the company an “overweight” rating in a report on Monday, December 13th. Finally, Barclays raised their price objective on Lowe’s Companies from $215.00 to $280.00 and gave the company an “overweight” rating in a report on Thursday, November 18th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $258.71.

NYSE LOW opened at $243.40 on Friday. Lowe’s Companies, Inc. has a 12 month low of $150.84 and a 12 month high of $263.31. The company has a current ratio of 1.19, a quick ratio of 0.39 and a debt-to-equity ratio of 49.23. The stock’s fifty day moving average price is $249.67 and its 200-day moving average price is $220.72. The stock has a market cap of $163.99 billion, a P/E ratio of 21.15, a P/E/G ratio of 1.53 and a beta of 1.31.

Lowe’s Companies (NYSE:LOW) last announced its quarterly earnings data on Wednesday, November 17th. The home improvement retailer reported $2.73 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.35 by $0.38. Lowe’s Companies had a net margin of 8.63% and a return on equity of 25,100.30%. The company had revenue of $22.92 billion for the quarter, compared to the consensus estimate of $22.06 billion. During the same period in the prior year, the firm posted $1.98 EPS. Lowe’s Companies’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, analysts forecast that Lowe’s Companies, Inc. will post 11.94 earnings per share for the current fiscal year.

Lowe’s Companies announced that its Board of Directors has approved a stock buyback plan on Wednesday, December 15th that permits the company to buyback $13.00 billion in outstanding shares. This buyback authorization permits the home improvement retailer to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 2nd. Investors of record on Wednesday, January 19th will be given a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 1.31%. The ex-dividend date of this dividend is Tuesday, January 18th. Lowe’s Companies’s dividend payout ratio (DPR) is 27.80%.

Lowe’s Companies Company Profile

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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Institutional Ownership by Quarter for Lowe's Companies (NYSE:LOW)

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