CIBC Asset Management Inc Raises Stock Position in Lowe’s Companies, Inc. (NYSE:LOW)

CIBC Asset Management Inc lifted its holdings in Lowe’s Companies, Inc. (NYSE:LOW) by 8.0% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 83,918 shares of the home improvement retailer’s stock after purchasing an additional 6,232 shares during the period. CIBC Asset Management Inc’s holdings in Lowe’s Companies were worth $22,729,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Bamco Inc. NY grew its position in shares of Lowe’s Companies by 10.3% during the 1st quarter. Bamco Inc. NY now owns 216,958 shares of the home improvement retailer’s stock valued at $55,266,000 after acquiring an additional 20,181 shares during the period. Plato Investment Management Ltd grew its holdings in Lowe’s Companies by 655.9% during the first quarter. Plato Investment Management Ltd now owns 6,304 shares of the home improvement retailer’s stock valued at $1,606,000 after purchasing an additional 5,470 shares during the period. HM Payson & Co. increased its position in Lowe’s Companies by 1.1% in the third quarter. HM Payson & Co. now owns 215,651 shares of the home improvement retailer’s stock worth $58,409,000 after buying an additional 2,322 shares in the last quarter. Daymark Wealth Partners LLC grew its stake in shares of Lowe’s Companies by 12.7% during the 2nd quarter. Daymark Wealth Partners LLC now owns 25,569 shares of the home improvement retailer’s stock valued at $5,637,000 after acquiring an additional 2,889 shares during the period. Finally, AMF Tjanstepension AB lifted its holdings in Lowe’s Companies by 14.4% during the third quarter. AMF Tjanstepension AB now owns 159,742 shares of the home improvement retailer’s stock valued at $43,290,000 after purchasing an additional 20,123 shares in the last quarter. Hedge funds and other institutional investors own 74.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on LOW shares. Truist Financial boosted their price objective on Lowe’s Companies from $306.00 to $307.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Piper Sandler increased their price target on Lowe’s Companies from $262.00 to $307.00 and gave the company an “overweight” rating in a research note on Monday, September 30th. JPMorgan Chase & Co. reduced their price target on shares of Lowe’s Companies from $272.00 to $270.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 21st. Evercore ISI increased their price objective on shares of Lowe’s Companies from $225.00 to $250.00 and gave the company an “in-line” rating in a research report on Wednesday, August 21st. Finally, Wedbush reaffirmed a “neutral” rating and issued a $250.00 price target on shares of Lowe’s Companies in a report on Wednesday, August 21st. Ten investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, Lowe’s Companies presently has an average rating of “Moderate Buy” and a consensus target price of $273.84.

Insiders Place Their Bets

In related news, EVP Margrethe R. Vagell sold 5,730 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $271.45, for a total value of $1,555,408.50. Following the completion of the transaction, the executive vice president now directly owns 13,214 shares in the company, valued at $3,586,940.30. The trade was a 30.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Dan Clayton Griggs, Jr. sold 6,769 shares of Lowe’s Companies stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $248.82, for a total transaction of $1,684,262.58. Following the completion of the transaction, the chief accounting officer now directly owns 9,383 shares of the company’s stock, valued at $2,334,678.06. The trade was a 41.91 % decrease in their position. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by insiders.

Lowe’s Companies Stock Performance

NYSE:LOW opened at $269.40 on Friday. The stock has a market capitalization of $152.83 billion, a P/E ratio of 22.34, a P/E/G ratio of 2.24 and a beta of 1.10. The company’s 50-day simple moving average is $266.68 and its 200-day simple moving average is $243.25. Lowe’s Companies, Inc. has a fifty-two week low of $196.23 and a fifty-two week high of $287.01.

Lowe’s Companies (NYSE:LOW) last issued its quarterly earnings data on Tuesday, August 20th. The home improvement retailer reported $4.10 EPS for the quarter, beating the consensus estimate of $3.96 by $0.14. The firm had revenue of $23.59 billion during 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 business posted $4.56 EPS. On average, research analysts forecast that Lowe’s Companies, Inc. will post 11.93 EPS for the current year.

Lowe’s Companies Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 6th. Investors of record on Wednesday, October 23rd were given a $1.15 dividend. This represents a $4.60 annualized dividend and a dividend yield of 1.71%. This is an increase from Lowe’s Companies’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Wednesday, October 23rd. Lowe’s Companies’s dividend payout ratio is presently 38.14%.

About Lowe’s Companies

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.