JPMorgan Investment Management, I recently announced the acquisition of new stake in Lowe’s Companies Inc. (NYSE:LOW). The institutional investor has increased its shareholding in the Consumer Cyclical company by 8.75% to 14.44 million shares with purchase of 1.16 million shares. This fresh investment now brings its stake to 2.39% valued currently at $2.97 billion. In addition, Massachusetts Financial Services raised its holdings by 0.15 million to 8.07 million shares. And Norges Bank Investment Management has lifted its position by 8.25% or 0.56 million shares – to 7.33 million shares.
With over 2.99 million Lowe’s Companies Inc. (LOW) shares trading Friday and a closing price of $196.66 on the day, the dollar volume was approximately $587.3 million. The shares have shown a negative half year performance of -3.78% and its price on 03/10/23 lost nearly -1.20%. Currently, there are 618.00M common shares owned by the public and among those 594.99M shares have been available to trade.
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Insiders at the company have transacted a total of 55 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 24 of these insider trades were purchases, accounting for 388,014 shares. Insider sales of the common stock occurred on 31 occasions, with total insider shares sold totaling 313,482 shares.
The top 3 mutual fund holders in Lowe’s Companies Inc. are Vanguard Total Stock Market Index, Vanguard 500 Index Fund, and Pershing Square Holdings Ltd. Vanguard Total Stock Market Index owns 18.53 million shares of the company’s stock, all valued at over $3.81 billion. The company bought an additional 0.14 million shares recently to bring their total holdings to about 3.07% of the shares outstanding. Vanguard 500 Index Fund bought 34058.0 shares to see its total holdings expand to 14.38 million shares valued at over $2.96 billion and representing 2.38% of the shares outstanding. Pershing Square Holdings Ltd. sold -1.54 million shares to bring its total holdings to over 9.06 million shares at a value of $1.86 billion. Pershing Square Holdings Ltd. now owns shares totaling to 1.50% of the shares outstanding.
Shares of Lowe’s Companies Inc. (NYSE: LOW) opened at $199.12, up $0.07 from a prior closing price of $199.05. However, the script later moved the day high at 201.69, down -1.20%. The company’s stock has a 5-day price change of -1.54% and -4.94% over the past three months. LOW shares are trading -1.29% year to date (YTD), with the 12-month market performance down to -12.94% lower. It has a 12-month low price of $170.12 and touched a high of $238.37 over the same period. LOW has an average intraday trading volume of 3.04 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -3.92%, -4.37%, and -0.50% respectively.
Institutional ownership of Lowe’s Companies Inc. (NYSE: LOW) shares accounts for 78.40% of the company’s 618.00M shares outstanding. Mutual fund holders own 37.07%, while other institutional holders and individual stakeholders account for 39.03% and 1.32% respectively.
It has a market capitalization of $119.63B and a beta (3y monthly) value of 1.09. The stock’s trailing 12-month PE ratio is 19.66, while the earnings-per-share (ttm) stands at $10.00. The company has a PEG of 2.24 and a Quick Ratio of 0.20. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.47% over the week and 2.63% over the month.
Analysts forecast that Lowe’s Companies Inc. (LOW) will achieve an EPS of $2.23 for the current quarter, $3.65 for the next quarter and $13.92 for 2024. The lowest estimate earnings-per-share for the quarter is $2.05 while analysts give the company a high EPS estimate of $2.64. Comparatively, EPS for the current quarter was $1.78 a year ago. Earnings per share for the fiscal year are expected to increase by 55.30%, and 7.55% over the next financial year. EPS should shrink at an annualized rate of 8.78% over the next five years, compared to 28.20% over the past 5-year period.
Looking at the support for the LOW, a number of firms have released research notes about the stock. Barclays stated their Equal Weight rating for the stock in a research note on February 08, 2023, with the firm’s price target at $215. Credit Suisse coverage for the Lowe’s Companies Inc. (LOW) stock in a research note released on December 20, 2022 offered a Neutral rating with a price target of $210. Bernstein was of a view on December 06, 2022 that the stock is Mkt Perform, while Cowen gave the stock Market Perform rating on October 19, 2022, issuing a price target of $210. Exane BNP Paribas on their part issued Underperform rating on October 19, 2022.
