Independence Bank of Kentucky Buys 865 Shares of Lowe’s Companies, Inc. (NYSE:LOW)

Independence Bank of Kentucky lifted its stake in shares of Lowe’s Companies, Inc. (NYSE:LOW) by 5.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,806 shares of the home improvement retailer’s stock after acquiring an additional 865 shares during the quarter. Lowe’s Companies makes up approximately 1.2% of Independence Bank of Kentucky’s holdings, making the stock its 16th biggest position. Independence Bank of Kentucky’s holdings in Lowe’s Companies were worth $4,026,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wetzel Investment Advisors Inc. purchased a new stake in shares of Lowe’s Companies during the fourth quarter worth about $25,000. Orion Capital Management LLC purchased a new stake in Lowe’s Companies during the 3rd quarter valued at approximately $26,000. Tidemark LLC bought a new stake in shares of Lowe’s Companies during the fourth quarter valued at approximately $27,000. Voisard Asset Management Group Inc. purchased a new position in shares of Lowe’s Companies in the fourth quarter worth $28,000. Finally, Transcendent Capital Group LLC bought a new position in shares of Lowe’s Companies during the fourth quarter worth $31,000. 74.06% of the stock is owned by hedge funds and other institutional investors.

Lowe’s Companies Stock Performance

Lowe’s Companies stock traded up $0.66 during trading hours on Friday, hitting $220.46. The company had a trading volume of 12,630,451 shares, compared to its average volume of 2,428,194. The firm has a market cap of $125.63 billion, a P/E ratio of 17.71, a P/E/G ratio of 1.68 and a beta of 1.08. The company has a 50-day moving average price of $225.32 and a two-hundred day moving average price of $228.26. Lowe’s Companies, Inc. has a 1 year low of $181.85 and a 1 year high of $262.49.

Lowe’s Companies (NYSE:LOW) last announced its quarterly earnings results on Tuesday, May 21st. The home improvement retailer reported $3.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.94 by $0.12. The firm had revenue of $21.36 billion during the quarter, compared to analyst estimates of $21.14 billion. Lowe’s Companies had a negative return on equity of 48.52% and a net margin of 8.46%. Lowe’s Companies’s quarterly revenue was down 4.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.67 earnings per share. As a group, equities research analysts anticipate that Lowe’s Companies, Inc. will post 12.23 EPS for the current year.

Lowe’s Companies Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 7th. Investors of record on Wednesday, July 24th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, July 24th. This represents a $0.60 annualized dividend and a dividend yield of 0.27%. Lowe’s Companies’s payout ratio is currently 35.34%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Oppenheimer reiterated a “market perform” rating and issued a $230.00 price target on shares of Lowe’s Companies in a research note on Monday, March 4th. Zelman & Associates reissued a “neutral” rating and set a $265.00 price target on shares of Lowe’s Companies in a research note on Tuesday, April 2nd. Citigroup reduced their price objective on Lowe’s Companies from $243.00 to $240.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 7th. Truist Financial lowered their target price on Lowe’s Companies from $271.00 to $265.00 and set a “buy” rating for the company in a research report on Wednesday, May 22nd. Finally, StockNews.com cut shares of Lowe’s Companies from a “buy” rating to a “hold” rating in a research report on Tuesday, June 18th. Fifteen investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Lowe’s Companies presently has a consensus rating of “Hold” and a consensus price target of $251.33.

Lowe’s Companies 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.