Lowe’s Companies, Inc. (NYSE:LOW) Stock Position Increased by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC lifted its stake in shares of Lowe’s Companies, Inc. (NYSE:LOW) by 288.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,028 shares of the home improvement retailer’s stock after purchasing an additional 14,132 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Lowe’s Companies were worth $4,696,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sunflower Bank N.A. boosted its position in Lowe’s Companies by 11.1% during the fourth quarter. Sunflower Bank N.A. now owns 1,627 shares of the home improvement retailer’s stock valued at $402,000 after purchasing an additional 163 shares during the last quarter. Davis Investment Partners LLC increased its stake in shares of Lowe’s Companies by 4.9% in the 4th quarter. Davis Investment Partners LLC now owns 955 shares of the home improvement retailer’s stock valued at $237,000 after buying an additional 45 shares during the period. Eastern Bank grew its stake in shares of Lowe’s Companies by 1.6% during the fourth quarter. Eastern Bank now owns 140,234 shares of the home improvement retailer’s stock worth $34,610,000 after purchasing an additional 2,195 shares during the period. Forza Wealth Management LLC lifted its holdings in Lowe’s Companies by 13.0% during the fourth quarter. Forza Wealth Management LLC now owns 3,702 shares of the home improvement retailer’s stock worth $914,000 after acquiring an additional 426 shares in the last quarter. Finally, Accelerate Investment Advisors LLC acquired a new stake in shares of Lowe’s Companies during the fourth quarter worth $225,000. 74.06% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Quonta D. Vance sold 7,198 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $274.37, for a total transaction of $1,974,915.26. Following the completion of the transaction, the executive vice president now directly owns 16,703 shares in the company, valued at $4,582,802.11. The trade was a 30.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.26% of the stock is currently owned by company insiders.

Lowe’s Companies Stock Performance

Shares of NYSE LOW traded up $0.74 during midday trading on Monday, hitting $248.64. The company’s stock had a trading volume of 2,689,449 shares, compared to its average volume of 2,351,597. Lowe’s Companies, Inc. has a 1-year low of $209.55 and a 1-year high of $287.01. The firm’s fifty day moving average price is $261.23 and its 200-day moving average price is $253.51. The firm has a market cap of $140.39 billion, a P/E ratio of 20.74, a P/E/G ratio of 2.20 and a beta of 1.11.

Lowe’s Companies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 5th. Investors of record on Wednesday, January 22nd will be paid a dividend of $1.15 per share. The ex-dividend date of this dividend is Wednesday, January 22nd. This represents a $4.60 annualized dividend and a yield of 1.85%. Lowe’s Companies’s dividend payout ratio is currently 38.37%.

Analysts Set New Price Targets

LOW has been the subject of several research analyst reports. TD Cowen lifted their target price on Lowe’s Companies from $270.00 to $290.00 and gave the stock a “hold” rating in a research note on Monday, October 28th. Telsey Advisory Group restated an “outperform” rating and set a $305.00 price target on shares of Lowe’s Companies in a research note on Thursday, December 12th. Sanford C. Bernstein upped their price objective on Lowe’s Companies from $301.00 to $304.00 and gave the company an “outperform” rating in a research note on Thursday, December 12th. Piper Sandler lifted their price target on Lowe’s Companies from $262.00 to $307.00 and gave the company an “overweight” rating in a research report on Monday, September 30th. Finally, Truist Financial cut their target price on Lowe’s Companies from $310.00 to $307.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Eleven research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $280.85.

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.