Lowe’s Companies (NYSE:LOW) Announces Quarterly Earnings Results, Beats Estimates By $0.19 EPS

Lowe’s Companies (NYSE:LOW – Get Rating) posted its earnings results on Tuesday. The home improvement retailer reported $3.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.48 by $0.19, Briefing.com reports. Lowe’s Companies had a negative return on equity of 82.30% and a net margin of 6.63%. The firm had revenue of $22.35 billion for the quarter, compared to analyst estimates of $21.68 billion. During the same quarter in the prior year, the company earned $3.51 EPS. Lowe’s Companies’s revenue was down 5.5% on a year-over-year basis. Lowe’s Companies updated its FY24 guidance to $13.20-13.60 EPS.

Lowe’s Companies Stock Up 1.7 %

Shares of NYSE LOW opened at $206.65 on Wednesday. The stock has a market cap of $123.24 billion, a PE ratio of 20.64, a price-to-earnings-growth ratio of 1.19 and a beta of 1.09. Lowe’s Companies has a 52-week low of $170.12 and a 52-week high of $223.31. The business has a 50-day moving average price of $201.79 and a 200 day moving average price of $204.21.

Lowe’s Companies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 10th. Investors of record on Wednesday, April 26th were given a $1.05 dividend. The ex-dividend date of this dividend was Tuesday, April 25th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 2.03%. Lowe’s Companies’s dividend payout ratio (DPR) is presently 41.96%.

Insider Activity at Lowe’s Companies

In related news, EVP Donald Frieson sold 9,411 shares of the company’s stock in a transaction dated Wednesday, March 15th. The stock was sold at an average price of $197.00, for a total value of $1,853,967.00. Following the completion of the sale, the executive vice president now directly owns 17,888 shares of the company’s stock, valued at approximately $3,523,936. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.24% of the company’s stock.

Institutional Trading of Lowe’s Companies

A number of hedge funds have recently added to or reduced their stakes in LOW. Sanctuary Wealth Management L.L.C. acquired a new stake in Lowe’s Companies during the 4th quarter worth approximately $35,000. True Wealth Design LLC acquired a new stake in Lowe’s Companies during the 4th quarter worth approximately $42,000. Covestor Ltd lifted its position in Lowe’s Companies by 74.6% during the 1st quarter. Covestor Ltd now owns 295 shares of the home improvement retailer’s stock worth $60,000 after acquiring an additional 126 shares during the period. Worth Asset Management LLC acquired a new stake in shares of Lowe’s Companies in the 1st quarter valued at approximately $63,000. Finally, GeoWealth Management LLC acquired a new stake in shares of Lowe’s Companies in the 1st quarter valued at approximately $84,000. 72.62% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on LOW shares. Roth Capital reissued a “neutral” rating on shares of Lowe’s Companies in a research note on Wednesday, March 1st. Truist Financial decreased their target price on Lowe’s Companies from $258.00 to $235.00 in a research note on Thursday, March 2nd. Telsey Advisory Group decreased their target price on Lowe’s Companies from $235.00 to $225.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 17th. StockNews.com initiated coverage on Lowe’s Companies in a research note on Thursday, May 18th. They set a “buy” rating on the stock. Finally, Robert W. Baird cut their price target on Lowe’s Companies from $235.00 to $225.00 in a report on Friday, May 12th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $222.68.

Lowe’s Companies Company Profile

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Lowe’s Cos., Inc engages in the retail sale of home improvement products. The firm offers products for maintenance, repair, remodeling, 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.