HighTower Advisors LLC has reduced its stake in Lowe’s Companies, Inc. (NYSE: LOW) by 2.9% during the first quarter of 2023. The investment firm now holds 748,565 shares of the home improvement retailer, following the sale of 22,116 shares in the period. As of the end of the most recent quarter, HighTower’s holdings in Lowe’s were valued at approximately $174.6 million.
Several institutional investors have also adjusted their positions regarding Lowe’s Companies. Gen Wealth Partners Inc increased its investment by 1.9% during the fourth quarter, now owning 2,163 shares valued at $534,000 after acquiring an additional 40 shares. Similarly, Second Line Capital LLC raised its stake by 0.9%, holding 4,793 shares worth $1.2 million after adding 44 shares.
Mitchell Mcleod Pugh & Williams Inc. increased its position by 0.8% in the first quarter, now owning 5,817 shares valued at $1.4 million. Fielder Capital Group LLC made a more substantial adjustment, boosting its stake by 5.9%, bringing its total to 865 shares valued at $202,000. Dumont & Blake Investment Advisors LLC also increased its position by 1.1%, now holding 4,570 shares valued at $1.1 million. Institutional investors and hedge funds collectively own 74.06% of Lowe’s stock.
Insider Transactions and Stock Performance
In other developments, Juliette Williams Pryor, Executive Vice President of Lowe’s, sold 1,130 shares on June 3, 2023, at an average price of $227.50. The total transaction amounted to $257,075, and after the sale, she held 31,898 shares valued at approximately $7.3 million. This transaction represented a 3.42% decrease in her stake. Corporate insiders currently own 0.27% of Lowe’s stock.
Lowe’s Companies has seen its stock trading fluctuate recently. Shares opened at $240.04 on Tuesday, reflecting a decline of 0.5%. The company has a market capitalization of $134.5 billion, a price-to-earnings (P/E) ratio of 19.89, and a beta of 0.89. Over the past year, Lowe’s stock has ranged from a low of $206.38 to a high of $287.01. The 50-day simple moving average stands at $224.68, while the 200-day average is $230.41.
Quarterly Earnings and Dividend Increase
Lowe’s last reported its quarterly earnings on May 21, 2023. The company announced earnings per share (EPS) of $2.92, exceeding the consensus estimate of $2.88 by $0.04. Revenue for the quarter was $20.93 billion, slightly below the expected $21.09 billion. The company experienced a net margin of 8.22% but reported a negative return on equity of 49.12%. Compared to the same quarter last year, revenue declined by 2.0%, down from an EPS of $3.06 in the previous year.
In an encouraging development for investors, Lowe’s recently announced an increase in its quarterly dividend. Stockholders of record on July 23, 2023, received a dividend of $1.20 per share, paid on August 6, 2023. This increase represents an annualized dividend of $4.80 with a yield of 2.0%, up from the previous dividend of $1.15. The current payout ratio is 39.77%.
Lowe’s Companies operates as a prominent home improvement retailer in the United States, offering a wide range of products for construction, maintenance, and home improvement. As the company navigates the current market landscape, its recent stock adjustments and performance metrics highlight the dynamic nature of its business environment.
