The New York State Teachers Retirement System has reduced its investment in Lowe’s Companies, Inc. (NYSE: LOW) by 5.5% during the third quarter of 2023, according to filings with the U.S. Securities and Exchange Commission. The institutional investor now holds 465,679 shares of the home improvement retailer, after selling 27,125 shares in the reporting period. As of the latest filing, these holdings are valued at approximately $117.03 million.
Several other hedge funds have also recently adjusted their positions in Lowe’s. Brighton Jones LLC increased its stake by 119.7% in the fourth quarter, acquiring an additional 17,413 shares to reach a total of 31,965 shares, worth about $7.89 million. Meanwhile, Revolve Wealth Partners LLC expanded its holdings by 31.6%, now owning 1,078 shares valued at $266,000 after purchasing 259 shares.
Jones Financial Companies Lllp also increased its position by 25.0% during the first quarter, now owning 394,008 shares valued at approximately $90.45 million. Similarly, Modern Wealth Management LLC raised its stake by 13.2%, holding 3,047 shares worth about $711,000. Lastly, Invst LLC significantly boosted its investment by 186.4%, bringing its total to 2,672 shares valued at $623,000. Currently, institutional investors and hedge funds collectively own 74.06% of Lowe’s stock.
Lowe’s Stock Performance and Dividend Announcement
On Friday, shares of Lowe’s Companies opened at $267.38. The company’s 50-day moving average price stands at $240.98, while the 200-day moving average is $242.70. Lowe’s has a market capitalization of $149.99 billion, a price-to-earnings ratio of 22.17, and a beta of 0.96. Over the past year, shares have fluctuated between a low of $206.38 and a high of $274.98.
In addition to its stock performance, Lowe’s recently announced a quarterly dividend of $1.20 per share, payable on February 4, 2024. Shareholders of record on January 21, 2024, will receive the dividend, which translates to an annualized payout of $4.80 and a yield of 1.8%. The company’s payout ratio is currently 39.80%.
Analyst Ratings and Future Outlook
Lowe’s has garnered attention from several Wall Street analysts recently. Jefferies Financial Group raised its target price on Lowe’s shares from $280.00 to $285.00, maintaining a “buy” rating in a December 19 report. UBS Group lowered its price target from $325.00 to $316.00, while also issuing a “buy” rating. Similarly, Argus reduced its price objective from $290.00 to $286.00 and reaffirmed a “buy” rating.
In contrast, HSBC adjusted its price target from $285.00 to $263.00, suggesting a “hold” rating on the stock. Overall, eighteen analysts have rated Lowe’s with a “buy” recommendation, nine have issued a “hold” rating, and one has suggested a “sell” rating. The average rating stands at “Moderate Buy” with a projected price target of $277.52, according to data from MarketBeat.com.
Lowe’s Companies, Inc. continues to be a significant player in the home improvement market, offering a wide array of products and services for both DIY homeowners and professional contractors. The company operates large-format stores and supports its sales through robust digital channels, ensuring a comprehensive shopping experience across its offerings.
