Westpac Banking Corp Purchases 1,041 Shares of Lowe’s Companies, Inc. (NYSE:LOW)

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Westpac Banking Corp boosted its position in Lowe’s Companies, Inc. (NYSE:LOW) by 0.5% in the second quarter, HoldingsChannel.com reports. The firm owned 216,272 shares of the home improvement retailer’s stock after acquiring an additional 1,041 shares during the period. Westpac Banking Corp’s holdings in Lowe’s Companies were worth $21,824,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Advisors Preferred LLC bought a new position in Lowe’s Companies in the first quarter worth about $26,000. Icon Wealth Partners LLC bought a new position in Lowe’s Companies in the first quarter worth about $26,000. Weaver Consulting Group bought a new position in Lowe’s Companies in the first quarter worth about $28,000. Prime Capital Investment Advisors LLC bought a new position in Lowe’s Companies in the first quarter worth about $33,000. Finally, Thor Advisors LLC bought a new position in Lowe’s Companies in the first quarter worth about $35,000. Institutional investors and hedge funds own 76.36% of the company’s stock.

In related news, insider Marvin R. Ellison acquired 10,000 shares of the stock in a transaction on Friday, May 24th. The shares were acquired at an average price of $95.05 per share, for a total transaction of $950,500.00. Following the transaction, the insider now owns 80,090 shares in the company, valued at approximately $7,612,554.50. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, EVP Donald Frieson acquired 2,030 shares of the stock in a transaction on Wednesday, June 19th. The stock was bought at an average price of $98.69 per share, for a total transaction of $200,340.70. Following the transaction, the executive vice president now owns 10,980 shares in the company, valued at approximately $1,083,616.20. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 12,280 shares of company stock worth $1,174,566. Insiders own 0.07% of the company’s stock.

A number of equities analysts have commented on the stock. UBS Group reduced their target price on shares of Lowe’s Companies from $125.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, May 23rd. Wells Fargo & Co restated a “buy” rating on shares of Lowe’s Companies in a report on Friday, May 10th. Robert W. Baird restated an “outperform” rating and set a $127.00 price objective (down previously from $133.00) on shares of Lowe’s Companies in a report on Wednesday, May 22nd. Barclays upped their price objective on shares of Lowe’s Companies from $95.00 to $105.00 and gave the company an “equal weight” rating in a report on Monday, June 24th. Finally, Cfra restated a “hold” rating and set a $105.00 price objective on shares of Lowe’s Companies in a report on Friday, June 14th. Ten research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $112.88.

Lowe’s Companies stock traded up $0.82 during mid-day trading on Tuesday, hitting $96.90. The company had a trading volume of 329,844 shares, compared to its average volume of 4,624,424. The company has a debt-to-equity ratio of 6.37, a current ratio of 1.09 and a quick ratio of 0.24. Lowe’s Companies, Inc. has a 12-month low of $84.75 and a 12-month high of $118.23. The firm’s fifty day moving average is $102.21. The stock has a market cap of $77.16 billion, a P/E ratio of 18.84, a price-to-earnings-growth ratio of 1.28 and a beta of 1.36.

Lowe’s Companies (NYSE:LOW) last released its quarterly earnings data on Wednesday, May 22nd. The home improvement retailer reported $1.22 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.33 by ($0.11). Lowe’s Companies had a return on equity of 91.85% and a net margin of 3.31%. The company had revenue of $17.74 billion during the quarter, compared to analysts’ expectations of $17.65 billion. During the same quarter in the prior year, the company posted $1.19 EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, sell-side analysts expect that Lowe’s Companies, Inc. will post 5.59 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 7th. Shareholders of record on Wednesday, July 24th were given a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.27%. The ex-dividend date was Tuesday, July 23rd. This is a positive change from Lowe’s Companies’s previous quarterly dividend of $0.48. Lowe’s Companies’s dividend payout ratio is currently 42.80%.

Lowe’s Companies Profile

Lowe's Companies, Inc, together with its subsidiaries, operates as a home improvement retailer in the United States, Canada, and Mexico. The company offers a line of products for construction, maintenance, repair, remodeling, and decorating. It provides home improvement products in various categories, such as lumber and building materials, appliances, seasonal and outdoor living, tools and hardware, fashion fixtures, rough plumbing and electrical, paint, millwork, lawn and garden, flooring, and kitchens.

Further Reading: Recession

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Institutional Ownership by Quarter for Lowe`s Companies (NYSE:LOW)

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