Lowe’s Companies (NYSE:LOW) Updates FY24 Earnings Guidance

Lowe’s Companies (NYSE:LOW – Get Rating) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $13.20-13.60 for the period, compared to the consensus estimate of $13.64. The company issued revenue guidance of $87-89 billion, compared to the consensus revenue estimate of $88.57 billion.

Lowe’s Companies Stock Performance

Shares of LOW stock opened at $201.04 on Friday. The firm has a market capitalization of $119.89 billion, a price-to-earnings ratio of 19.58, a PEG ratio of 1.20 and a beta of 1.09. The stock’s 50-day simple moving average is $201.92 and its 200-day simple moving average is $204.19. Lowe’s Companies has a fifty-two week low of $170.12 and a fifty-two week high of $223.31.

Lowe’s Companies (NYSE:LOW – Get Rating) last issued its quarterly earnings results on Tuesday, May 23rd. The home improvement retailer reported $3.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.48 by $0.19. Lowe’s Companies had a net margin of 6.65% and a negative return on equity of 68.42%. The business 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 business posted $3.51 EPS. Lowe’s Companies’s revenue for the quarter was down 5.5% compared to the same quarter last year. As a group, equities analysts forecast that Lowe’s Companies will post 13.46 earnings per share for the current year.

Lowe’s Companies Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 10th. Shareholders of record on Wednesday, April 26th were paid a dividend of $1.05 per share. The ex-dividend date of this dividend was Tuesday, April 25th. This represents a $4.20 annualized dividend and a yield of 2.09%. Lowe’s Companies’s payout ratio is presently 40.90%.

Wall Street Analyst Weigh In

LOW has been the subject of several research analyst reports. TD Cowen reduced their price objective on Lowe’s Companies from $220.00 to $210.00 and set a market perform rating for the company in a research note on Thursday, March 2nd. Piper Sandler dropped their price objective on shares of Lowe’s Companies from $235.00 to $230.00 in a report on Wednesday. DA Davidson boosted their target price on shares of Lowe’s Companies from $228.00 to $237.00 in a research report on Wednesday. Oppenheimer cut their price target on Lowe’s Companies from $300.00 to $275.00 in a research report on Tuesday, February 28th. Finally, Citigroup decreased their price objective on Lowe’s Companies from $215.00 to $210.00 in a report on Friday, March 3rd. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $222.23.

Insider Activity

In related news, EVP Donald Frieson sold 9,411 shares of the company’s stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $197.00, for a total transaction of $1,853,967.00. Following the completion of the sale, the executive vice president now owns 17,888 shares of the company’s stock, valued at approximately $3,523,936. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.26% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Mather Group LLC. raised its position in shares of Lowe’s Companies by 2.8% during the 1st quarter. Mather Group LLC. now owns 1,939 shares of the home improvement retailer’s stock valued at $392,000 after buying an additional 52 shares during the period. Roundview Capital LLC grew its holdings in shares of Lowe’s Companies by 0.9% in the first quarter. Roundview Capital LLC now owns 7,614 shares of the home improvement retailer’s stock valued at $1,540,000 after purchasing an additional 67 shares in the last quarter. Atlas Capital Advisors LLC increased its stake in Lowe’s Companies by 14.3% during the 2nd quarter. Atlas Capital Advisors LLC now owns 544 shares of the home improvement retailer’s stock worth $95,000 after buying an additional 68 shares during the period. Douglass Winthrop Advisors LLC lifted its holdings in Lowe’s Companies by 1.9% during the 1st quarter. Douglass Winthrop Advisors LLC now owns 3,726 shares of the home improvement retailer’s stock worth $753,000 after buying an additional 71 shares in the last quarter. Finally, 1776 Wealth LLC boosted its position in Lowe’s Companies by 3.4% in the 4th quarter. 1776 Wealth LLC now owns 2,466 shares of the home improvement retailer’s stock valued at $491,000 after buying an additional 82 shares during the period. Institutional investors and hedge funds own 72.62% of the company’s stock.

About Lowe’s Companies

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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.