Granite Springs Asset Management LLC Acquires New Holdings in Lowe's Companies, Inc. (LOW)
Granite Springs Asset Management LLC acquired a new stake in shares of Lowe's Companies, Inc. (NYSE:LOW) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 15,125 shares of the home improvement retailer’s stock, valued at approximately $1,406,000. Lowe's Companies accounts for approximately 1.2% of Granite Springs Asset Management LLC’s investment portfolio, making the stock its 19th biggest position.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Atlantic Trust LLC bought a new position in Lowe's Companies in the second quarter valued at approximately $105,000. Almanack Investment Partners LLC. bought a new position in Lowe's Companies in the fourth quarter valued at approximately $106,000. Stonehearth Capital Management LLC bought a new position in Lowe's Companies in the fourth quarter valued at approximately $112,000. Truewealth LLC bought a new position in Lowe's Companies in the fourth quarter valued at approximately $128,000. Finally, Cerebellum GP LLC bought a new position in Lowe's Companies in the fourth quarter valued at approximately $129,000. Hedge funds and other institutional investors own 73.14% of the company’s stock.
LOW has been the topic of a number of research reports. BMO Capital Markets reaffirmed a “hold” rating and issued a $95.00 price target (up previously from $82.00) on shares of Lowe's Companies in a research note on Thursday, March 1st. Royal Bank of Canada cut their price target on shares of Lowe's Companies to $102.00 and set an “outperform” rating on the stock in a research note on Thursday, March 1st. Credit Suisse Group set a $116.00 price target on shares of Lowe's Companies and gave the company a “buy” rating in a research note on Tuesday, January 16th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $100.00 price target on shares of Lowe's Companies in a research note on Tuesday, March 6th. Finally, Telsey Advisory Group lifted their price target on shares of Lowe's Companies from $79.00 to $83.00 and gave the company an “outperform” rating in a research note on Wednesday, November 22nd. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have assigned a buy rating to the company. Lowe's Companies presently has a consensus rating of “Buy” and an average price target of $97.93.
Lowe's Companies (NYSE:LOW) last issued its earnings results on Wednesday, February 28th. The home improvement retailer reported $0.74 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.87 by ($0.13). The firm had revenue of $15.49 billion for the quarter, compared to analyst estimates of $15.34 billion. Lowe's Companies had a return on equity of 65.17% and a net margin of 5.02%. Lowe's Companies’s quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.86 earnings per share. analysts anticipate that Lowe's Companies, Inc. will post 5.47 EPS for the current year.
Lowe's Companies declared that its Board of Directors has authorized a share buyback program on Friday, January 26th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the home improvement retailer to repurchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
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Lowe's Companies Profile
Lowe’s Companies, Inc (Lowe’s) is a home improvement company. The Company operates approximately 2,370 home improvement and hardware stores. The Company offers a range of products for maintenance, repair, remodeling and decorating. The Company offers home improvement products in categories, including Lumber and Building Materials; Tools and Hardware; Appliances; Fashion Fixtures; Rough Plumbing and Electrical; Lawn and Garden; Seasonal and Outdoor Living; Paint; Flooring; Millwork, and Kitchens.
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