Iridian Asset Management LLC CT lowered its stake in Lowe’s Cos. (NYSE:LOW) by 39.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,411,676 shares of the home improvement retailer’s stock after selling 2,841,123 shares during the period. Lowe’s Cos. makes up about 3.2% of Iridian Asset Management LLC CT’s portfolio, making the stock its 10th largest position. Iridian Asset Management LLC CT owned approximately 0.50% of Lowe’s Cos. worth $349,272,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the company. Wellington Management Group LLP increased its stake in shares of Lowe’s Cos. by 6.9% in the first quarter. Wellington Management Group LLP now owns 28,620,388 shares of the home improvement retailer’s stock worth $2,167,994,000 after buying an additional 1,841,494 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of Lowe’s Cos. by 10.8% in the second quarter. Ameriprise Financial Inc. now owns 13,161,669 shares of the home improvement retailer’s stock worth $1,042,084,000 after buying an additional 1,280,426 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Lowe’s Cos. by 5.2% in the first quarter. Geode Capital Management LLC now owns 7,850,217 shares of the home improvement retailer’s stock worth $593,514,000 after buying an additional 385,207 shares in the last quarter. TIAA CREF Investment Management LLC increased its stake in shares of Lowe’s Cos. by 8.3% in the first quarter. TIAA CREF Investment Management LLC now owns 7,269,849 shares of the home improvement retailer’s stock worth $550,691,000 after buying an additional 555,048 shares in the last quarter. Finally, Bank of Montreal Can purchased a new stake in shares of Lowe’s Cos. during the second quarter worth approximately $284,442,000. 75.48% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Lowe’s Cos. (NYSE:LOW) traded down 0.04% during midday trading on Wednesday, hitting $71.34. 1,260,702 shares of the stock were exchanged. The stock has a market cap of $62.40 billion, a P/E ratio of 23.12 and a beta of 1.07. Lowe’s Cos. has a one year low of $62.62 and a one year high of $83.65. The stock’s 50-day moving average price is $76.99 and its 200 day moving average price is $77.39.

Lowe’s Cos. (NYSE:LOW) last posted its quarterly earnings data on Wednesday, August 17th. The home improvement retailer reported $1.37 earnings per share for the quarter, missing the consensus estimate of $1.41 by $0.04. The company earned $18.26 billion during the quarter, compared to analyst estimates of $18.42 billion. Lowe’s Cos. had a return on equity of 43.38% and a net margin of 4.58%. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.20 EPS. On average, analysts anticipate that Lowe’s Cos. will post $4.02 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 2nd. Investors of record on Wednesday, October 19th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.96%. The ex-dividend date is Monday, October 17th. Lowe’s Cos.’s payout ratio is currently 45.16%.

A number of equities research analysts have commented on the stock. Citigroup Inc. raised shares of Lowe’s Cos. to a “buy” rating and set a $90.00 price objective on the stock in a research report on Thursday, May 26th. BTIG Research assumed coverage on shares of Lowe’s Cos. in a research report on Wednesday, June 1st. They issued a “buy” rating and a $90.00 price objective on the stock. Vetr downgraded shares of Lowe’s Cos. from a “buy” rating to a “hold” rating and set a $85.38 price objective on the stock. in a research report on Thursday, July 28th. Jefferies Group reaffirmed a “hold” rating and issued a $81.00 target price on shares of Lowe’s Cos. in a research report on Thursday, August 18th. Finally, Nomura set a $80.00 target price on shares of Lowe’s Cos. and gave the company a “hold” rating in a research report on Thursday, August 18th. Seven investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. Lowe’s Cos. has a consensus rating of “Buy” and a consensus target price of $85.74.

About Lowe’s Cos.

Lowe’s Companies, Inc (Lowe’s) is a home improvement retailer. The Company operates approximately 1,860 home improvement and hardware stores, representing approximately 200 million square feet of retail selling space. The Company operates approximately 1,800 stores located across over 50 states in the United States, including approximately 80 Orchard Supply Hardware (Orchard) stores in California and Oregon, as well as approximately 40 stores in Canada and over 10 stores in Mexico.

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