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

Lowe’s Companies (NYSE:LOW) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $13.00 for the period, compared to the consensus EPS estimate of $13.25. The company issued revenue guidance of $86 billion, compared to the consensus revenue estimate of $87.48 billion. Lowe’s Companies also updated its FY 2023 guidance to $13.00-$13.00 EPS.

Lowe’s Companies Price Performance

Shares of LOW stock opened at $204.45 on Tuesday. Lowe’s Companies has a 1 year low of $181.85 and a 1 year high of $237.21. The firm has a fifty day moving average price of $201.37 and a 200-day moving average price of $213.30. The company has a market cap of $117.99 billion, a price-to-earnings ratio of 20.12, a PEG ratio of 1.34 and a beta of 1.07.

Lowe’s Companies (NYSE:LOW) last issued its quarterly earnings results on Tuesday, November 21st. The home improvement retailer reported $3.06 EPS for the quarter, topping analysts’ consensus estimates of $3.02 by $0.04. Lowe’s Companies had a negative return on equity of 58.56% and a net margin of 6.48%. The business had revenue of $20.74 billion during the quarter, compared to analysts’ expectations of $20.87 billion. During the same quarter in the prior year, the business posted $3.27 earnings per share. The business’s quarterly revenue was down 11.7% on a year-over-year basis. Equities research analysts expect that Lowe’s Companies will post 13.31 EPS for the current year.

Lowe’s Companies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 7th. Shareholders of record on Wednesday, January 24th will be given a $1.10 dividend. The ex-dividend date of this dividend is Tuesday, January 23rd. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.15%. Lowe’s Companies’s payout ratio is currently 43.31%.

Analysts Set New Price Targets

LOW has been the topic of a number of analyst reports. Citigroup lifted their target price on shares of Lowe’s Companies from $221.00 to $250.00 and gave the company a neutral rating in a research note on Wednesday, August 2nd. Sanford C. Bernstein upgraded Lowe’s Companies from a market perform rating to an outperform rating and increased their target price for the stock from $252.00 to $282.00 in a research report on Tuesday, September 5th. Stifel Nicolaus lowered their price target on Lowe’s Companies from $270.00 to $240.00 and set a buy rating on the stock in a report on Monday, November 13th. Wedbush reaffirmed a neutral rating and set a $230.00 price objective on shares of Lowe’s Companies in a report on Wednesday, August 23rd. Finally, Guggenheim boosted their target price on shares of Lowe’s Companies from $240.00 to $250.00 and gave the stock a buy rating in a report on Wednesday, August 23rd. Twelve equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $242.32.

Insider Activity at Lowe’s Companies

In related news, EVP Joseph Michael Mcfarland sold 4,500 shares of Lowe’s Companies stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $222.53, for a total transaction of $1,001,385.00. Following the completion of the transaction, the executive vice president now directly owns 46,594 shares of the company’s stock, valued at approximately $10,368,562.82. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Joseph Michael Mcfarland sold 4,500 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $222.53, for a total transaction of $1,001,385.00. Following the completion of the sale, the executive vice president now directly owns 46,594 shares of the company’s stock, valued at approximately $10,368,562.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Janice Dupre sold 5,380 shares of the company’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $231.28, for a total value of $1,244,286.40. Following the completion of the transaction, the executive vice president now directly owns 24,216 shares in the company, valued at approximately $5,600,676.48. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lowe’s Companies

Several large investors have recently added to or reduced their stakes in the stock. Jaffetilchin Investment Partners LLC increased its stake in shares of Lowe’s Companies by 31.5% during the first quarter. Jaffetilchin Investment Partners LLC now owns 1,161 shares of the home improvement retailer’s stock valued at $223,000 after buying an additional 278 shares during the period. Davis Investment Partners LLC purchased a new position in Lowe’s Companies during the 4th quarter valued at about $222,000. Tyler Stone Wealth Management bought a new stake in shares of Lowe’s Companies in the 2nd quarter valued at about $218,000. First Western Trust Bank purchased a new stake in shares of Lowe’s Companies in the 1st quarter worth approximately $214,000. Finally, State of Wyoming boosted its stake in shares of Lowe’s Companies by 31.4% during the fourth quarter. State of Wyoming now owns 971 shares of the home improvement retailer’s stock valued at $193,000 after purchasing an additional 232 shares in the last quarter. 71.88% of the stock is owned by hedge funds and other institutional investors.

Lowe’s Companies Company Profile

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