Lowe’s Companies, Inc. has received an optimistic outlook from analysts at Sanford C. Bernstein, who have raised their price target for the home improvement retailer’s stock from $282.00 to $284.00. This adjustment, noted in a research report issued on November 16, 2023, reflects a projected upside of approximately 24.29% based on Lowe’s current stock price. Sanford C. Bernstein maintains an “outperform” rating on Lowe’s shares, indicating confidence in the company’s growth potential.
Other equity analysts have similarly expressed positive sentiments regarding Lowe’s stock. Guggenheim reaffirmed a “buy” rating and set a price target of $300.00 on August 21, 2023. Wolfe Research initiated coverage with an “outperform” rating on September 17, 2023, while Mizuho increased their price target from $280.00 to $285.00 on August 29, 2023. In contrast, Citigroup lowered its price target from $253.00 to $242.00, assigning a “neutral” rating on July 31, 2023. Wells Fargo & Company also adjusted its price objective downward from $290.00 to $280.00, maintaining an “overweight” rating as of November 11, 2023.
As of now, a total of seventeen analysts have issued “buy” ratings for Lowe’s stock, with seven ratings indicating “hold” and one rating suggesting “sell.” The consensus rating among analysts stands at “Moderate Buy,” with a consensus target price of $276.14, according to data from MarketBeat.
Recent Earnings Report and Insider Transactions
Lowe’s recently reported its earnings for the quarter ending November 19, 2023, announcing earnings per share (EPS) of $3.06. This figure exceeded analysts’ expectations of $2.97 by $0.09. The company recorded revenues of $20.81 billion, which was slightly below the consensus estimate of $20.88 billion. Year-over-year, Lowe’s revenue increased by 3.2%, up from $2.89 EPS posted in the same quarter the previous year. For fiscal year 2025, Lowe’s has set its guidance at an EPS range of $12.25.
In addition to the earnings report, notable insider transactions have occurred at Lowe’s. Executive Vice President Juliette Williams Pryor sold 929 shares on August 26, 2023, at an average price of $257.20, generating a total of approximately $238,938.80. This reduced her ownership to 30,099 shares, valued at around $7.74 million.
Similarly, Executive Vice President Joseph Michael Mcfarland sold 43,810 shares on September 11, 2023, at an average price of $272.60, amounting to $11.94 million. Following this sale, he retained 66,566 shares, valued at approximately $18.15 million. In total, insiders have sold 52,931 shares worth $14.38 million in the last quarter, while corporate insiders own just 0.27% of the company’s stock.
Institutional Holdings and Market Position
Recent trends in institutional trading reflect a growing interest in Lowe’s Companies. SeaBridge Investment Advisors LLC increased its holdings by 3.7% during the second quarter, now owning 12,888 shares valued at approximately $2.86 million. QRG Capital Management Inc. also raised its stake by 2.6%, acquiring an additional 3,947 shares to reach a total of 154,692 shares valued at about $34.32 million.
Moreover, Advent Capital Management DE boosted its holdings by 20.0% during the first quarter, while First Pacific Financial increased its stake by 147.3% in the second quarter. Currently, institutional investors and hedge funds own around 74.06% of Lowe’s stock.
Lowe’s Companies continues to solidify its position as a leading home improvement retailer in the United States, offering a wide array of products for construction, maintenance, repair, and remodeling. With analysts maintaining positive outlooks and institutional investment increasing, the company appears well-positioned for future growth.
