Connor Clark & Lunn Investment Management Ltd. Acquires 260,762 Shares of Lowe’s Companies, Inc. (NYSE:LOW)

Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Lowe’s Companies, Inc. (NYSE:LOW) by 742.1% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 295,900 shares of the home improvement retailer’s stock after buying an additional 260,762 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Lowe’s Companies were worth $73,028,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. FMR LLC raised its holdings in Lowe’s Companies by 10.2% in the third quarter. FMR LLC now owns 26,010,730 shares of the home improvement retailer’s stock worth $7,045,006,000 after purchasing an additional 2,399,897 shares during the period. State Street Corp grew its position in Lowe’s Companies by 1.9% in the third quarter. State Street Corp now owns 25,013,655 shares of the home improvement retailer’s stock valued at $6,774,948,000 after purchasing an additional 460,851 shares in the last quarter. Geode Capital Management LLC grew its position in Lowe’s Companies by 1.6% in the third quarter. Geode Capital Management LLC now owns 11,733,461 shares of the home improvement retailer’s stock valued at $3,169,041,000 after purchasing an additional 187,473 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Lowe’s Companies by 10.2% in the 4th quarter. Bank of New York Mellon Corp now owns 4,186,720 shares of the home improvement retailer’s stock valued at $1,033,283,000 after acquiring an additional 385,994 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Lowe’s Companies by 2.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,459,064 shares of the home improvement retailer’s stock valued at $853,697,000 after acquiring an additional 90,012 shares during the period. 74.06% of the stock is owned by institutional investors.

Lowe’s Companies Price Performance

NYSE LOW opened at $228.20 on Thursday. Lowe’s Companies, Inc. has a 1 year low of $211.80 and a 1 year high of $287.01. The firm has a market cap of $128.86 billion, a price-to-earnings ratio of 19.03, a PEG ratio of 1.96 and a beta of 1.12. The company has a fifty day moving average price of $251.15 and a 200-day moving average price of $258.93.

Lowe’s Companies (NYSE:LOW) last posted its earnings results on Wednesday, February 26th. The home improvement retailer reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.10. Lowe’s Companies had a net margin of 8.19% and a negative return on equity of 47.55%. The firm had revenue of $18.55 billion during the quarter, compared to analyst estimates of $18.29 billion. On average, research analysts anticipate that Lowe’s Companies, Inc. will post 11.9 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Evercore ISI lifted their price objective on shares of Lowe’s Companies from $270.00 to $290.00 and gave the company an “in-line” rating in a research report on Thursday, December 12th. Mizuho dropped their price objective on shares of Lowe’s Companies from $305.00 to $300.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Guggenheim restated a “buy” rating and issued a $300.00 target price on shares of Lowe’s Companies in a research report on Thursday, December 12th. Piper Sandler dropped their target price on shares of Lowe’s Companies from $307.00 to $296.00 and set an “overweight” rating for the company in a research report on Thursday, February 27th. Finally, Bank of America decreased their price target on shares of Lowe’s Companies from $305.00 to $290.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Lowe’s Companies currently has a consensus rating of “Moderate Buy” and an average price target of $280.83.

About Lowe’s Companies

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.