Evercore ISI Forecasts Strong Price Appreciation for Lowe’s Companies (NYSE:LOW) Stock

Lowe’s Companies (NYSE:LOW) had its target price upped by Evercore ISI from $255.00 to $270.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “in-line” rating on the home improvement retailer’s stock. Evercore ISI’s target price would suggest a potential upside of 3.06% from the stock’s current price.

Several other equities research analysts have also recently commented on LOW. Melius Research initiated coverage on Lowe’s Companies in a research report on Monday, September 23rd. They set a “buy” rating and a $290.00 price objective on the stock. Loop Capital upgraded shares of Lowe’s Companies from a “hold” rating to a “buy” rating and lifted their price target for the stock from $250.00 to $300.00 in a research note on Wednesday, October 9th. Wells Fargo & Company increased their price objective on shares of Lowe’s Companies from $280.00 to $295.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Piper Sandler raised their target price on shares of Lowe’s Companies from $262.00 to $307.00 and gave the stock an “overweight” rating in a report on Monday, September 30th. Finally, DA Davidson boosted their target price on shares of Lowe’s Companies from $240.00 to $270.00 and gave the company a “neutral” rating in a research note on Wednesday. Ten research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $277.92.

Lowe’s Companies Stock Performance

Shares of NYSE:LOW traded up $2.73 during trading on Wednesday, reaching $261.99. 1,121,847 shares of the stock traded hands, compared to its average volume of 2,442,700. The stock has a market cap of $148.62 billion, a P/E ratio of 21.72, a price-to-earnings-growth ratio of 2.21 and a beta of 1.10. The stock has a 50-day moving average of $267.97 and a two-hundred day moving average of $244.23. Lowe’s Companies has a 52-week low of $196.23 and a 52-week high of $287.01.

Lowe’s Companies (NYSE:LOW) last issued its earnings results on Tuesday, August 20th. The home improvement retailer reported $4.10 EPS for the quarter, beating the consensus estimate of $3.96 by $0.14. Lowe’s Companies had a negative return on equity of 47.07% and a net margin of 8.25%. The business had revenue of $23.59 billion for the quarter, compared to the consensus estimate of $23.93 billion. During the same period last year, the business posted $4.56 EPS. The company’s revenue was down 5.5% compared to the same quarter last year. Sell-side analysts expect that Lowe’s Companies will post 11.93 earnings per share for the current year.

Insider Transactions at Lowe’s Companies

In other news, EVP Margrethe R. Vagell sold 5,730 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $271.45, for a total value of $1,555,408.50. Following the completion of the transaction, the executive vice president now owns 13,214 shares of the company’s stock, valued at $3,586,940.30. This represents a 30.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Dan Clayton Griggs, Jr. sold 6,769 shares of Lowe’s Companies stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $248.82, for a total value of $1,684,262.58. Following the sale, the chief accounting officer now directly owns 9,383 shares in the company, valued at $2,334,678.06. This trade represents a 41.91 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.26% of the company’s stock.

Hedge Funds Weigh In On Lowe’s Companies

Hedge funds have recently modified their holdings of the stock. FMR LLC increased its holdings in Lowe’s Companies by 10.2% in the 3rd quarter. FMR LLC now owns 26,010,730 shares of the home improvement retailer’s stock valued at $7,045,006,000 after acquiring an additional 2,399,897 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of Lowe’s Companies by 1,889.7% in the third quarter. International Assets Investment Management LLC now owns 2,134,969 shares of the home improvement retailer’s stock worth $578,256,000 after purchasing an additional 2,027,668 shares during the last quarter. Strategic Financial Concepts LLC lifted its position in shares of Lowe’s Companies by 20,275.6% in the second quarter. Strategic Financial Concepts LLC now owns 1,205,014 shares of the home improvement retailer’s stock worth $2,657,000 after buying an additional 1,199,100 shares in the last quarter. Applied Finance Capital Management LLC boosted its stake in Lowe’s Companies by 387.7% during the third quarter. Applied Finance Capital Management LLC now owns 811,374 shares of the home improvement retailer’s stock valued at $219,761,000 after buying an additional 645,017 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Lowe’s Companies by 36.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,840,704 shares of the home improvement retailer’s stock valued at $468,884,000 after buying an additional 493,180 shares during the last quarter. Hedge funds and other institutional investors own 74.06% of the company’s stock.

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.