“Investors were scooping up shares of home-improvement retailer Lowe’s, following a better-than-expected fourth-quarter report.
Before Monday’s opening bell, Lowe’s (ticker: LOW) said it earned $322 million, or 26 cents a share, up from 21 cents in the year-ago period and two cents ahead of the consensus estimate. Revenue rose 11% to $11.63 billion, also beating expectations of $11.3 billion. Same-store sales rose 3.4% in the quarter, including a 3.5% gain in its main U.S. market.
The stock gained 2.7% on the news, to $27.89 in midday trading. Though near a 52-week high of $28.46, we think Lowe’s will rise further.”
We ran our software to see which hedge funds (or other filers of interest) have been active in Lowe’s in recent quarters. While the names aren’t surprising – we would expect alot of the ‘value’ focused funds to pick up on a stock like this – what is surprising is how many of them just initiated (or re-initiated) positions in Q4:
It looks like going into Q4, Lowe’s stock finally got too low for the value funds to stand on the sidelines any longer and they started buying: