HomeNewsLowe’s Stock Soars Amid Coronavirus: See the Numbers

Lowe’s Stock Soars Amid Coronavirus: See the Numbers

by Jacklyn Krol
Bruce Bennett, Getty Images

Lowe’s has seen a 52-week high in Lowes Companies (LOW) stocks. The stock has increased 3.8% over the last month, Yahoo Finance reported. The high reached $138.25 from the previous session. Overall, the company has gone up 13.4% this year alone.

What has made the stock increase so exponentially? Due to the coronavirus (COVID-19) pandemic. More and more people are working on home improvement projects while stuck at home in quarantine. It’s common to now find certain items out of stock at home improvement retailers.

Furthermore, Lowe’s stock The Earning Per Stock was reported at $1.77 while the consensus estimate was at $1.29, overall a 7.76% difference.

“For the current fiscal year, Lowe’s is expected to post earnings of $6.66 per share on $76.54 billion in revenues,” the outlet reported. “This represents a 16.43% change in EPS on a 6.08% change in revenues.” Finally, in the next fiscal year, Lowe’s is estimated to earn $7.22 per share, a $0.56 increase. Overall it is expected to gross $77.44 billion in revenue.

Changes During the Pandemic

Aside from improving their company with safety measures for employees and staff during the pandemic, they’ve also helped the community. The company put forth $450 million toward safety efforts.

Customers will experience social distancing markers and employees to help with the flow of traffic in stores. Lowe’s also developed an app to monitor the store’s occupancy. Additionally, for those who do not want to enter a store, curbside pickup is available nationwide. Plexiglass shields have been installed at every register for employees and guests. Finally, they’ve implemented extra cleaning measures.

Lowe’s also donated $25 million in grants to help minority-owned businesses to help the country’s economy and small businesses.

“These are going to be minority businesses and other businesses that are now starting to reopen,” Lowe’s CEO Marvin Ellison said in a CNBC Mad Money interview. “So we just want to continue to not only run a good business but also be a great corporate citizen in all of the communities that we operate in.”