10 Large-Cap Stocks American Politicians Are Buying

3. Lowe’s Companies Inc (NYSE:LOW)

Number of Hedge Fund Investors: 68

Congressman Bill Keating from Massachusetts’s 9th congressional district on April 11 bought a stake in Lowe’s Companies Inc (NYSE:LOW) worth between $1,000 to $15,000. Since then the stock has decreased by 1.33%.

Of the 933 hedge funds in Insider Monkey’s database, 68 hedge funds had stakes in Lowe’s Companies Inc (NYSE:LOW) as of the end of 2023.

Aristotle Capital’s Value Equity Strategy stated the following regarding Lowe’s Companies, Inc. (NYSE:LOW) in its first quarter 2024 investor letter:

“During the quarter, we sold our positions in Phillips 66 and Sysco and invested in two new positions: Lowe’s Companies, Inc. (NYSE:LOW) and TotalEnergies.

Based in North Carolina, and with a history dating back to 1921, Lowe’s Companies is the world’s second-largest home improvement retailer (after Home Depot). The company operates more than 1,700 stores in the United States that offer a wide variety of products to enhance a home, from plants for the garden and house décor to hardware and appliances. Often located in suburban areas, Lowe’s stores primarily serve retail “do-it-yourself” customers (~75% of revenue) and sell products that are used for home maintenance and repair (over 60% of revenue). This contrasts with Home Depot, whose stores have a higher presence in metropolitan areas and cater more to professional customers.

We had previously been investors in Home Depot. Over much of the past decade Home Depot had, in our opinion, executed better than Lowe’s—expanding its presence with large professional customers and increasing its store productivity. However, with Lowe’s hiring of former Home Depot executive Marvin Ellison in 2018, we believe Lowe’s has started the process of closing the gap to better compete with its nearest rival…” (Click here to read the full text)