- Shares of Lowe’s jumped after news that an activist investor that recently bought a stake in the company sees the company as worth triple its value.
- Activist investor D.E. Shaw believes the home retailer can measure up to its rival Home Depot if it makes the right changes, anonymous sources told Bloomberg.
- The company has paled in comparison to Home Depot in terms of revenue, earnings, and costs despite close similarities between the two companies, according to reports. D.E. Shaw maintains the company’s focus should be on improving sales, especially its online offerings and marketing.
- Lowe’s announced on Friday that it will add three new directors to its board.
- Though it was not previously disclosed, D.E. Shaw’s stake in the company was worth around $US1 billion, Bloomberg reported.
- Lowe’s stock was up 3.26% at $US104.65 per share. It was up 14.24% for the year.
- Watch Lowe’s stock price move in real-time here.
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