Lowe’s Companies Inc (LOW) announced last Friday plans to hire 20,000 associates across its US stores and regional distributors, as it makes preparations to meet higher consumer demand during the holidays.
Other retailers such as Walmart Inc, United Parcel Service and Dollar Tree have also said they will hire seasonal personnel in an attempt to reduce delivery times during the busy season.
Lowe’s shares closed lower for a fifth consecutive trading session in New York on Friday. The stock went down 1.65% ($2.65) to $158.10, after touching an intraday low at $155.77, or a price level not seen since September 21st ($155.27).
Shares of Lowe’s Companies Inc have risen 32.01% so far in 2020 compared with a 1.21% gain for the benchmark index, S&P 500 (SPX).
In 2019, Lowe’s Companies Inc’s stock went up 29.67%, thus, it again outperformed the S&P 500, which registered a 28.88% gain.
Lowe’s Co is looking to fill permanent full-time and part-time positions at its stores along with some seasonal roles for the holidays.
The company is also looking to hire 2,500 team members at regional distribution centers across the United States.
Last month Lowe’s said that its full-time employees would be paid an additional $300, while the bonus for its part-time staff and seasonal employees would equal $150.
Analyst stock price forecast and recommendation
According to CNN Money, the 28 analysts, offering 12-month forecasts regarding Lowe’s Companies Inc’s stock price, have a median target of $185.00, with a high estimate of $205.00 and a low estimate of $155.00. The median estimate represents a 17.01% upside compared to the closing price of $158.10 on October 30th.
The same media also reported that at least 21 out of 31 surveyed investment analysts had rated Lowe’s Companies Inc’s stock as “Buy”, while 7 – as “Hold”.