Stock Update (NYSE:LOW): Lowe’s Companies, Inc.’s Names Marshall A. Croom CFO


Lowe’s Companies, Inc. (NYSE:LOW) announced that Marshall A. Croom, a 20-year Lowe’s veteran, has been promoted to the position of chief financial officer, effective March 3. Croom succeeds Robert F. (Bob) Hull Jr., who announced plans to retire after 17 years with the company. Croom will report to Robert A. Niblock, Lowe’s chairman, president and CEO.  Hull will remain at Lowe’s through March to ensure a smooth transition period.

In his new role, Croom, 56, will oversee accounting, tax, treasury, investor relations, and financial planning and analysis.  He will also continue to lead internal audit and enterprise risk management, areas he has managed since 2009.

“Marshall brings over 30 years of financial and operational experience to his new role and, importantly, possesses a deep understanding of virtually every facet of Lowe’s,” Niblock said. “We have confidence in Marshall’s proven leadership as we continue to focus and invest in the areas that meet consumers’ evolving expectations.  We look forward to a smooth transition, given our CFO succession planning process.”

For the past eight years as chief risk officer, Croom had responsibility for providing oversight and direction for the management of all material risks across the company, including enterprise risk management, internal audit, project and process management, quality assurance, information security, loss prevention and workers’ compensation. Prior to leading the risk organization, he held several leadership positions in finance, including senior vice president of finance, treasurer and assistant treasurer, including responsibility for investor relations and tax. In addition, he served for three years as senior vice president of merchandising and store operations support. Croom joined Lowe’s in 1997, following a successful 11-year career with Ernst & Young, including two years in the firm’s national tax department.

Niblock added, “At the same time, we want to thank Bob for the many contributions he has made to the organization, including 14 years as our CFO.  He played an integral role in the growth and success of Lowe’s transformation to an omni-channel home improvement company. We appreciate all that he has done for our company and wish him the best with his next chapter.”

Hull said, “My time at Lowe’s has been extraordinary and I feel privileged to have worked with people who are so passionate about serving others. I look forward to working closely with Marshall to successfully transition my responsibilities.”

Shares of Lowe’s Companies closed last Friday at $72.15, up $0.57 or 0.80%. LOW has a 1-year high of $83.65 and a 1-year low of $62.62. The stock’s 50-day moving average is $72.47 and its 200-day moving average is $74.10.

On the ratings front, LOW has been the subject of a number of recent research reports. In a report issued on December 19, Citigroup analyst Kate McShane downgraded LOW to Hold, with a price target of $83, which represents a potential upside of 15% from where the stock is currently trading. Separately, on December 8, Credit Suisse’s Seth Sigman maintained a Buy rating on the stock and has a price target of $83.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Kate McShane and Seth Sigman have a yearly average return of 11.9% and 0.3% respectively. McShane has a success rate of 66% and is ranked #192 out of 4349 analysts, while Sigman has a success rate of 59% and is ranked #2555.

Overall, 5 research analysts have assigned a Hold rating and 7 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $80.63 which is 11.8% above where the stock closed last Friday.

Lowe’s Cos., Inc. is engaged in the retail sale of home improvement products. It offers products for maintenance, repair, remodeling, home decorating and property maintenance. The company also offers home improvement products in the following categories: appliances, bathroom, building supply, electrical, flooring, hardware, paint, kitchen, plumbing, lighting & fans, outdoor living, windows and doors.

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