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Key Points
- Marvin Ellison’s stake in Lowe’s has grown by $37.31 million this year, boosted by a 22.41% rise in the company’s stock.
- Lowe’s stock rally pushed the company’s market cap over $150 billion, benefiting shareholders, including CEO Marvin Ellison.
- Despite a 3.92% sales decline, Lowe’s stock surged, reflecting investor confidence and adding millions to Ellison’s wealth.
Marvin Ellison, the chairman, president, and CEO of Lowe’s Companies, has experienced a substantial increase in his stake in the U.S. home improvement retailer this year, with gains surpassing $37 million fueled by a rally in the stock market.
Ellison holds a 0.13 percent stake in Lowe’s, equivalent to 748,000 shares. The market value of his stake has risen by $37.31 million year-to-date, as the company’s stock gained strength on the New York Stock Exchange, reflecting robust investor confidence in its performance.
Lowe’s 2024 market rally adds millions to Marvin Ellison’s wealth
Lowe’s Companies Inc., a leading force in the home improvement sector, operates more than 2,200 stores across the U.S. and Canada, employing over 300,000 associates.
As of May 3, 2024, the company’s footprint spans 1,746 locations, encompassing 194.9 million square feet of retail space.
Since the beginning of 2024, Lowe’s shares have risen by 22.41 percent, climbing from $222.55 to $272.43. This surge has propelled the company’s market capitalization above $150 billion, yielding significant returns for shareholders, including CEO Marvin Ellison.
Ellison has notably benefited from this growth, with the value of his stake in Lowe’s increasing by $37.3 million, from $166.47 million to $203.78 million. This boost further solidifies his position among the wealthiest Black CEOs in the U.S. and top-ranking Black executives globally.
Your Money and Your Life
Lowe’s stock has appreciated by 22.41 percent year-to-date, turning a $100,000 investment at the start of the year into $122,410, reflecting a profit of $22,410.
This gain comes despite a 3.92 percent decline in Lowe’s sales, which totaled $65.12 billion for the first nine months of 2024, as consumers pulled back on big-ticket purchases.
These results highlight Lowe’s ability to deliver strong returns even amidst a challenging retail landscape, further solidifying Ellison’s position among the wealthiest Black CEOs both in the U.S. and globally.
