Home Depot (NYSE:HD) Shares Down 1.9% – Here’s What Happened

The Home Depot, Inc. (NYSE:HD)’s stock price dropped 1.9% during trading on Tuesday . The company traded as low as $389.05 and last traded at $395.38. Approximately 1,271,351 shares were traded during trading, a decline of 62% from the average daily volume of 3,348,991 shares. The stock had previously closed at $402.89.

Analysts Set New Price Targets

A number of research firms have recently commented on HD. Loop Capital raised shares of Home Depot from a “hold” rating to a “buy” rating and boosted their target price for the stock from $360.00 to $460.00 in a research note on Wednesday, October 9th. Stifel Nicolaus reduced their price objective on Home Depot from $380.00 to $375.00 and set a “hold” rating on the stock in a research note on Wednesday, August 14th. Morgan Stanley lifted their price target on shares of Home Depot from $380.00 to $450.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. TD Cowen raised their price objective on shares of Home Depot from $440.00 to $460.00 and gave the stock a “buy” rating in a report on Monday. Finally, JPMorgan Chase & Co. boosted their target price on Home Depot from $377.00 to $400.00 and gave the company an “overweight” rating in a report on Monday, August 5th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $413.48.

Home Depot Stock Down 1.6 %

The firm has a 50-day simple moving average of $390.61 and a two-hundred day simple moving average of $360.44. The stock has a market cap of $393.07 billion, a P/E ratio of 26.52, a PEG ratio of 2.78 and a beta of 1.00. The company has a current ratio of 1.15, a quick ratio of 0.33 and a debt-to-equity ratio of 11.74.

Home Depot (NYSE:HD) last issued its quarterly earnings results on Tuesday, August 13th. The home improvement retailer reported $4.67 EPS for the quarter, topping analysts’ consensus estimates of $4.59 by $0.08. Home Depot had a return on equity of 681.27% and a net margin of 9.71%. The company had revenue of $43.18 billion for the quarter, compared to analysts’ expectations of $42.57 billion. During the same quarter last year, the business earned $4.65 earnings per share. Home Depot’s revenue was up .6% on a year-over-year basis. Equities research analysts expect that The Home Depot, Inc. will post 15.01 earnings per share for the current fiscal year.

Home Depot Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Thursday, August 29th were paid a dividend of $2.25 per share. The ex-dividend date was Thursday, August 29th. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.27%. Home Depot’s payout ratio is presently 60.36%.

Institutional Investors Weigh In On Home Depot

Several institutional investors and hedge funds have recently made changes to their positions in HD. International Assets Investment Management LLC grew its position in shares of Home Depot by 51,250.1% during the 3rd quarter. International Assets Investment Management LLC now owns 8,779,833 shares of the home improvement retailer’s stock valued at $35,575,880,000 after acquiring an additional 8,762,735 shares during the period. Legal & General Group Plc lifted its stake in shares of Home Depot by 1.2% in the 2nd quarter. Legal & General Group Plc now owns 8,515,343 shares of the home improvement retailer’s stock valued at $2,931,328,000 after acquiring an additional 100,139 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Home Depot by 15.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,437,805 shares of the home improvement retailer’s stock valued at $2,853,143,000 after buying an additional 971,833 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of Home Depot by 2.5% during the second quarter. Ameriprise Financial Inc. now owns 5,774,083 shares of the home improvement retailer’s stock valued at $1,980,883,000 after buying an additional 138,396 shares during the period. Finally, Jennison Associates LLC raised its stake in Home Depot by 13.1% during the first quarter. Jennison Associates LLC now owns 4,917,286 shares of the home improvement retailer’s stock valued at $1,886,271,000 after buying an additional 569,690 shares during the last quarter. Institutional investors and hedge funds own 70.86% of the company’s stock.

About Home Depot

The Home Depot, Inc operates as a home improvement retailer in the United States and internationally. It sells various building materials, home improvement products, lawn and garden products, and décor products, as well as facilities maintenance, repair, and operations products. The company also offers installation services for flooring, water heaters, bath, garage doors, cabinets, cabinet makeovers, countertops, sheds, furnaces and central air systems, and windows.