Arrowstreet Capital Limited Partnership Reduces Stock Holdings in The Home Depot, Inc. (NYSE:HD)

Arrowstreet Capital Limited Partnership reduced its position in The Home Depot, Inc. (NYSE:HD) by 5.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,945,510 shares of the home improvement retailer’s stock after selling 112,543 shares during the period. Home Depot makes up approximately 0.6% of Arrowstreet Capital Limited Partnership’s holdings, making the stock its 24th largest holding. Arrowstreet Capital Limited Partnership’s holdings in Home Depot were worth $756,784,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Synergy Asset Management LLC bought a new position in Home Depot in the 4th quarter worth approximately $26,000. Wingate Wealth Advisors Inc. purchased a new stake in shares of Home Depot during the fourth quarter worth $28,000. Bradley & Co. Private Wealth Management LLC bought a new position in shares of Home Depot in the fourth quarter worth $32,000. Legacy Investment Solutions LLC purchased a new position in shares of Home Depot in the third quarter valued at $41,000. Finally, Marshall Investment Management LLC bought a new stake in shares of Home Depot during the 4th quarter valued at $41,000. 70.86% of the stock is currently owned by institutional investors.

Home Depot Stock Performance

Home Depot stock opened at $357.86 on Friday. The firm has a fifty day simple moving average of $389.98 and a two-hundred day simple moving average of $398.80. The company has a quick ratio of 0.31, a current ratio of 1.13 and a debt-to-equity ratio of 8.65. The Home Depot, Inc. has a twelve month low of $323.77 and a twelve month high of $439.37. The company has a market capitalization of $355.72 billion, a PE ratio of 24.31, a P/E/G ratio of 4.03 and a beta of 1.09.

Home Depot (NYSE:HD) last released its earnings results on Tuesday, February 25th. The home improvement retailer reported $3.13 earnings per share for the quarter, beating analysts’ consensus estimates of $3.04 by $0.09. The company had revenue of $39.70 billion during the quarter, compared to analyst estimates of $39.15 billion. Home Depot had a return on equity of 452.60% and a net margin of 9.45%. Home Depot’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.82 EPS. Research analysts expect that The Home Depot, Inc. will post 15.13 EPS for the current year.

Home Depot Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were paid a dividend of $2.30 per share. This represents a $9.20 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date was Thursday, March 13th. This is a positive change from Home Depot’s previous quarterly dividend of $2.25. Home Depot’s dividend payout ratio is 61.66%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on HD shares. Piper Sandler reduced their target price on Home Depot from $435.00 to $418.00 and set an “overweight” rating for the company in a report on Monday, March 24th. JPMorgan Chase & Co. boosted their price objective on shares of Home Depot from $450.00 to $475.00 and gave the company an “overweight” rating in a research note on Monday, February 10th. Guggenheim reiterated a “buy” rating and issued a $450.00 target price on shares of Home Depot in a research note on Wednesday, February 26th. Royal Bank of Canada reduced their price target on shares of Home Depot from $431.00 to $424.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. Finally, Truist Financial lowered their price objective on Home Depot from $467.00 to $437.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Nine equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $435.85.

Home Depot Company Profile

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.