Home Depot (NYSE:HD) Trading Down 3.7% – Here’s What Happened

The Home Depot, Inc. (NYSE:HD) was down 3.7% on Thursday . The stock traded as low as $351.71 and last traded at $357.29. Approximately 1,759,470 shares traded hands during trading, a decline of 49% from the average daily volume of 3,435,818 shares. The stock had previously closed at $370.89.

Wall Street Analyst Weigh In

HD has been the topic of several recent analyst reports. JPMorgan Chase & Co. boosted their target price on Home Depot from $450.00 to $475.00 and gave the stock an “overweight” rating in a report on Monday, February 10th. HSBC raised Home Depot from a “reduce” rating to a “hold” rating and boosted their price objective for the stock from $356.00 to $410.00 in a research note on Wednesday, February 26th. Guggenheim reaffirmed 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 decreased their price target on shares of Home Depot from $431.00 to $424.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. Finally, Piper Sandler reduced their price objective on Home Depot from $435.00 to $418.00 and set an “overweight” rating on the stock in a report on Monday, March 24th. Ten analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Home Depot currently has an average rating of “Moderate Buy” and an average price target of $435.85.

Home Depot Trading Down 0.6 %

The company has a current ratio of 1.13, a quick ratio of 0.31 and a debt-to-equity ratio of 8.65. The firm has a fifty day simple moving average of $384.89 and a two-hundred day simple moving average of $398.15. The stock has a market cap of $351.67 billion, a PE ratio of 24.03, a PEG ratio of 4.03 and a beta of 1.08.

Home Depot (NYSE:HD) last issued its earnings results on Tuesday, February 25th. The home improvement retailer reported $3.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.04 by $0.09. The business 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 prior year, the firm earned $2.82 earnings per share. As a group, equities analysts expect that The Home Depot, Inc. will post 15.13 earnings per share for the current fiscal year.

Home Depot Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were given a dividend of $2.30 per share. The ex-dividend date was Thursday, March 13th. This represents a $9.20 annualized dividend and a yield of 2.60%. This is a positive change from Home Depot’s previous quarterly dividend of $2.25. Home Depot’s dividend payout ratio (DPR) is currently 61.66%.

Institutional Trading of Home Depot

Several institutional investors have recently bought and sold shares of HD. Norges Bank purchased a new stake in shares of Home Depot in the 4th quarter worth $5,032,910,000. Raymond James Financial Inc. purchased a new stake in Home Depot in the 4th quarter worth about $2,212,546,000. Proficio Capital Partners LLC lifted its position in shares of Home Depot by 21,394.9% during the fourth quarter. Proficio Capital Partners LLC now owns 2,039,862 shares of the home improvement retailer’s stock worth $793,486,000 after purchasing an additional 2,030,372 shares during the last quarter. Northern Trust Corp grew its stake in Home Depot by 13.3% in the fourth quarter. Northern Trust Corp now owns 12,149,890 shares of the home improvement retailer’s stock worth $4,726,186,000 after purchasing an additional 1,424,857 shares in the last quarter. Finally, Castlekeep Investment Advisors LLC bought a new stake in shares of Home Depot in the 4th quarter valued at about $471,189,000. 70.86% of the stock is owned by hedge funds and other institutional investors.

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.