Home Depot (NYSE:HD) Stock Price Down 0.6% – Here’s What Happened

The Home Depot, Inc. (NYSE:HD) dropped 0.6% on Thursday . The stock traded as low as $415.85 and last traded at $415.96. Approximately 395,488 shares traded hands during trading, a decline of 88% from the average daily volume of 3,364,417 shares. The stock had previously closed at $418.61.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on HD shares. Gordon Haskett upgraded Home Depot from an “accumulate” rating to a “buy” rating and set a $450.00 price objective for the company in a report on Wednesday, October 2nd. Guggenheim boosted their price objective on shares of Home Depot from $390.00 to $450.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Truist Financial upped their price objective on shares of Home Depot from $395.00 to $455.00 and gave the stock a “buy” rating in a report on Monday. Melius Research initiated coverage on Home Depot in a research note on Monday, September 23rd. They issued a “buy” rating and a $420.00 price target on the stock. Finally, Piper Sandler raised their price objective on Home Depot from $387.00 to $455.00 and gave the company an “overweight” rating in a research report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-two have assigned a buy rating to the company. Based on data from MarketBeat.com, Home Depot presently has an average rating of “Moderate Buy” and an average price target of $404.69.

Home Depot Stock Performance

The business’s fifty day moving average is $382.42 and its 200-day moving average is $357.80. The company has a quick ratio of 0.33, a current ratio of 1.15 and a debt-to-equity ratio of 11.74. The company has a market cap of $411.41 billion, a PE ratio of 27.90, a P/E/G ratio of 2.88 and a beta of 1.00.

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

Home Depot Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Thursday, August 29th were paid a dividend of $2.25 per share. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $9.00 dividend on an annualized basis and a dividend yield of 2.17%. Home Depot’s dividend payout ratio (DPR) is presently 60.36%.

Institutional Trading of Home Depot

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Fairway Wealth LLC purchased a new position in Home Depot in the 2nd quarter worth approximately $25,000. Kings Path Partners LLC purchased a new position in Home Depot during the second quarter valued at $33,000. Denver PWM LLC bought a new stake in Home Depot in the 2nd quarter valued at $40,000. Strategic Investment Solutions Inc. IL purchased a new stake in Home Depot in the 2nd quarter worth $47,000. Finally, Quarry LP grew its position in shares of Home Depot by 36.0% during the second quarter. Quarry LP now owns 136 shares of the home improvement retailer’s stock valued at $47,000 after purchasing an additional 36 shares in the last quarter. 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.