Home Depot (NYSE:HD) Trading Down 3.1% – Here’s Why

The Home Depot, Inc. (NYSE:HD)’s share price dropped 3.1% during mid-day trading on Thursday . The stock traded as low as $352.53 and last traded at $351.13. Approximately 1,397,618 shares traded hands during trading, a decline of 58% from the average daily volume of 3,330,968 shares. The stock had previously closed at $362.43.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on HD. Piper Sandler lowered their price objective on shares of Home Depot from $455.00 to $435.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Royal Bank of Canada cut their target price on 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. Mizuho lifted their target price on Home Depot from $435.00 to $440.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Bank of America increased their price objective on Home Depot from $425.00 to $450.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. raised their target price 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. Nine investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $436.50.

Home Depot Trading Down 4.6 %

The firm has a market capitalization of $343.60 billion, a P/E ratio of 23.50, a PEG ratio of 4.03 and a beta of 1.09. The firm has a 50 day simple moving average of $399.01 and a two-hundred day simple moving average of $399.78. The company has a debt-to-equity ratio of 8.65, a quick ratio of 0.31 and a current ratio of 1.13.

Home Depot (NYSE:HD) last announced its earnings results on Tuesday, February 25th. The home improvement retailer reported $3.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.04 by $0.09. The firm 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%. The business’s revenue was up 14.1% compared to the same quarter last year. During the same period last year, the firm posted $2.82 EPS. Equities research analysts forecast that The Home Depot, Inc. will post 15.13 earnings per share for the current year.

Home Depot Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th will be paid a $2.30 dividend. This is a positive change from Home Depot’s previous quarterly dividend of $2.25. This represents a $9.20 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend is Thursday, March 13th. Home Depot’s dividend payout ratio is currently 61.66%.

Hedge Funds Weigh In On Home Depot

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Synergy Asset Management LLC purchased a new position in shares of Home Depot in the fourth quarter worth about $26,000. Wingate Wealth Advisors Inc. purchased a new position in Home Depot during the 4th quarter valued at $28,000. Navigoe LLC bought a new position in Home Depot in the 4th quarter worth $29,000. Bradley & Co. Private Wealth Management LLC purchased a new stake in shares of Home Depot in the 4th quarter worth about $32,000. Finally, Quarry LP boosted its stake in shares of Home Depot by 220.0% during the 4th quarter. Quarry LP now owns 96 shares of the home improvement retailer’s stock valued at $37,000 after purchasing an additional 66 shares in the last quarter. Hedge funds and other institutional investors own 70.86% of the company’s stock.

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.