Summit X LLC Reduces Stock Holdings in The Home Depot, Inc. (NYSE:HD)

Summit X LLC cut its holdings in shares of The Home Depot, Inc. (NYSE:HD) by 3.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,835 shares of the home improvement retailer’s stock after selling 70 shares during the quarter. Summit X LLC’s holdings in Home Depot were worth $714,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of HD. Synergy Asset Management LLC purchased a new stake in Home Depot during the 4th quarter worth approximately $26,000. Wingate Wealth Advisors Inc. bought a new stake in shares of Home Depot in the 4th quarter valued at approximately $28,000. Bradley & Co. Private Wealth Management LLC bought a new stake in shares of Home Depot in the 4th quarter valued at approximately $32,000. NewSquare Capital LLC increased its holdings in shares of Home Depot by 200.0% in the 4th quarter. NewSquare Capital LLC now owns 102 shares of the home improvement retailer’s stock valued at $40,000 after acquiring an additional 68 shares during the last quarter. Finally, Legacy Investment Solutions LLC bought a new stake in shares of Home Depot in the 3rd quarter valued at approximately $41,000. 70.86% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on HD. Bank of America upped their price objective on Home Depot from $425.00 to $450.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Robert W. Baird reduced their price objective on Home Depot from $440.00 to $430.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Piper Sandler decreased their target price on Home Depot from $455.00 to $435.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Mizuho increased their target price on Home Depot from $435.00 to $440.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, KGI Securities upgraded Home Depot to a “strong-buy” rating in a research note on Monday, March 3rd. Nine analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $436.50.

Home Depot Price Performance

Shares of HD stock opened at $368.49 on Wednesday. The company has a debt-to-equity ratio of 8.65, a quick ratio of 0.31 and a current ratio of 1.13. The Home Depot, Inc. has a fifty-two week low of $323.77 and a fifty-two week high of $439.37. The firm has a market cap of $366.04 billion, a P/E ratio of 25.03, a P/E/G ratio of 4.03 and a beta of 1.09. The business’s 50 day moving average price is $399.50 and its 200-day moving average price is $400.03.

Home Depot (NYSE:HD) last announced its quarterly earnings data on Tuesday, February 25th. The home improvement retailer reported $3.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.04 by $0.09. The business had revenue of $39.70 billion during the quarter, compared to analysts’ expectations of $39.15 billion. Home Depot had a return on equity of 452.60% and a net margin of 9.45%. The firm’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.82 earnings per share. On average, equities research analysts anticipate that The Home Depot, Inc. will post 15.13 earnings per share for the current year.

Home Depot Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be given a dividend of $2.30 per share. This represents a $9.20 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date is Thursday, March 13th. This is a boost from Home Depot’s previous quarterly dividend of $2.25. Home Depot’s dividend payout ratio is 61.66%.

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.