Home Depot (NYSE:HD) Shares Down 2.4% – Here’s Why

The Home Depot, Inc. (NYSE:HD) fell 2.4% on Friday . The stock traded as low as $399.45 and last traded at $401.52. 1,436,215 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 3,379,303 shares. The stock had previously closed at $411.58.

Analysts Set New Price Targets

HD has been the topic of several research reports. Evercore ISI reduced their price target on shares of Home Depot from $415.00 to $400.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. Truist Financial decreased their price target on shares of Home Depot from $396.00 to $395.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Royal Bank of Canada cut their price objective on Home Depot from $377.00 to $363.00 and set a “sector perform” rating on the stock in a research report on Wednesday, August 14th. Daiwa America upgraded Home Depot to a “hold” rating in a report on Thursday, August 15th. Finally, Telsey Advisory Group restated a “market perform” rating and set a $360.00 price target on shares of Home Depot in a report on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $398.54.

Home Depot Price Performance

The company has a debt-to-equity ratio of 11.74, a quick ratio of 0.33 and a current ratio of 1.15. The company has a market capitalization of $403.64 billion, a PE ratio of 27.32, a P/E/G ratio of 2.71 and a beta of 1.00. The company’s 50-day simple moving average is $372.30 and its 200-day simple moving average is $356.14.

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

Home Depot Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Thursday, August 29th were given a $2.25 dividend. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $9.00 dividend on an annualized basis and a yield of 2.21%. Home Depot’s dividend payout ratio (DPR) is 60.36%.

Institutional Trading of Home Depot

Hedge funds have recently made changes to their positions in the company. Fairway Wealth LLC purchased a new position in shares of Home Depot in the 2nd quarter valued at about $25,000. Frank Rimerman Advisors LLC acquired a new stake in shares of Home Depot during the 4th quarter valued at approximately $27,000. Kings Path Partners LLC purchased a new stake in shares of Home Depot during the 2nd quarter worth approximately $33,000. A.P. Gilfoyle & Co. L.P. acquired a new stake in shares of Home Depot in the 1st quarter worth approximately $38,000. Finally, Livelsberger Financial Advisory acquired a new position in Home Depot during the fourth quarter worth $39,000. Institutional investors and hedge funds own 70.86% of the company’s stock.

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.