Summit Global Investments Grows Stake in The Home Depot, Inc. (NYSE:HD)

Summit Global Investments lifted its holdings in shares of The Home Depot, Inc. (NYSE:HD) by 27.2% in the third quarter, Holdings Channel.com reports. The fund owned 11,160 shares of the home improvement retailer’s stock after purchasing an additional 2,389 shares during the period. Summit Global Investments’ holdings in Home Depot were worth $4,522,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Fairway Wealth LLC bought a new position in Home Depot in the 2nd quarter worth $25,000. Kings Path Partners LLC purchased a new position in shares of Home Depot during the second quarter valued at about $33,000. Denver PWM LLC bought a new position in Home Depot in the second quarter worth about $40,000. Livelsberger Financial Advisory purchased a new stake in Home Depot in the third quarter worth about $46,000. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in Home Depot in the second quarter worth about $47,000. Institutional investors own 70.86% of the company’s stock.

Home Depot Stock Up 2.8 %

Shares of Home Depot stock opened at $399.41 on Friday. The Home Depot, Inc. has a twelve month low of $286.79 and a twelve month high of $421.56. 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’s 50 day moving average is $393.80 and its 200 day moving average is $363.10. The company has a market cap of $396.73 billion, a price-to-earnings ratio of 26.88, a price-to-earnings-growth ratio of 2.74 and a beta of 1.01.

Home Depot (NYSE:HD) last released its quarterly earnings results on Tuesday, August 13th. The home improvement retailer reported $4.67 earnings per share for the quarter, beating the consensus estimate of $4.59 by $0.08. Home Depot had a return on equity of 733.61% 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 period in the prior year, the firm earned $4.65 EPS. The company’s revenue was up .6% compared to the same quarter last year. Research analysts anticipate that The Home Depot, Inc. will post 15.01 EPS for the current year.

Home Depot Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders 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 2.25%. Home Depot’s dividend payout ratio is currently 60.57%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on HD. Sanford C. Bernstein started coverage on Home Depot in a research report on Tuesday, October 22nd. They issued a “market perform” rating and a $451.00 target price for the company. Morgan Stanley increased their price objective on Home Depot from $380.00 to $450.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Piper Sandler boosted their target price on shares of Home Depot from $387.00 to $455.00 and gave the company an “overweight” rating in a report on Monday, September 30th. Jefferies Financial Group initiated coverage on shares of Home Depot in a research note on Tuesday, July 16th. They issued a “buy” rating and a $426.00 price target for the company. Finally, Daiwa America raised shares of Home Depot to a “hold” rating in a research note on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Home Depot presently has an average rating of “Moderate Buy” and an average target price of $420.04.

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.