The Home Depot, Inc. (NYSE:HD) Sees Significant Decrease in Short Interest

The Home Depot, Inc. (NYSE:HD) was the target of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 10,570,000 shares, a decrease of 6.1% from the October 15th total of 11,260,000 shares. Currently, 1.1% of the shares of the stock are short sold. Based on an average daily volume of 3,300,000 shares, the days-to-cover ratio is currently 3.2 days.

Insider Activity

In related news, EVP Teresa Wynn Roseborough sold 22,084 shares of Home Depot stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $408.91, for a total transaction of $9,030,368.44. Following the completion of the sale, the executive vice president now owns 20,404 shares in the company, valued at approximately $8,343,399.64. This trade represents a 51.98 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.10% of the company’s stock.

Institutional Trading of Home Depot

Large investors have recently modified their holdings of the business. Fairway Wealth LLC purchased a new stake in Home Depot during the 2nd quarter worth approximately $25,000. Kings Path Partners LLC bought a new stake in shares of Home Depot in the second quarter worth $33,000. Denver PWM LLC acquired a new stake in Home Depot in the second quarter valued at $40,000. Legacy Investment Solutions LLC bought a new position in Home Depot during the 3rd quarter valued at $41,000. Finally, Livelsberger Financial Advisory acquired a new position in Home Depot during the 3rd quarter worth $46,000. 70.86% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. UBS Group lifted their price target on shares of Home Depot from $400.00 to $425.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Oppenheimer lifted their target price on shares of Home Depot from $345.00 to $400.00 and gave the stock a “market perform” rating in a research note on Tuesday, September 24th. Bank of America increased their price target on Home Depot from $425.00 to $450.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Gordon Haskett upgraded Home Depot from an “accumulate” rating to a “buy” rating and set a $450.00 price objective on the stock in a report on Wednesday, October 2nd. Finally, Truist Financial upped their target price on Home Depot from $459.00 to $465.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $426.00.

Home Depot Price Performance

HD stock opened at $406.88 on Wednesday. The firm has a market cap of $404.15 billion, a P/E ratio of 27.64, a price-to-earnings-growth ratio of 2.84 and a beta of 1.01. 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 has a 1 year low of $302.34 and a 1 year high of $421.56. The stock has a 50-day simple moving average of $401.13 and a 200-day simple moving average of $367.78.

Home Depot (NYSE:HD) last issued its quarterly earnings data on Tuesday, November 12th. The home improvement retailer reported $3.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.64 by $0.14. Home Depot had a net margin of 9.45% and a return on equity of 452.60%. The company had revenue of $40.22 billion during the quarter, compared to the consensus estimate of $39.31 billion. During the same quarter last year, the company earned $3.81 earnings per share. Home Depot’s revenue for the quarter was up 6.6% on a year-over-year basis. On average, equities analysts predict that Home Depot will post 15.12 earnings per share for the current fiscal year.

Home Depot Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Wednesday, November 27th will be issued a $2.25 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $9.00 dividend on an annualized basis and a yield of 2.21%. Home Depot’s dividend payout ratio is currently 61.14%.

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.