The Home Depot, Inc. (NYSE:HD) Stake Lowered by Grassi Investment Management

Posted by Defense World Staff on Jun 23rd, 2023

Grassi Investment Management cut its stake in shares of The Home Depot, Inc. (NYSE:HD – Get Rating) by 0.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 37,330 shares of the home improvement retailer’s stock after selling 215 shares during the quarter. Home Depot makes up 1.4% of Grassi Investment Management’s portfolio, making the stock its 24th largest holding. Grassi Investment Management’s holdings in Home Depot were worth $11,017,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Fairfield Bush & CO. acquired a new position in shares of Home Depot during the first quarter worth approximately $27,000. Glassy Mountain Advisors Inc. acquired a new position in shares of Home Depot during the fourth quarter worth approximately $30,000. Studio Investment Management LLC acquired a new position in shares of Home Depot during the fourth quarter worth approximately $32,000. Align Wealth Management LLC acquired a new position in shares of Home Depot during the fourth quarter worth approximately $30,000. Finally, EWG Elevate Inc. acquired a new position in shares of Home Depot during the fourth quarter worth approximately $36,000. 69.91% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Citigroup cut their target price on Home Depot from $332.00 to $327.00 in a research report on Wednesday, May 10th. Wells Fargo & Company upped their target price on Home Depot from $325.00 to $345.00 in a research report on Thursday, June 8th. Credit Suisse Group cut their target price on Home Depot from $320.00 to $310.00 in a research report on Wednesday, May 17th. StockNews.com assumed coverage on Home Depot in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Finally, The Goldman Sachs Group cut their target price on Home Depot from $340.00 to $330.00 in a research report on Tuesday, May 16th. Thirteen research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $323.43.

Insider Transactions at Home Depot

In related news, EVP Hector A. Padilla sold 1,502 shares of the company’s stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $293.09, for a total value of $440,221.18. Following the completion of the sale, the executive vice president now directly owns 13,958 shares in the company, valued at $4,090,950.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.19% of the stock is currently owned by company insiders.

Home Depot Trading Up 0.2 %

NYSE HD opened at $301.19 on Friday. The Home Depot, Inc. has a 1-year low of $265.61 and a 1-year high of $347.25. The company has a current ratio of 1.27, a quick ratio of 0.28 and a debt-to-equity ratio of 113.02. The company has a market capitalization of $302.81 billion, a PE ratio of 18.35, a price-to-earnings-growth ratio of 1.93 and a beta of 0.93. The firm’s fifty day simple moving average is $294.48 and its 200-day simple moving average is $303.80.

Home Depot (NYSE:HD – Get Rating) last posted its quarterly earnings results on Tuesday, May 16th. The home improvement retailer reported $3.82 earnings per share for the quarter, topping analysts’ consensus estimates of $3.80 by $0.02. Home Depot had a net margin of 10.75% and a return on equity of 1,936.63%. The business had revenue of $37.26 billion for the quarter, compared to the consensus estimate of $38.35 billion. During the same period in the prior year, the business posted $4.09 earnings per share. Home Depot’s revenue for the quarter was down 4.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that The Home Depot, Inc. will post 14.97 earnings per share for the current fiscal year.

Home Depot Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st were paid a $2.09 dividend. This represents a $8.36 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend was Wednesday, May 31st. Home Depot’s dividend payout ratio (DPR) is presently 50.94%.

Home Depot Profile

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The Home Depot, Inc operates as a home improvement retailer. 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.