Home Depot (NYSE:HD) Stock Price Up 1.6% Following Better-Than-Expected Earnings

The Home Depot, Inc. (NYSE:HD) rose 1.6% on Wednesday following a stronger than expected earnings report. The stock traded as high as $412.74 and last traded at $409.52. Approximately 816,432 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 3,372,059 shares. The stock had previously closed at $403.08.

The home improvement retailer reported $3.78 EPS for the quarter, beating the consensus estimate of $3.64 by $0.14. Home Depot had a return on equity of 452.60% and a net margin of 9.45%. The company had revenue of $40.22 billion during the quarter, compared to analysts’ expectations of $39.31 billion. During the same quarter in the previous year, the business earned $3.81 EPS. The firm’s revenue was up 6.6% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. UBS Group lifted their price target on shares of Home Depot from $400.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Barclays raised their target price on shares of Home Depot from $372.00 to $420.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Evercore ISI increased their price target on Home Depot from $420.00 to $430.00 and gave the company an “outperform” rating in a report on Wednesday. Morgan Stanley boosted their price objective on Home Depot from $380.00 to $450.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Finally, Mizuho upped their target price on Home Depot from $435.00 to $440.00 and gave the stock an “outperform” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $426.00.

Hedge Funds Weigh In On Home Depot

Hedge funds and other institutional investors have recently modified their holdings of the stock. Fisher Asset Management LLC grew its holdings in shares of Home Depot by 2.2% during the third quarter. Fisher Asset Management LLC now owns 9,426,649 shares of the home improvement retailer’s stock valued at $3,819,679,000 after buying an additional 205,954 shares in the last quarter. International Assets Investment Management LLC boosted its position in Home Depot by 51,250.1% during the 3rd quarter. International Assets Investment Management LLC now owns 8,779,833 shares of the home improvement retailer’s stock worth $35,575,880,000 after acquiring an additional 8,762,735 shares during the period. FMR LLC increased its holdings in shares of Home Depot by 10.1% in the 3rd quarter. FMR LLC now owns 8,679,237 shares of the home improvement retailer’s stock valued at $3,516,827,000 after purchasing an additional 795,438 shares during the period. Legal & General Group Plc increased its holdings in shares of Home Depot by 1.2% in the 2nd quarter. Legal & General Group Plc now owns 8,515,343 shares of the home improvement retailer’s stock valued at $2,931,328,000 after purchasing an additional 100,139 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Home Depot by 15.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,437,805 shares of the home improvement retailer’s stock worth $2,853,143,000 after purchasing an additional 971,833 shares in the last quarter. Institutional investors and hedge funds own 70.86% of the company’s stock.

Home Depot Stock Performance

The firm’s fifty day moving average is $396.76 and its 200 day moving average is $365.25. The firm has a market capitalization of $407.64 billion, a price-to-earnings ratio of 27.83, a PEG ratio of 2.79 and a beta of 1.01. The company has a debt-to-equity ratio of 8.65, a current ratio of 1.13 and a quick ratio of 0.33.

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.