1620 Investment Advisors Inc. Decreases Stock Holdings in The Home Depot, Inc. (NYSE:HD)

1620 Investment Advisors Inc. reduced its position in The Home Depot, Inc. (NYSE:HD) by 3.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,140 shares of the home improvement retailer’s stock after selling 78 shares during the quarter. 1620 Investment Advisors Inc.’s holdings in Home Depot were worth $867,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Cornerstone Wealth Group LLC raised its stake in Home Depot by 1.9% in the 3rd quarter. Cornerstone Wealth Group LLC now owns 37,403 shares of the home improvement retailer’s stock valued at $15,156,000 after purchasing an additional 690 shares during the last quarter. Seaside Wealth Management Inc. acquired a new position in Home Depot in the 3rd quarter valued at $208,000. JFS Wealth Advisors LLC raised its stake in Home Depot by 12.8% in the 3rd quarter. JFS Wealth Advisors LLC now owns 6,274 shares of the home improvement retailer’s stock valued at $2,542,000 after purchasing an additional 714 shares during the last quarter. SteelPeak Wealth LLC raised its stake in Home Depot by 23.2% in the 3rd quarter. SteelPeak Wealth LLC now owns 25,010 shares of the home improvement retailer’s stock valued at $10,134,000 after purchasing an additional 4,716 shares during the last quarter. Finally, Pinnacle Associates Ltd. raised its stake in Home Depot by 3.3% in the 3rd quarter. Pinnacle Associates Ltd. now owns 150,079 shares of the home improvement retailer’s stock valued at $60,812,000 after purchasing an additional 4,743 shares during the last quarter. 70.86% of the stock is owned by institutional investors and hedge funds.

Home Depot Stock Performance

Shares of Home Depot stock opened at $393.80 on Friday. The business has a 50-day moving average of $392.17 and a 200 day moving average of $361.25. The Home Depot, Inc. has a 12 month low of $281.61 and a 12 month high of $421.56. The stock has a market capitalization of $390.50 billion, a price-to-earnings ratio of 26.41, a price-to-earnings-growth ratio of 2.78 and a beta of 1.00. The company has a debt-to-equity ratio of 11.74, a current ratio of 1.15 and a quick ratio of 0.33.

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

Home Depot Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Thursday, August 29th were paid a $2.25 dividend. This represents a $9.00 annualized dividend and a dividend yield of 2.29%. The ex-dividend date of this dividend was Thursday, August 29th. Home Depot’s payout ratio is presently 60.36%.

Analysts Set New Price Targets

HD has been the subject of several recent research reports. Gordon Haskett raised Home Depot from an “accumulate” rating to a “buy” rating and set a $450.00 price objective for the company in a research note on Wednesday, October 2nd. Sanford C. Bernstein initiated coverage on Home Depot in a research note on Tuesday, October 22nd. They issued a “market perform” rating and a $451.00 price objective for the company. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $360.00 target price on shares of Home Depot in a research note on Thursday, September 12th. Piper Sandler raised their target price on Home Depot from $387.00 to $455.00 and gave the stock an “overweight” rating in a research note on Monday, September 30th. Finally, TD Cowen raised their target price on Home Depot from $440.00 to $460.00 and gave the stock a “buy” rating in a research note on Monday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-two have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $413.48.

Home Depot 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.