Summit Asset Management LLC Has $2.34 Million Stock Position in The Home Depot, Inc. (NYSE:HD)

Summit Asset Management LLC lifted its holdings in shares of The Home Depot, Inc. (NYSE:HD) by 16.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,771 shares of the home improvement retailer’s stock after purchasing an additional 830 shares during the quarter. Summit Asset Management LLC’s holdings in Home Depot were worth $2,338,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of HD. Fairway Wealth LLC acquired a new stake in shares of Home Depot in the second quarter valued at approximately $25,000. Kings Path Partners LLC acquired a new stake in Home Depot in the 2nd quarter valued at $33,000. Denver PWM LLC acquired a new position in shares of Home Depot during the 2nd quarter worth about $40,000. Livelsberger Financial Advisory bought a new position in shares of Home Depot in the 3rd quarter valued at about $46,000. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in shares of Home Depot in the second quarter valued at about $47,000. 70.86% of the stock is currently owned by institutional investors and hedge funds.

Home Depot Price Performance

Shares of NYSE:HD opened at $410.39 on Thursday. The company has a debt-to-equity ratio of 8.65, a quick ratio of 0.33 and a current ratio of 1.13. The Home Depot, Inc. has a 52 week low of $300.14 and a 52 week high of $421.56. The firm has a market cap of $407.64 billion, a PE ratio of 27.88, a price-to-earnings-growth ratio of 2.79 and a beta of 1.01. The firm’s fifty day moving average is $396.76 and its 200-day moving average is $365.25.

Home Depot (NYSE:HD) last announced its earnings results on Tuesday, November 12th. 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 business had revenue of $40.22 billion for the quarter, compared to analysts’ expectations of $39.31 billion. During the same period in the prior year, the business posted $3.81 earnings per share. The firm’s revenue was up 6.6% on a year-over-year basis. Sell-side analysts predict that The Home Depot, Inc. will post 14.99 earnings per share for the current year.

Analyst Ratings Changes

HD has been the topic of several recent analyst reports. Morgan Stanley boosted their price target on Home Depot from $380.00 to $450.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. Barclays boosted their price target on Home Depot from $372.00 to $420.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Daiwa America upgraded Home Depot to a “hold” rating in a research note on Thursday, August 15th. Gordon Haskett raised shares of Home Depot from an “accumulate” rating to a “buy” rating and set a $450.00 price objective on the stock in a research report on Wednesday, October 2nd. Finally, Loop Capital upgraded shares of Home Depot from a “hold” rating to a “buy” rating and raised their target price for the stock from $360.00 to $460.00 in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $426.00.

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.