Beacon Cuts Home Depot Stake Amid Market Volatility
Beacon Investment Advisory Services Inc., a financial services firm, revealed that it reduced its stake in The Home Depot, Inc. by 78.3% during the second quarter of this year. According to the company's latest Form 13F filing with the Securities and Exchange Commission (SEC), Beacon owned 9,425 shares of HD stock after selling 33,998 shares during the period. The firm's holdings in Home Depot were valued at $3.324 million at the end of the most recent quarter.
The reduction in stake was not an isolated incident as several other hedge funds have also modified their positions in Home Depot. Bank of Nova Scotia acquired a new position worth $118,723,000 during the second quarter, while Gator Capital Management LLC bought a new stake valued at $3,693,000 in the fourth quarter.
The Home Depot's stock price has fluctuated over time, with shares opening at $313.58 on Wednesday. The company's market capitalization stands at $312.86 billion, and it boasts a P/E ratio of 21.94 and a beta of 0.95. Additionally, the company has announced a quarterly dividend of $2.33 per share, which will be paid to investors on September 17th.