Empowered Funds LLC Takes a Big Bet on Home Improvement Retailer

Empowered Funds LLC made a significant investment in The Home Depot, Inc. (NYSE:HD) during the second quarter, purchasing 133,854 shares valued at approximately $47,208,000. This new stake is part of a broader trend of institutional investors buying into the home improvement retailer.

According to the company's most recent Form 13F filing with the Securities & Exchange Commission, Empowered Funds LLC acquired this new stake in The Home Depot. Other institutional investors and hedge funds have also increased their stakes in the company, with Parvin Asset Management LLC lifting its stake by 110% in the third quarter.

The positive sentiment surrounding The Home Depot is driven by several factors, including its recent quarterly results that exceeded expectations, with earnings of $4.92 per share versus the $4.73 consensus and revenue of $47.86 billion, up 5.7% year over year.