Flputnam Cuts Stake in Home Depot Amid Housing Market Concerns
Flputnam Investment Management Co., a financial institution, recently filed its Form 13F with the Securities and Exchange Commission. The filing showed that Flputnam lowered its position in shares of Home Depot, Inc. (NYSE:HD) by 36.4% during the second quarter. Specifically, they sold 35,764 shares, reducing their total holdings to 62,423 shares.
The value of these holdings at the end of the second quarter was $22,015,000. Flputnam is not the only institution that has adjusted its position in Home Depot; several others have also made changes. Provident Trust Co., for instance, increased its stake by 9.9% during the same period, growing its shares to 831,190.
The institutional ownership of Home Depot stands at around 70.86%. Despite some cautionary views on the housing market and its potential impact on home improvement retailers like Home Depot, the company has shown resilience in its quarterly earnings reports. In fact, it exceeded expectations with a revenue growth of 5.7% year-over-year.