Home Depot Sees Strong Turnaround as Connor Clark & Lunn Invests Heavily

Connor Clark & Lunn Investment Management Ltd., an investment firm, has acquired a new stake in The Home Depot, Inc. (NYSE:HD) worth approximately $77.97 million. This move was disclosed by the company with the Securities and Exchange Commission during the second quarter.

The firm purchased 221,090 shares of The Home Depot's stock, marking its entry into the home improvement retailer's market. Other large investors have also increased their stakes in The Home Depot over the past few quarters, including Curio Wealth LLC, Moneco Advisors LLC, and Noesis Capital Management Corp.

The Home Depot has seen a significant turnaround in recent times, with its fiscal second-quarter sales reaching $47.86 billion, representing a 5.7% year-over-year increase. The company's adjusted earnings per share of $4.92 exceeded analyst estimates of $4.73, bolstering the view that its turnaround is gaining traction.