Home Depot Stock Sees Institutional Boost as Earnings Exceed Expectations
Legacy Advisors LLC increased its holdings in The Home Depot, Inc. (NYSE:HD) by 89.8% during the second quarter, according to a recent filing with the SEC. The fund acquired an additional 3,238 shares of the home improvement retailer's stock, bringing its total to 6,845 shares worth $2,414,000 at the end of the period.
Other institutional investors have also made changes to their positions in HD. Gator Capital Management LLC purchased a new stake in Home Depot valued at about $3,693,000 in the fourth quarter. King Luther Capital Management Corp grew its stake by 0.6% during the same period and now owns 1,240,478 shares worth $426,848,000.
Analysts have been positive on Home Depot's recent earnings report, with UBS Group reducing their price target to $420.00 but maintaining a 'buy' rating for the company. Wall Street Zen upgraded its rating from 'sell' to 'hold', while JPMorgan Chase & Co. reduced their target price to $396.00 and set an 'overweight' rating.
Home Depot has reported quarterly earnings of $4.92 per share, beating analyst estimates by $0.19. Revenue increased 5.7% year over year, supported by professional-customer demand and improved digital fulfillment.