Home Depot Stock Sold by Representative Kevin Hern Amid Higher Mortgage Rates
Representative Kevin Hern of Oklahoma recently made several stock trades, including selling shares of Home Depot (NYSE:HD). According to a filing disclosed on September 25th, he sold between $15,001 and $50,000 in Home Depot stock on September 14th. This was one of several trades he made that day, as he also sold shares of CenterPoint Energy (NYSE:CNP), TJX Companies (NYSE:TJX), STERIS (NYSE:STE), Seagate Technology (NASDAQ:STX), NextEra Energy (NYSE:NEE), Marsh & McLennan Companies (NYSE:MRSH), IQVIA (NYSE:IQV), Emerson Electric (NYSE:EMR), and Devon Energy (NYSE:DVN).
The sale of Home Depot shares was reported after the company's quarterly earnings results were released on August 18th. The retailer posted $4.92 earnings per share for the quarter, beating the consensus estimate of $4.73. Revenue also exceeded expectations at $47.86 billion, up 5.7% year over year.
However, Home Depot's stock performance has been affected by higher mortgage rates, which have weakened housing activity and reduced home purchases. Analysts are warning that a potential rise in mortgage rates could further impact the company's sales.