Thornburg Cuts Stake in Home Depot, Selling $163M Worth of Shares
Thornburg Investment Management Inc., a significant institutional investor in The Home Depot, Inc. (NYSE:HD), has reduced its stake in the company's shares by 10.8% during the second quarter. According to the latest SEC filing, Thornburg sold 56,114 shares of HD stock, resulting in an ownership position of 464,895 shares after the quarter. This represents about 1.6% of Thornburg Investment Management Inc.'s investment portfolio and makes Home Depot its 19th largest holding.
The market value of Thornburg's holdings in Home Depot at the end of the most recent reporting period was $163,959,000. In addition to Thornburg, other institutional investors have also made changes to their positions in Home Depot during the quarter. For example, Advocate Investing Services LLC purchased a new stake valued at approximately $25,000 and Zeit Capital LLC acquired a new position worth $26,000.
Recent operating results for Home Depot remain a support for its shares, with the company exceeding quarterly earnings and revenue expectations in August. However, concerns about a weak housing environment and higher borrowing costs may limit demand for big-ticket projects at Home Depot and Lowe's.