Home Depot misses profit estimates, shares fall

01 Mars, 2019, 02:09 | Auteur: Auguste Feret
  • You Know Things Are Looking Bad for Home Depot When Even the Bulls Retreat

Sales at US outlets open for at least 52 weeks rose 3.7 percent in the fourth quarter, below analysts' average forecast of a 4.5 percent increase. Home Depot had a return on equity of 664.88% and a net margin of 10.00%. Analysts had anticipated earnings of $2.16 a share, according to Refinitiv. The company noted that the fourth quarter included 14 weeks compared to 13 weeks in the prior year. "We know that spend for homes that are 40 years and older is 30 percent greater than spend on homes less than 10 years", she told analysts on the company call.

The current quarter was also nicked by a one-time charge or 16 cents per share. This represents a $5.44 dividend on an annualized basis and a yield of 2.92%.

Shares of the largest USA home improvement retailer fell 3 percent, with losses limited by the promise of $15 billion in share buybacks and a 32 percent boost to its dividend.

A Home Depot store in El Cerrito, Calif., on August 14, 2018.

A number of equities analysts recently commented on HD shares. Edward Jones upgraded Home Depot from a "hold" rating to a "buy" rating in a research report on Wednesday, February 13th.

Those declines can ripple out to companies that sell materials such as Home Depot and its rival, Lowe's, which slid in tandem with Home Depot in early trading. Zacks Investment Research raised shares of Home Depot from a hold rating to a buy rating and set a $180.00 price objective for the company in a report on Monday, December 31st. The stock has an average rating of Buy and an average target price of $204.67. The company now has an average rating of "Buy" and a consensus target price of $204.67. The stock was sold at an average price of $177.45, for a total value of $1,278,172.35. Following the sale, the executive vice president now directly owns 23,109 shares of the company's stock, valued at $4,100,692.05.

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In other news, EVP Ann Marie Campbell sold 13,457 shares of the business's stock in a transaction on Thursday, November 29th. That's far short of the per-share earnings of US$2.22 Wall Street was looking for, according to a survey by FactSet, though an extra week in the period helped push profit and sales higher. Following the sale, the executive vice president now directly owns 56,198 shares in the company, valued at $9,702,022.72. The disclosure for this sale can be found here. Inverness Counsel LLC NY now owns 195,396 shares of the home improvement retailer's stock worth $38,122,000 after buying an additional 4,532 shares during the last quarter.

Institutional investors have recently added to or reduced their stakes in the stock.

A Home Depot store is seen in Long Beach, California, U.S., September 8, 2016. Inverness Counsel LLC NY lifted its position in Home Depot by 2.4% in the 2nd quarter. Legal & General Group Plc now owns 5,490,507 shares of the home improvement retailer's stock worth $943,315,000 after purchasing an additional 360,641 shares during the last quarter.

Supply stores like Home Depot can often thrive when new home sales dip because people will buy existing homes, rather than new.

Home Depot executives, however, pointed to upbeat statistics for the home-improvement industry including American's rising equity in their homes and the age of US homes.

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