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Home Depot (HD - Free Report) closed at $353.91 in the latest trading session, marking a +1.11% move from the prior day. The stock's change was more than the S&P 500's daily gain of 1.04%. Elsewhere, the Dow saw an upswing of 0.76%, while the tech-heavy Nasdaq appreciated by 1.03%.
The home-improvement retailer's stock has climbed by 3.07% in the past month, exceeding the Retail-Wholesale sector's loss of 8.36% and the S&P 500's loss of 6.74%.
Market participants will be closely following the financial results of Home Depot in its upcoming release. The company plans to announce its earnings on August 13, 2024. The company's earnings per share (EPS) are projected to be $4.59, reflecting a 1.29% decrease from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $42.51 billion, indicating a 0.94% decrease compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates project earnings of $15.28 per share and a revenue of $154.02 billion, demonstrating changes of +1.13% and +0.88%, respectively, from the preceding year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Home Depot. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.01% lower. Right now, Home Depot possesses a Zacks Rank of #3 (Hold).
With respect to valuation, Home Depot is currently being traded at a Forward P/E ratio of 22.91. This indicates a premium in contrast to its industry's Forward P/E of 16.08.
Meanwhile, HD's PEG ratio is currently 2.42. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Building Products - Retail was holding an average PEG ratio of 2.62 at yesterday's closing price.
The Building Products - Retail industry is part of the Retail-Wholesale sector. This group has a Zacks Industry Rank of 85, putting it in the top 34% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Home Depot (HD) Laps the Stock Market: Here's Why
Home Depot (HD - Free Report) closed at $353.91 in the latest trading session, marking a +1.11% move from the prior day. The stock's change was more than the S&P 500's daily gain of 1.04%. Elsewhere, the Dow saw an upswing of 0.76%, while the tech-heavy Nasdaq appreciated by 1.03%.
The home-improvement retailer's stock has climbed by 3.07% in the past month, exceeding the Retail-Wholesale sector's loss of 8.36% and the S&P 500's loss of 6.74%.
Market participants will be closely following the financial results of Home Depot in its upcoming release. The company plans to announce its earnings on August 13, 2024. The company's earnings per share (EPS) are projected to be $4.59, reflecting a 1.29% decrease from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $42.51 billion, indicating a 0.94% decrease compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates project earnings of $15.28 per share and a revenue of $154.02 billion, demonstrating changes of +1.13% and +0.88%, respectively, from the preceding year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Home Depot. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.01% lower. Right now, Home Depot possesses a Zacks Rank of #3 (Hold).
With respect to valuation, Home Depot is currently being traded at a Forward P/E ratio of 22.91. This indicates a premium in contrast to its industry's Forward P/E of 16.08.
Meanwhile, HD's PEG ratio is currently 2.42. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Building Products - Retail was holding an average PEG ratio of 2.62 at yesterday's closing price.
The Building Products - Retail industry is part of the Retail-Wholesale sector. This group has a Zacks Industry Rank of 85, putting it in the top 34% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.