Shares of HD Supply Holdings Inc (NASDAQ:HDS) shot up 6.3% during mid-day trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $40.26 and last traded at $38.80. 8,922,918 shares were traded during mid-day trading, an increase of 228% from the average session volume of 2,720,937 shares. The stock had previously closed at $36.49.
The industrial products company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.15. HD Supply had a net margin of 9.31% and a return on equity of 49.76%. The company had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter last year, the business posted $0.83 EPS. The firm’s revenue for the quarter was up 7.5% on a year-over-year basis.
HD Supply announced that its Board of Directors has authorized a share repurchase plan on Tuesday, August 29th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of Montreal Can grew its position in shares of HD Supply by 865.7% in the 2nd quarter. Bank of Montreal Can now owns 15,046 shares of the industrial products company’s stock worth $461,000 after buying an additional 13,488 shares during the last quarter. Creative Planning grew its position in shares of HD Supply by 15.2% in the 2nd quarter. Creative Planning now owns 3,800 shares of the industrial products company’s stock worth $116,000 after buying an additional 500 shares during the last quarter. Aperio Group LLC grew its position in shares of HD Supply by 8.0% in the 2nd quarter. Aperio Group LLC now owns 35,206 shares of the industrial products company’s stock worth $1,078,000 after buying an additional 2,613 shares during the last quarter. Shell Asset Management Co. grew its position in shares of HD Supply by 97.5% in the 2nd quarter. Shell Asset Management Co. now owns 17,274 shares of the industrial products company’s stock worth $529,000 after buying an additional 8,529 shares during the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD purchased a new position in shares of HD Supply in the 2nd quarter worth approximately $425,000.
The company has a quick ratio of 1.41, a current ratio of 2.04 and a debt-to-equity ratio of 3.57. The firm has a market capitalization of $7,350.00, a PE ratio of 14.26, a PEG ratio of 0.82 and a beta of 1.40.
About HD Supply
HD Supply Holdings, Inc is an industrial distributor in North America. The Company’s segments include Facilities Maintenance, Construction & Industrial-White Cap, and Corporate. As of January 29, 2017, the Company operated through approximately 500 locations across 48 states in the United States and six Canadian provinces.
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