Intech Investment Management LLC Increases Holdings in HP Inc. (NYSE:HPQ)

Intech Investment Management LLC raised its position in HP Inc. (NYSE:HPQ) by 0.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 163,510 shares of the computer maker’s stock after acquiring an additional 923 shares during the quarter. Intech Investment Management LLC’s holdings in HP were worth $5,865,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. King Luther Capital Management Corp boosted its holdings in shares of HP by 3.2% in the third quarter. King Luther Capital Management Corp now owns 9,635 shares of the computer maker’s stock worth $346,000 after buying an additional 303 shares during the last quarter. Citizens Financial Group Inc. RI lifted its position in HP by 4.3% during the third quarter. Citizens Financial Group Inc. RI now owns 13,239 shares of the computer maker’s stock valued at $479,000 after purchasing an additional 544 shares in the last quarter. Ontario Teachers Pension Plan Board bought a new stake in HP during the third quarter valued at about $805,000. First Horizon Advisors Inc. increased its position in HP by 3.4% in the third quarter. First Horizon Advisors Inc. now owns 567,799 shares of the computer maker’s stock worth $20,367,000 after buying an additional 18,665 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its stake in shares of HP by 0.3% in the third quarter. Advisors Asset Management Inc. now owns 641,409 shares of the computer maker’s stock worth $23,007,000 after buying an additional 2,120 shares during the period. 77.53% of the stock is owned by hedge funds and other institutional investors.

HP Stock Up 0.6 %

HPQ stock opened at $38.13 on Friday. The firm has a 50 day moving average of $36.36 and a 200 day moving average of $35.31. HP Inc. has a 52 week low of $27.42 and a 52 week high of $39.52. The stock has a market capitalization of $36.75 billion, a PE ratio of 13.38, a price-to-earnings-growth ratio of 2.52 and a beta of 1.07.

HP (NYSE:HPQ) last posted its earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.03). The business had revenue of $13.52 billion for the quarter, compared to analyst estimates of $13.37 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.86 earnings per share. On average, equities research analysts expect that HP Inc. will post 3.39 earnings per share for the current year.

HP announced that its board has approved a share buyback plan on Wednesday, August 28th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the computer maker to buy up to 28.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other HP news, CEO Enrique Lores sold 211,501 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $33.16, for a total value of $7,013,373.16. Following the transaction, the chief executive officer now owns 3 shares in the company, valued at approximately $99.48. This trade represents a 100.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.41% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on HPQ shares. Bank of America cut shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a research note on Friday, September 27th. Loop Capital dropped their price objective on HP from $37.00 to $35.00 and set a “hold” rating for the company in a research note on Thursday, September 5th. Barclays lowered their price target on HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Morgan Stanley reduced their price objective on shares of HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 29th. Finally, Citigroup downgraded shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $35.45.

HP Profile

HP Inc provides products, technologies, software, solutions, and services to individual consumers, small- and medium-sized businesses, and large enterprises, including customers in the government, health, and education sectors worldwide. It operates through Personal Systems and Printing segments. The Personal Systems segment offers commercial personal computers (PCs), consumer PCs, workstations, thin clients, commercial tablets and mobility devices, retail point-of-sale systems, displays and other related accessories, software, support, and services for the commercial and consumer markets.