Fairscale Capital LLC Makes New $46,000 Investment in HP Inc. (NYSE:HPQ)

Fairscale Capital LLC purchased a new stake in shares of HP Inc. (NYSE:HPQ) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,217 shares of the computer maker’s stock, valued at approximately $46,000.

A number of other hedge funds have also modified their holdings of HPQ. Vanguard Group Inc. grew its stake in HP by 2.6% in the first quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock valued at $3,649,919,000 after purchasing an additional 3,062,441 shares in the last quarter. Schroder Investment Management Group grew its stake in shares of HP by 1,472.4% in the 4th quarter. Schroder Investment Management Group now owns 2,264,081 shares of the computer maker’s stock valued at $68,126,000 after buying an additional 2,120,096 shares in the last quarter. Wedge Capital Management L L P NC acquired a new position in HP in the second quarter worth approximately $62,672,000. DAVENPORT & Co LLC raised its position in HP by 10,188.2% during the first quarter. DAVENPORT & Co LLC now owns 1,777,912 shares of the computer maker’s stock valued at $53,680,000 after acquiring an additional 1,760,631 shares in the last quarter. Finally, KBC Group NV lifted its stake in HP by 181.6% in the fourth quarter. KBC Group NV now owns 2,263,542 shares of the computer maker’s stock valued at $68,110,000 after acquiring an additional 1,459,775 shares during the last quarter. 77.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity at HP

In other HP news, CEO Enrique Lores sold 211,501 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 3 shares in the company, valued at approximately $99.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.41% of the company’s stock.

HP Trading Down 0.2 %

Shares of HP stock opened at $34.76 on Monday. HP Inc. has a 1 year low of $25.22 and a 1 year high of $39.52. The company’s fifty day simple moving average is $35.15 and its 200-day simple moving average is $33.06. The company has a market cap of $34.01 billion, a price-to-earnings ratio of 11.74, a PEG ratio of 2.23 and a beta of 1.07.

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

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

Analyst Ratings Changes

Several research analysts have recently commented on HPQ shares. Loop Capital dropped their price target on shares of HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. Citigroup raised their target price on HP from $35.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Barclays decreased their price target on HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. Wells Fargo & Company raised their price objective on HP from $25.00 to $30.00 and gave the company an “underweight” rating in a research note on Thursday, May 30th. Finally, Morgan Stanley decreased their target price on HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, HP currently has a consensus rating of “Hold” and a consensus price target of $35.55.

HP Company 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.