Ieq Capital LLC Boosts Stock Position in HP Inc. (NYSE:HPQ)

Ieq Capital LLC lifted its position in HP Inc. (NYSE:HPQ) by 22.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 60,524 shares of the computer maker’s stock after purchasing an additional 11,038 shares during the quarter. Ieq Capital LLC’s holdings in HP were worth $2,120,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of HPQ. WMG Financial Advisors LLC raised its position in HP by 4.2% during the 2nd quarter. WMG Financial Advisors LLC now owns 7,835 shares of the computer maker’s stock worth $274,000 after buying an additional 315 shares during the last quarter. J.W. Cole Advisors Inc. lifted its position in HP by 2.9% during the second quarter. J.W. Cole Advisors Inc. now owns 12,296 shares of the computer maker’s stock valued at $431,000 after purchasing an additional 345 shares during the period. Massmutual Trust Co. FSB ADV boosted its holdings in HP by 11.6% in the second quarter. Massmutual Trust Co. FSB ADV now owns 3,568 shares of the computer maker’s stock valued at $125,000 after purchasing an additional 372 shares during the last quarter. Jacobi Capital Management LLC grew its position in HP by 1.2% during the 1st quarter. Jacobi Capital Management LLC now owns 34,228 shares of the computer maker’s stock worth $1,034,000 after purchasing an additional 390 shares during the period. Finally, Whittier Trust Co. raised its stake in shares of HP by 1.6% during the 2nd quarter. Whittier Trust Co. now owns 25,776 shares of the computer maker’s stock valued at $903,000 after buying an additional 402 shares during the last quarter. Institutional investors and hedge funds own 77.53% of the company’s stock.

HP Stock Down 0.2 %

HPQ stock opened at $34.76 on Friday. HP Inc. has a 52 week low of $25.22 and a 52 week high of $39.52. The firm has a 50-day simple moving average of $35.15 and a 200-day simple moving average of $33.04. The stock has a market capitalization of $34.01 billion, a P/E ratio of 11.74, a P/E/G ratio of 2.23 and a beta of 1.07.

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

HP declared that its board has authorized a share buyback program on Wednesday, August 28th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the computer maker to reacquire up to 28.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other news, CEO Enrique Lores sold 211,501 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were 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 directly owns 3 shares of the company’s stock, valued at $99.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.41% of the stock is currently owned by corporate insiders.

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.