Hourglass Capital LLC Cuts Stock Holdings in HP Inc. (NYSE:HPQ)

Hourglass Capital LLC decreased its position in shares of HP Inc. (NYSE:HPQ) by 0.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 133,305 shares of the computer maker’s stock after selling 663 shares during the quarter. Hourglass Capital LLC’s holdings in HP were worth $4,782,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in HPQ. Oppenheimer & Co. Inc. boosted its holdings in HP by 24.9% in the first quarter. Oppenheimer & Co. Inc. now owns 26,995 shares of the computer maker’s stock worth $816,000 after purchasing an additional 5,380 shares during the last quarter. Entropy Technologies LP purchased a new stake in HP in the first quarter worth approximately $801,000. State Board of Administration of Florida Retirement System boosted its holdings in HP by 13.2% in the first quarter. State Board of Administration of Florida Retirement System now owns 1,279,870 shares of the computer maker’s stock worth $37,564,000 after purchasing an additional 148,812 shares during the last quarter. Foundry Partners LLC purchased a new stake in HP in the first quarter worth approximately $315,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in HP by 20.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,032,645 shares of the computer maker’s stock worth $31,207,000 after purchasing an additional 173,338 shares during the last quarter. Hedge funds and other institutional investors own 77.53% of the company’s stock.

Insiders Place Their Bets

In other HP news, CEO Enrique Lores sold 211,501 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now owns 3 shares in the company, valued at $99.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.41% of the company’s stock.

HP Price Performance

Shares of HPQ stock opened at $36.81 on Thursday. The company has a market capitalization of $35.47 billion, a price-to-earnings ratio of 12.92, a PEG ratio of 2.54 and a beta of 1.07. HP Inc. has a one year low of $27.42 and a one year high of $39.52. The company’s fifty day moving average price is $35.84 and its 200-day moving average price is $34.90.

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

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

Analyst Ratings Changes

HPQ has been the topic of several research reports. Barclays dropped their target price on shares of HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Bank of America downgraded shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a research report on Friday, September 27th. UBS Group increased their price target on shares of HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Citigroup downgraded shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a research report on Tuesday, October 1st. Finally, Loop Capital decreased their price target on shares of HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, HP has an average rating of “Hold” and an average 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.