Hourglass Capital LLC Sells 663 Shares of HP Inc. (NYSE:HPQ)

Hourglass Capital LLC trimmed its position in shares of HP Inc. (NYSE:HPQ) by 0.5% during the 3rd quarter, HoldingsChannel.com reports. The firm 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 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in HPQ. Oppenheimer & Co. Inc. grew its holdings in HP by 24.9% during the 1st quarter. Oppenheimer & Co. Inc. now owns 26,995 shares of the computer maker’s stock valued at $816,000 after purchasing an additional 5,380 shares during the last quarter. Entropy Technologies LP bought a new position in HP during the 1st quarter valued at about $801,000. State Board of Administration of Florida Retirement System boosted its position in HP by 13.2% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 1,279,870 shares of the computer maker’s stock valued at $37,564,000 after buying an additional 148,812 shares during the period. Foundry Partners LLC purchased a new stake in HP in the 1st quarter valued at about $315,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in HP by 20.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,032,645 shares of the computer maker’s stock valued at $31,207,000 after buying an additional 173,338 shares during the period. 77.53% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on HPQ. Loop Capital lowered their price objective on shares of HP from $37.00 to $35.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. Barclays lowered 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. 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 report on Friday, September 27th. Citigroup cut shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a research report on Tuesday, October 1st. Finally, UBS Group upped 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, HP has an average rating of “Hold” and a consensus price target of $35.55.

HP Price Performance

NYSE:HPQ opened at $36.81 on Thursday. The firm has a market capitalization of $35.47 billion, a P/E ratio of 12.92, a PEG ratio of 2.54 and a beta of 1.07. HP Inc. has a 1-year low of $27.42 and a 1-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 released its quarterly earnings data on Wednesday, August 28th. The computer maker reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.03). The business 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 firm’s revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.86 EPS. Equities analysts anticipate that HP Inc. will post 3.39 EPS for the current fiscal year.

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

Insider Transactions at HP

In other news, CEO Enrique Lores sold 211,501 shares of the 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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.41% of the company’s stock.

About HP

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.