Huntington National Bank Increases Holdings in HP Inc. (NYSE:HPQ)

Huntington National Bank raised its stake in HP Inc. (NYSE:HPQ) by 13.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 81,015 shares of the computer maker’s stock after acquiring an additional 9,591 shares during the period. Huntington National Bank’s holdings in HP were worth $2,906,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of HP by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock valued at $3,649,919,000 after acquiring an additional 3,062,441 shares during the last quarter. Wedge Capital Management L L P NC bought a new position in HP in the 2nd quarter worth about $62,672,000. DME Capital Management LP increased its holdings in HP by 108.7% during the 2nd quarter. DME Capital Management LP now owns 3,373,030 shares of the computer maker’s stock worth $118,124,000 after purchasing an additional 1,757,070 shares during the period. Primecap Management Co. CA raised its holdings in shares of HP by 6.2% in the second quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock valued at $786,237,000 after acquiring an additional 1,319,731 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of HP by 11.3% in the 2nd quarter. Legal & General Group Plc now owns 10,710,450 shares of the computer maker’s stock valued at $375,079,000 after purchasing an additional 1,089,848 shares in the last quarter. 77.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on HPQ shares. Morgan Stanley cut their price objective on shares of HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Citigroup downgraded HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective on the stock. in a research report on Tuesday, October 1st. UBS Group boosted their target price on shares of HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Loop Capital cut their price objective 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. Finally, JPMorgan Chase & Co. increased their target price on shares of HP from $38.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, HP presently has a consensus rating of “Hold” and an average price target of $35.55.

Insider Buying and Selling

In other HP news, CEO Enrique Lores sold 211,501 shares of the company’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 sale, the chief executive officer now owns 3 shares in the company, valued at approximately $99.48. This represents a 100.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.41% of the stock is currently owned by corporate insiders.

HP Trading Up 0.6 %

NYSE:HPQ opened at $36.72 on Friday. The firm has a fifty day simple moving average of $35.91 and a 200-day simple moving average of $34.92. HP Inc. has a 12 month low of $27.42 and a 12 month high of $39.52. The company has a market capitalization of $35.39 billion, a P/E ratio of 12.88, a PEG ratio of 2.52 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 for the quarter, missing the consensus estimate 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 analysts’ expectations of $13.37 billion. During the same quarter in the previous year, the firm posted $0.86 EPS. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. Equities analysts forecast that HP Inc. will post 3.39 EPS for the current year.

HP declared that its Board of Directors has authorized a stock 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 reacquire up to 28.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

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.