Mutual Advisors LLC Has $2.18 Million Position in HP Inc. (NYSE:HPQ)

Mutual Advisors LLC lessened its stake in HP Inc. (NYSE:HPQ) by 4.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 59,672 shares of the computer maker’s stock after selling 2,724 shares during the period. Mutual Advisors LLC’s holdings in HP were worth $2,176,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Argyle Capital Management Inc. grew its position in shares of HP by 12.8% in the 3rd quarter. Argyle Capital Management Inc. now owns 31,675 shares of the computer maker’s stock valued at $1,136,000 after buying an additional 3,600 shares during the last quarter. Diversify Advisory Services LLC bought a new stake in shares of HP during the 3rd quarter valued at about $228,000. Integrated Advisors Network LLC boosted its position in shares of HP by 8.6% during the 3rd quarter. Integrated Advisors Network LLC now owns 90,990 shares of the computer maker’s stock valued at $3,264,000 after purchasing an additional 7,230 shares in the last quarter. abrdn plc boosted its position in shares of HP by 1.7% during the 3rd quarter. abrdn plc now owns 1,412,225 shares of the computer maker’s stock valued at $50,381,000 after purchasing an additional 23,319 shares in the last quarter. Finally, Old Port Advisors boosted its position in shares of HP by 3.4% during the 3rd quarter. Old Port Advisors now owns 9,612 shares of the computer maker’s stock valued at $345,000 after purchasing an additional 317 shares in the last quarter. Institutional investors own 77.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. upped their target price on HP from $38.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Barclays cut their price target on HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Morgan Stanley cut their price target on HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Citigroup lowered HP from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a report on Tuesday, October 1st. Finally, UBS Group increased their price target on HP from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $35.55.

Insider Buying and Selling at HP

In other news, CEO Enrique Lores sold 211,501 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly owns 3 shares of the company’s stock, valued at $99.48. This trade 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 at the SEC website. 0.41% of the stock is owned by corporate insiders.

HP Trading Down 2.8 %

Shares of HPQ opened at $35.52 on Friday. The company has a market capitalization of $34.23 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 2.64 and a beta of 1.07. The stock has a 50 day moving average of $35.64 and a 200 day moving average of $34.30. HP Inc. has a 12 month low of $25.95 and a 12 month high of $39.52.

HP (NYSE:HPQ) last issued its quarterly 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 business had revenue of $13.52 billion for the quarter, compared to analysts’ expectations of $13.37 billion. During the same period in the previous year, the business posted $0.86 earnings per share. The business’s revenue was up 2.4% compared to the same quarter last year. As a group, equities research analysts predict that HP Inc. will post 3.39 earnings per share for the current year.

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

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.