Grimes & Company Inc. Invests $205,000 in HP Inc. (NYSE:HPQ)

Grimes & Company Inc. acquired a new stake in shares of HP Inc. (NYSE:HPQ) during the third quarter, HoldingsChannel reports. The institutional investor acquired 5,711 shares of the computer maker’s stock, valued at approximately $205,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Triad Wealth Partners LLC acquired a new stake in shares of HP in the second quarter worth approximately $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in HP during the second quarter worth approximately $34,000. Wolff Wiese Magana LLC boosted its holdings in shares of HP by 115.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker’s stock valued at $35,000 after purchasing an additional 518 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in shares of HP during the 3rd quarter valued at $37,000. Finally, DecisionPoint Financial LLC acquired a new stake in shares of HP during the 2nd quarter worth $43,000. Hedge funds and other institutional investors own 77.53% of the company’s stock.

Insider Buying and Selling at HP

In other news, CEO Enrique Lores sold 211,501 shares of the 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 owns 3 shares of the company’s stock, valued at approximately $99.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.41% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Morgan Stanley reduced their price objective on HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. JPMorgan Chase & Co. lifted their price target 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. Loop Capital dropped 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 reduced 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. Finally, Bank of America downgraded HP from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $35.55.

HP Trading Up 1.1 %

Shares of NYSE HPQ opened at $36.88 on Friday. HP Inc. has a 12-month low of $25.67 and a 12-month high of $39.52. The company has a market cap of $35.54 billion, a price-to-earnings ratio of 12.94, a price-to-earnings-growth ratio of 2.64 and a beta of 1.07. The stock’s 50 day simple moving average is $35.48 and its 200 day simple moving average is $34.04.

HP (NYSE:HPQ) last announced its quarterly earnings results 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 during the quarter, compared to analyst estimates of $13.37 billion. HP had a net margin of 5.33% and a negative return on equity of 266.37%. HP’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.86 EPS. As a group, equities analysts forecast that HP Inc. will post 3.39 earnings per share for the current fiscal year.

HP announced that its Board of Directors has authorized a stock buyback plan on Wednesday, August 28th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the computer maker to reacquire up to 28.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is 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.