Van ECK Associates Corp Grows Position in HP Inc. (NYSE:HPQ)

Van ECK Associates Corp raised its position in shares of HP Inc. (NYSE:HPQ) by 6.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,550 shares of the computer maker’s stock after buying an additional 2,139 shares during the quarter. Van ECK Associates Corp’s holdings in HP were worth $1,346,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Triad Wealth Partners LLC purchased a new position in HP during the 2nd quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in HP during the 2nd quarter valued at approximately $34,000. Wolff Wiese Magana LLC lifted its stake 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 position in shares of HP in the 3rd quarter worth approximately $37,000. Finally, DecisionPoint Financial LLC bought a new position in shares of HP during the 2nd quarter valued at approximately $43,000. Hedge funds and other institutional investors own 77.53% of the company’s stock.

Insider Buying and Selling

In related news, CEO Enrique Lores sold 211,501 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following the sale, the chief executive officer now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have commented on HPQ. Citigroup lowered shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a research note on Tuesday, October 1st. UBS Group upped their price target on shares of HP from $34.00 to $37.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Morgan Stanley decreased their price objective on shares of HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. Bank of America cut HP from a “buy” rating to a “neutral” rating and set a $37.00 target price on the stock. in a research note on Friday, September 27th. Finally, Barclays decreased their price target on HP from $33.00 to $32.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, HP currently has a consensus rating of “Hold” and an average price target of $35.55.

HP Trading Up 2.3 %

Shares of HPQ opened at $37.67 on Tuesday. The firm has a market capitalization of $36.30 billion, a P/E ratio of 12.92, a P/E/G ratio of 2.52 and a beta of 1.07. HP Inc. has a 12-month low of $27.42 and a 12-month high of $39.52. The firm has a fifty day moving average price of $35.77 and a 200-day moving average price of $34.77.

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). HP had a negative return on equity of 266.37% and a net margin of 5.33%. The business had revenue of $13.52 billion during the quarter, compared to analysts’ expectations of $13.37 billion. During the same period last year, the company earned $0.86 earnings per share. The firm’s revenue was up 2.4% compared to the same quarter last year. Analysts predict that HP Inc. will post 3.39 earnings per share for the current year.

HP announced that its Board of Directors has authorized a share repurchase plan on Wednesday, August 28th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the computer maker to buy up to 28.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors 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.