Hourglass Capital LLC Sells 2,825 Shares of HP Inc. (NYSE:HPQ)

Hourglass Capital LLC cut its stake in shares of HP Inc. (NYSE:HPQ) by 2.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 133,968 shares of the computer maker’s stock after selling 2,825 shares during the quarter. Hourglass Capital LLC’s holdings in HP were worth $4,692,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Treasurer of the State of North Carolina grew its stake in shares of HP by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 401,809 shares of the computer maker’s stock valued at $12,090,000 after buying an additional 4,102 shares during the period. Daiwa Securities Group Inc. grew its stake in HP by 27.5% in the first quarter. Daiwa Securities Group Inc. now owns 106,316 shares of the computer maker’s stock valued at $3,213,000 after acquiring an additional 22,909 shares during the period. State of Alaska Department of Revenue increased its holdings in shares of HP by 85.9% during the first quarter. State of Alaska Department of Revenue now owns 174,585 shares of the computer maker’s stock valued at $5,275,000 after acquiring an additional 80,670 shares in the last quarter. Swiss National Bank raised its position in shares of HP by 1.4% during the first quarter. Swiss National Bank now owns 2,819,100 shares of the computer maker’s stock worth $85,193,000 after purchasing an additional 37,800 shares during the period. Finally, CenterBook Partners LP bought a new position in shares of HP in the 4th quarter worth $981,000. 77.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on HPQ. Morgan Stanley lowered 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. Barclays dropped their price target on shares of HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 29th. Loop Capital decreased their price objective on HP from $37.00 to $35.00 and set a “hold” rating for the company in a report on Thursday. JPMorgan Chase & Co. raised their target price on HP from $38.00 to $42.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Finally, Wells Fargo & Company upped their price target on HP from $25.00 to $30.00 and gave the stock an “underweight” rating in a report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, HP has a consensus rating of “Hold” and a consensus price target of $35.55.

Insider Buying and Selling at HP

In other HP news, insider Alex Cho sold 173,137 shares of the business’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $36.11, for a total value of $6,251,977.07. Following the sale, the insider now directly owns 64,676 shares in the company, valued at $2,335,450.36. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.41% of the stock is owned by corporate insiders.

HP Price Performance

Shares of HP stock opened at $34.47 on Friday. The stock has a fifty day moving average price of $35.45 and a 200-day moving average price of $32.62. The firm has a market cap of $33.73 billion, a PE ratio of 11.62, a P/E/G ratio of 2.32 and a beta of 1.09. HP Inc. has a 1 year low of $25.22 and a 1 year high of $39.52.

HP (NYSE:HPQ) last posted its quarterly earnings data on Wednesday, August 28th. The computer maker reported $0.83 earnings per share (EPS) 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 company had revenue of $13.52 billion for the quarter, compared to analysts’ expectations of $13.37 billion. During the same quarter last year, the business posted $0.86 EPS. The business’s quarterly revenue was up 2.4% on a year-over-year basis. As a group, equities analysts anticipate that HP Inc. will post 3.4 EPS for the current fiscal year.

HP Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Wednesday, September 11th will be issued a dividend of $0.2756 per share. This represents a $1.10 annualized dividend and a yield of 3.20%. The ex-dividend date is Wednesday, September 11th. HP’s dividend payout ratio (DPR) is 37.16%.

HP announced that its Board of Directors has approved a share buyback plan on Wednesday, August 28th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the computer maker to purchase up to 28.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is 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.