Los Angeles Capital Management LLC Sells 222,270 Shares of HP Inc. (NYSE:HPQ)

Los Angeles Capital Management LLC cut its holdings in HP Inc. (NYSE:HPQ) by 85.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 37,298 shares of the computer maker’s stock after selling 222,270 shares during the quarter. Los Angeles Capital Management LLC’s holdings in HP were worth $1,338,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Entropy Technologies LP bought a new position in shares of HP in the 1st quarter worth $801,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of HP by 20.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,032,645 shares of the computer maker’s stock valued at $31,207,000 after buying an additional 173,338 shares during the last quarter. Blair William & Co. IL lifted its position in shares of HP by 33.0% during the first quarter. Blair William & Co. IL now owns 283,068 shares of the computer maker’s stock valued at $8,554,000 after buying an additional 70,271 shares during the last quarter. Tocqueville Asset Management L.P. grew its position in shares of HP by 7.9% in the 1st quarter. Tocqueville Asset Management L.P. now owns 7,791 shares of the computer maker’s stock worth $235,000 after buying an additional 570 shares during the last quarter. Finally, M&G Plc bought a new position in shares of HP during the 1st quarter worth approximately $17,762,000. 77.53% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

HPQ has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price target on shares of HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. UBS Group upped their target price on HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Morgan Stanley decreased their price target on 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 downgraded shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective on the stock. in a report on Friday, September 27th. Finally, Barclays lowered their target price on shares of 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 given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $35.55.

HP Price Performance

HPQ stock opened at $36.50 on Friday. The company has a market capitalization of $35.17 billion, a P/E ratio of 12.81, a price-to-earnings-growth ratio of 2.54 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’s fifty day simple moving average is $35.87 and its 200-day simple moving average is $34.91.

HP (NYSE:HPQ) last posted 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 business had revenue of $13.52 billion during the quarter, compared to analysts’ expectations 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 period in the previous year, the company posted $0.86 earnings per share. As a group, sell-side analysts forecast that HP Inc. will post 3.39 earnings per share for the current year.

HP announced that its Board of Directors has initiated a share buyback program on Wednesday, August 28th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the computer maker to repurchase up to 28.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Activity at HP

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 owned by company insiders.

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.