King Luther Capital Management Corp Raises Holdings in HP Inc. (NYSE:HPQ)

King Luther Capital Management Corp increased its position in HP Inc. (NYSE:HPQ) by 3.2% during the third quarter, Holdings Channel.com reports. The institutional investor owned 9,635 shares of the computer maker’s stock after purchasing an additional 303 shares during the period. King Luther Capital Management Corp’s holdings in HP were worth $346,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new stake in shares of HP during the 3rd quarter worth approximately $25,000. Triad Wealth Partners LLC bought a new position in HP during the second quarter valued at $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of HP in the 2nd quarter worth $34,000. Wolff Wiese Magana LLC grew 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 worth $35,000 after buying an additional 518 shares in the last quarter. Finally, ORG Wealth Partners LLC bought a new stake in shares of HP in the 3rd quarter worth about $37,000. 77.53% of the stock is owned by institutional investors.

HP Stock Performance

HP stock opened at $38.13 on Friday. The company has a market capitalization of $36.75 billion, a PE ratio of 13.38, a P/E/G ratio of 2.61 and a beta of 1.07. The company has a 50 day moving average price of $36.36 and a 200-day moving average price of $35.35. HP Inc. has a fifty-two week low of $27.42 and a fifty-two week high of $39.52.

HP (NYSE:HPQ) last issued its earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share 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 analysts’ expectations of $13.37 billion. HP had a negative return on equity of 266.37% and a net margin of 5.33%. HP’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.86 earnings per share. On average, analysts forecast that HP Inc. will post 3.39 earnings per share for the current year.

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on HPQ shares. JPMorgan Chase & Co. dropped their price target on HP from $42.00 to $41.00 and set an “overweight” rating for the company in a research report on Wednesday. UBS Group boosted 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. 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 research report on Friday, September 27th. Citigroup cut shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price objective on the stock. in a research report on Tuesday, October 1st. Finally, Loop Capital dropped their price target on shares of HP from $37.00 to $35.00 and set a “hold” rating for the company in a research note on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $35.45.

Insider Buying and Selling at HP

In other news, CEO Enrique Lores sold 211,501 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $33.16, for a total transaction of $7,013,373.16. Following the transaction, the chief executive officer now directly owns 3 shares in the company, valued at approximately $99.48. This trade represents a 100.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.41% of the company’s stock.

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.