King Luther Capital Management Corp Buys 303 Shares of HP Inc. (NYSE:HPQ)

King Luther Capital Management Corp lifted its stake in HP Inc. (NYSE:HPQ) by 3.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,635 shares of the computer maker’s stock after purchasing an additional 303 shares during the quarter. King Luther Capital Management Corp’s holdings in HP were worth $346,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of HPQ. LVW Advisors LLC raised its holdings in HP by 1.2% in the third quarter. LVW Advisors LLC now owns 23,884 shares of the computer maker’s stock worth $857,000 after buying an additional 278 shares during the last quarter. Castleview Partners LLC raised its holdings in HP by 8.1% in the 3rd quarter. Castleview Partners LLC now owns 3,856 shares of the computer maker’s stock worth $138,000 after acquiring an additional 289 shares during the last quarter. Versant Capital Management Inc lifted its position in HP by 5.9% in the 3rd quarter. Versant Capital Management Inc now owns 5,321 shares of the computer maker’s stock valued at $191,000 after acquiring an additional 297 shares in the last quarter. Arvest Investments Inc. boosted its stake in HP by 0.9% during the 3rd quarter. Arvest Investments Inc. now owns 34,355 shares of the computer maker’s stock valued at $1,232,000 after purchasing an additional 310 shares during the last quarter. Finally, WMG Financial Advisors LLC increased its holdings in shares of HP by 4.2% in the 2nd quarter. WMG Financial Advisors LLC now owns 7,835 shares of the computer maker’s stock worth $274,000 after purchasing an additional 315 shares in the last quarter. Institutional investors own 77.53% of the company’s stock.

HP Stock Performance

NYSE:HPQ opened at $38.13 on Friday. The stock has a 50-day simple moving average of $36.36 and a two-hundred day simple moving average of $35.35. HP Inc. has a 52-week low of $27.42 and a 52-week high of $39.52. The firm 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.

HP (NYSE:HPQ) last released its earnings results on Wednesday, August 28th. The computer maker reported $0.83 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 firm had revenue of $13.52 billion for the quarter, compared to the consensus estimate of $13.37 billion. During the same quarter in the previous year, the business posted $0.86 EPS. HP’s revenue was up 2.4% on a year-over-year basis. Equities analysts forecast that HP Inc. will post 3.39 earnings per share for the current fiscal year.

HP declared that its board has authorized a stock buyback program on Wednesday, August 28th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the computer maker to repurchase up to 28.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at HP

In other HP 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 directly owns 3 shares of the company’s stock, valued at $99.48. This trade represents a 100.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.41% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently commented on HPQ. Barclays dropped their price objective on HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 29th. JPMorgan Chase & Co. reduced their price target on shares of HP from $42.00 to $41.00 and set an “overweight” rating for the company in a research note on Wednesday. Loop Capital lowered their price objective on shares of HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. Bank of America downgraded shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 target price for the company. in a research report on Friday, September 27th. Finally, UBS Group increased their price target on HP from $34.00 to $37.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $35.45.

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.