Mainstay Capital Management LLC ADV Boosts Stock Position in HP Inc. (NYSE:HPQ)

Mainstay Capital Management LLC ADV raised its holdings in shares of HP Inc. (NYSE:HPQ) by 0.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 57,595 shares of the computer maker’s stock after purchasing an additional 415 shares during the quarter. HP accounts for about 0.3% of Mainstay Capital Management LLC ADV’s portfolio, making the stock its 25th largest position. Mainstay Capital Management LLC ADV’s holdings in HP were worth $2,066,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Chris Bulman Inc bought a new stake in HP during the second quarter worth approximately $88,000. Daiwa Securities Group Inc. lifted its position in HP by 27.5% in the first quarter. Daiwa Securities Group Inc. now owns 106,316 shares of the computer maker’s stock worth $3,213,000 after buying an additional 22,909 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in 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 worth $5,275,000 after buying an additional 80,670 shares during the period. Swiss National Bank raised its stake in shares of HP by 1.4% in the first quarter. Swiss National Bank now owns 2,819,100 shares of the computer maker’s stock valued at $85,193,000 after acquiring an additional 37,800 shares during the period. Finally, Frank Rimerman Advisors LLC bought a new stake in shares of HP in the 2nd quarter worth about $621,000. 77.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. JPMorgan Chase & Co. boosted their target price on HP from $38.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Loop Capital cut their price objective on HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. Citigroup lowered HP from a “buy” rating to a “neutral” rating and set a $37.00 target price on the stock. in a research note on Tuesday, October 1st. 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. Finally, UBS Group lifted their price objective on shares of 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 assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, HP presently has a consensus rating of “Hold” and a consensus price target of $35.55.

HP Trading Up 1.7 %

Shares of NYSE HPQ opened at $36.47 on Friday. HP Inc. has a 12-month low of $25.67 and a 12-month high of $39.52. The stock’s fifty day simple moving average is $35.46 and its two-hundred day simple moving average is $34.02. The stock has a market capitalization of $35.69 billion, a PE ratio of 12.32, a price-to-earnings-growth ratio of 2.67 and a beta of 1.07.

HP (NYSE:HPQ) last posted its earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.03). The company 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% on a year-over-year basis. During the same quarter last year, the firm earned $0.86 EPS. On average, equities analysts predict that HP Inc. will post 3.39 earnings per share for the current fiscal year.

HP declared that its board has initiated a stock repurchase plan on Wednesday, August 28th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the computer maker to purchase up to 28.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at HP

In other news, CEO Enrique Lores sold 211,501 shares of the business’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 in the company, valued at approximately $99.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.