Arjuna Capital Cuts Holdings in HP Inc. (NYSE:HPQ)

Arjuna Capital trimmed its stake in HP Inc. (NYSE:HPQ - Free Report) by 31.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 68,364 shares of the computer maker's stock after selling 31,801 shares during the quarter. Arjuna Capital's holdings in HP were worth $2,452,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in HPQ. Oppenheimer Asset Management Inc. grew its position in HP by 108.7% during the third quarter. Oppenheimer Asset Management Inc. now owns 15,213 shares of the computer maker's stock valued at $546,000 after acquiring an additional 7,924 shares during the period. Pinnacle Financial Partners Inc boosted its holdings in HP by 3.3% in the third quarter. Pinnacle Financial Partners Inc now owns 11,946 shares of the computer maker's stock valued at $429,000 after purchasing an additional 379 shares during the last quarter. Community Bank & Trust Waco Texas lifted its holdings in HP by 16.4% during the 3rd quarter. Community Bank & Trust Waco Texas now owns 15,254 shares of the computer maker's stock worth $547,000 after buying an additional 2,151 shares during the last quarter. Barnett & Company Inc. lifted its holdings in HP by 23.4% during the 3rd quarter. Barnett & Company Inc. now owns 101,550 shares of the computer maker's stock worth $3,643,000 after buying an additional 19,260 shares during the last quarter. Finally, Aptus Capital Advisors LLC bought a new position in HP during the 3rd quarter worth approximately $312,000. Hedge funds and other institutional investors own 77.53% of the company's stock.

Insider Transactions at HP

In other HP news, CEO Enrique Lores sold 211,501 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $33.16, for a total value of $7,013,373.16. Following the transaction, the chief executive officer now directly owns 3 shares of the company's stock, valued at $99.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.41% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on HPQ. Citigroup cut HP from a "buy" rating to a "neutral" rating and set a $37.00 target price on the stock. in a research report on Tuesday, October 1st. JPMorgan Chase & Co. lifted their price target 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 reduced their price objective on HP from $37.00 to $35.00 and set a "hold" rating for the company in a research note on Thursday, September 5th. Bank of America cut 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, Barclays reduced their price objective on HP from $33.00 to $32.00 and set an "equal weight" rating for the company in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $35.55.

HP Stock Down 0.8 %

HPQ stock traded down $0.30 during trading on Wednesday, hitting $36.81. The company had a trading volume of 5,699,683 shares, compared to its average volume of 7,763,181. The firm has a 50-day moving average price of $35.84 and a 200-day moving average price of $34.90. HP Inc. has a 12 month low of $27.42 and a 12 month high of $39.52. The stock has a market cap of $35.47 billion, a price-to-earnings ratio of 12.92, a PEG ratio of 2.54 and a beta of 1.07.

HP (NYSE:HPQ - Get Free Report) last issued its 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). HP had a net margin of 5.33% and a negative return on equity of 266.37%. The business 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 firm posted $0.86 EPS. The business's revenue was up 2.4% on a year-over-year basis. Equities analysts expect that HP Inc. will post 3.39 EPS for the current year.

HP declared that its Board of Directors has approved a share repurchase program on Wednesday, August 28th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the computer maker to reacquire up to 28.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

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.