Barnett & Company Inc. Grows Stock Holdings in HP Inc. (NYSE:HPQ)

Barnett & Company Inc. lifted its stake in shares of HP Inc. (NYSE:HPQ - Free Report) by 23.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 101,550 shares of the computer maker's stock after purchasing an additional 19,260 shares during the period. HP accounts for about 2.4% of Barnett & Company Inc.'s portfolio, making the stock its 12th largest holding. Barnett & Company Inc.'s holdings in HP were worth $3,643,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in HPQ. Ashton Thomas Securities LLC acquired a new position in HP in the third quarter valued at approximately $25,000. Triad Wealth Partners LLC acquired a new position in HP during the second quarter worth $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in HP during the second quarter worth $34,000. Wolff Wiese Magana LLC lifted its stake in HP by 115.1% during the third quarter. Wolff Wiese Magana LLC now owns 968 shares of the computer maker's stock worth $35,000 after purchasing an additional 518 shares in the last quarter. Finally, ORG Wealth Partners LLC acquired a new position in HP during the third quarter worth $37,000. 77.53% of the stock is currently owned by institutional investors and hedge funds.

HP Stock Performance

NYSE HPQ traded down $0.56 during trading hours on Tuesday, hitting $37.11. The company had a trading volume of 6,535,608 shares, compared to its average volume of 7,770,828. HP Inc. has a 1-year low of $27.42 and a 1-year high of $39.52. The company has a market cap of $35.76 billion, a PE ratio of 13.22, a price-to-earnings-growth ratio of 2.52 and a beta of 1.07. The business has a 50 day moving average of $35.80 and a 200-day moving average of $34.83.

HP (NYSE:HPQ - Get Free Report) last announced 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). HP had a negative return on equity of 266.37% and a net margin of 5.33%. The business had revenue of $13.52 billion for the quarter, compared to analyst estimates of $13.37 billion. During the same quarter last year, the company posted $0.86 EPS. HP's quarterly revenue was up 2.4% on a year-over-year basis. Sell-side analysts expect that HP Inc. will post 3.39 earnings per share for the current fiscal year.

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

Insider Activity at HP

In related news, CEO Enrique Lores sold 211,501 shares of the firm's 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 completion of the sale, the chief executive officer now owns 3 shares in the company, valued at $99.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.41% of the stock is owned by insiders.

Analyst Ratings Changes

HPQ has been the topic of a number of research reports. Loop Capital decreased their price target on HP from $37.00 to $35.00 and set a "hold" rating on the stock in a research note on Thursday, September 5th. JPMorgan Chase & Co. upped their price target on HP from $38.00 to $42.00 and gave the stock an "overweight" rating in a research note on Friday, August 23rd. UBS Group upped their price objective on HP from $34.00 to $37.00 and gave the stock a "neutral" rating in a research report on Thursday, August 29th. Citigroup lowered 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, Barclays cut 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. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $35.55.

HP Company Profile

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.