Pensionfund Sabic Sells 7,000 Shares of HP Inc. (NYSE:HPQ)

Pensionfund Sabic decreased its position in HP Inc. (NYSE:HPQ) by 18.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 31,500 shares of the computer maker’s stock after selling 7,000 shares during the quarter. Pensionfund Sabic’s holdings in HP were worth $1,130,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Chris Bulman Inc purchased a new position in HP during the 2nd quarter valued at $88,000. Daiwa Securities Group Inc. raised its stake 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 in the last quarter. State of Alaska Department of Revenue lifted its holdings in HP by 85.9% in 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 boosted its position in HP by 1.4% during the 1st 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 in the last quarter. Finally, Frank Rimerman Advisors LLC purchased a new position in shares of HP during the 2nd quarter worth approximately $621,000. 77.53% of the stock is owned by institutional investors.

Insider Buying and Selling at HP

In related news, CEO Enrique Lores sold 211,501 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 3 shares in the company, valued at approximately $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 SEC, which can be accessed through the SEC website. Company insiders own 0.41% of the company’s stock.

HP Stock Up 0.5 %

NYSE:HPQ opened at $36.75 on Friday. The stock has a market cap of $35.42 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 2.67 and a beta of 1.07. The company’s 50 day moving average price is $34.81 and its 200-day moving average price is $33.53. HP Inc. has a 52 week low of $25.67 and a 52 week high of $39.52.

HP (NYSE:HPQ) 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 analysts’ expectations of $13.37 billion. During the same quarter in the prior year, the business posted $0.86 earnings per share. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. As a group, sell-side analysts anticipate that HP Inc. will post 3.39 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on HPQ. UBS Group raised their target price on HP from $34.00 to $37.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Morgan Stanley dropped their target price on shares of HP from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Citigroup lowered shares of HP from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a research note on Tuesday, October 1st. Loop Capital dropped their price objective on shares of HP from $37.00 to $35.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. Finally, Barclays cut their price objective on shares of HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $35.55.

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.