Asset Management Group Inc. Sells 3,086 Shares of HP Inc. (NYSE:HPQ)

Asset Management Group Inc. lessened its stake in HP Inc. (NYSE:HPQ) by 18.1% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,959 shares of the computer maker’s stock after selling 3,086 shares during the quarter. Asset Management Group Inc.’s holdings in HP were worth $501,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of HPQ. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in HP during the first quarter worth $160,000. CreativeOne Wealth LLC lifted its holdings in HP by 79.8% during the first quarter. CreativeOne Wealth LLC now owns 23,615 shares of the computer maker’s stock worth $713,000 after acquiring an additional 10,481 shares during the period. Toronto Dominion Bank raised its stake in shares of HP by 0.9% in the first quarter. Toronto Dominion Bank now owns 541,667 shares of the computer maker’s stock valued at $16,369,000 after buying an additional 4,799 shares during the period. Epoch Investment Partners Inc. raised its stake in shares of HP by 8.1% in the first quarter. Epoch Investment Partners Inc. now owns 20,599 shares of the computer maker’s stock valued at $623,000 after buying an additional 1,549 shares during the period. Finally, Lazard Asset Management LLC raised its stake in shares of HP by 3,567.3% in the first quarter. Lazard Asset Management LLC now owns 34,143 shares of the computer maker’s stock valued at $1,030,000 after buying an additional 33,212 shares during the period. 77.53% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

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 value of $7,013,373.16. Following the completion of the sale, the chief executive officer now owns 3 shares of the company’s stock, valued at approximately $99.48. The trade was a 100.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.41% of the company’s stock.

HP Stock Up 3.4 %

HP stock opened at $37.93 on Friday. HP Inc. has a 52 week low of $27.42 and a 52 week high of $39.52. The business has a 50-day simple moving average of $36.26 and a 200 day simple moving average of $35.24. The stock has a market cap of $36.55 billion, a price-to-earnings ratio of 13.31, a PEG ratio of 2.52 and a beta of 1.07.

HP (NYSE:HPQ) last posted 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 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 analysts’ expectations of $13.37 billion. During the same quarter in the previous year, the firm earned $0.86 earnings per share. HP’s quarterly revenue was up 2.4% compared to the same quarter last year. On average, research analysts anticipate that HP Inc. will post 3.39 earnings per share for the current year.

HP announced that its board has authorized a share repurchase plan on Wednesday, August 28th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the computer maker to buy up to 28.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. 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. UBS Group boosted 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. Barclays lowered their target price on HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 29th. Loop Capital reduced their price target on HP from $37.00 to $35.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. Finally, Bank of America cut HP from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a research report on Friday, September 27th. One research 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. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus 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.