Cadence Capital Management LLC Sells 13,665 Shares of HP Inc. (NYSE:HPQ)

Share on StockTwits

Cadence Capital Management LLC trimmed its stake in shares of HP Inc. (NYSE:HPQ) by 17.8% in the third quarter, HoldingsChannel.com reports. The fund owned 62,935 shares of the computer maker’s stock after selling 13,665 shares during the quarter. Cadence Capital Management LLC’s holdings in HP were worth $1,195,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its position in shares of HP by 16.6% during the 2nd quarter. BlackRock Inc. now owns 117,859,851 shares of the computer maker’s stock worth $2,054,296,000 after buying an additional 16,774,693 shares during the last quarter. FMR LLC lifted its position in shares of HP by 3.9% during the 2nd quarter. FMR LLC now owns 28,009,125 shares of the computer maker’s stock worth $488,199,000 after buying an additional 1,043,307 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of HP by 910.9% during the 2nd quarter. AQR Capital Management LLC now owns 15,184,556 shares of the computer maker’s stock worth $259,353,000 after buying an additional 13,682,425 shares during the last quarter. LSV Asset Management lifted its position in shares of HP by 2.8% during the 2nd quarter. LSV Asset Management now owns 14,683,415 shares of the computer maker’s stock worth $255,931,000 after buying an additional 397,169 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of HP by 70.3% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,407,014 shares of the computer maker’s stock worth $181,394,000 after buying an additional 4,296,970 shares during the last quarter. Hedge funds and other institutional investors own 77.98% of the company’s stock.

Several brokerages recently weighed in on HPQ. Loop Capital upped their price objective on HP from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. Bank of America increased their target price on HP from $16.00 to $18.00 and gave the company an “underperform” rating in a research report on Friday, August 28th. Citigroup increased their target price on HP from $16.00 to $18.50 and gave the company a “neutral” rating in a research report on Friday, August 28th. BofA Securities increased their target price on HP from $16.00 to $18.00 and gave the company an “underperform” rating in a research report on Friday, August 28th. Finally, ValuEngine downgraded HP from a “sell” rating to a “strong sell” rating in a research report on Thursday, October 8th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $19.14.

Shares of HPQ stock traded up $0.04 on Friday, hitting $19.60. The company had a trading volume of 7,409,225 shares, compared to its average volume of 13,090,081. The firm has a market cap of $26.92 billion, a P/E ratio of 11.07, a P/E/G ratio of 4.05 and a beta of 0.94. The stock’s 50-day moving average is $19.16 and its two-hundred day moving average is $17.25. HP Inc. has a twelve month low of $12.54 and a twelve month high of $23.93.

HP (NYSE:HPQ) last released its earnings results on Thursday, August 27th. The computer maker reported $0.49 EPS for the quarter, topping the consensus estimate of $0.43 by $0.06. HP had a negative return on equity of 237.44% and a net margin of 4.51%. The business had revenue of $14.29 billion during the quarter, compared to analysts’ expectations of $13.29 billion. During the same quarter last year, the firm posted $0.58 earnings per share. The firm’s revenue was down 2.1% on a year-over-year basis. As a group, analysts expect that HP Inc. will post 2.19 EPS for the current fiscal year.

In related news, insider Kim M. Rivera sold 97,324 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $19.35, for a total transaction of $1,883,219.40. Following the completion of the sale, the insider now owns 105,899 shares of the company’s stock, valued at $2,049,145.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Alex Cho sold 46,201 shares of the firm’s stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $19.90, for a total value of $919,399.90. Following the sale, the insider now directly owns 54,336 shares of the company’s stock, valued at approximately $1,081,286.40. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

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.

Read More: How to execute a trade ex-dividend strategy?

Want to see what other hedge funds are holding HPQ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for HP Inc. (NYSE:HPQ).

Institutional Ownership by Quarter for HP (NYSE:HPQ)

Receive News & Ratings for HP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for HP and related companies with MarketBeat.com's FREE daily email newsletter.