Summit Global Investments Makes New Investment in HP Inc. (NYSE:HPQ)

Summit Global Investments acquired a new position in shares of HP Inc. (NYSE:HPQ) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,828 shares of the computer maker’s stock, valued at approximately $236,000.

Other hedge funds have also modified their holdings of the company. Cambridge Investment Research Advisors Inc. lifted its position in shares of HP by 6.8% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 90,200 shares of the computer maker’s stock worth $2,318,000 after purchasing an additional 5,750 shares in the last quarter. Raymond James & Associates raised its holdings in HP by 18.7% during the third quarter. Raymond James & Associates now owns 227,556 shares of the computer maker’s stock worth $5,848,000 after acquiring an additional 35,800 shares in the last quarter. Stratos Wealth Partners LTD. boosted its position in HP by 116.9% during the third quarter. Stratos Wealth Partners LTD. now owns 25,213 shares of the computer maker’s stock valued at $648,000 after purchasing an additional 13,591 shares during the last quarter. Verdence Capital Advisors LLC increased its position in shares of HP by 4.3% during the 3rd quarter. Verdence Capital Advisors LLC now owns 32,432 shares of the computer maker’s stock worth $834,000 after purchasing an additional 1,327 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of HP by 6.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 177,404 shares of the computer maker’s stock worth $4,559,000 after purchasing an additional 10,852 shares in the last quarter. 77.53% of the stock is currently owned by institutional investors.

HP Price Performance

HPQ stock opened at $28.42 on Tuesday. The company has a 50 day simple moving average of $29.19 and a 200 day simple moving average of $28.93. The stock has a market cap of $27.87 billion, a price-to-earnings ratio of 8.31, a P/E/G ratio of 2.36 and a beta of 1.06. HP Inc. has a 1 year low of $25.22 and a 1 year high of $33.90.

HP (NYSE:HPQ) last released its quarterly earnings data on Wednesday, February 28th. The computer maker reported $0.81 earnings per share for the quarter, meeting the consensus estimate of $0.81. The company had revenue of $13.19 billion for the quarter, compared to the consensus estimate of $13.56 billion. HP had a negative return on equity of 181.02% and a net margin of 6.45%. HP’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter last year, the business posted $0.75 EPS. On average, equities research analysts anticipate that HP Inc. will post 3.42 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Robert R. Bennett sold 67,000 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $30.01, for a total transaction of $2,010,670.00. Following the completion of the transaction, the director now directly owns 60,216 shares in the company, valued at $1,807,082.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Kristen M. Ludgate sold 41,015 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $29.24, for a total transaction of $1,199,278.60. Following the transaction, the insider now owns 56,169 shares in the company, valued at $1,642,381.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert R. Bennett sold 67,000 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $30.01, for a total value of $2,010,670.00. Following the completion of the sale, the director now directly owns 60,216 shares of the company’s stock, valued at $1,807,082.16. The disclosure for this sale can be found here. Insiders have sold a total of 116,723 shares of company stock worth $3,479,287 in the last ninety days. Company insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on HPQ. StockNews.com downgraded shares of HP from a “strong-buy” rating to a “buy” rating in a report on Friday, March 1st. HSBC upgraded shares of HP from a “hold” rating to a “buy” rating and raised their target price for the company from $30.00 to $33.00 in a research note on Wednesday, February 14th. Finally, Barclays upped their price objective on HP from $22.00 to $24.00 and gave the company an “underweight” rating in a research note on Thursday, February 29th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $33.11.

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.