Harbor Island Capital LLC Sells 27,015 Shares of HP Inc. (NYSE:HPQ)

Harbor Island Capital LLC lessened its stake in HP Inc. (NYSE:HPQ) by 8.8% during the second quarter, Holdings Channel reports. The firm owned 280,778 shares of the computer maker’s stock after selling 27,015 shares during the period. HP makes up about 4.6% of Harbor Island Capital LLC’s holdings, making the stock its 9th biggest holding. Harbor Island Capital LLC’s holdings in HP were worth $8,623,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in HPQ. ProShare Advisors LLC lifted its holdings in shares of HP by 18.5% during the 1st quarter. ProShare Advisors LLC now owns 308,649 shares of the computer maker’s stock valued at $9,059,000 after acquiring an additional 48,150 shares in the last quarter. Applied Capital LLC FL purchased a new stake in HP during the 4th quarter worth $650,000. Banco Santander S.A. increased its stake in HP by 10.2% during the 1st quarter. Banco Santander S.A. now owns 11,908 shares of the computer maker’s stock worth $350,000 after buying an additional 1,100 shares during the period. Dimensional Fund Advisors LP increased its stake in HP by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 13,172,980 shares of the computer maker’s stock worth $386,619,000 after buying an additional 48,539 shares during the period. Finally, Ontario Teachers Pension Plan Board purchased a new stake in HP during the 4th quarter worth $432,000. Institutional investors and hedge funds own 76.04% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. UBS Group lifted their price target on shares of HP from $30.00 to $31.00 in a research note on Wednesday, May 31st. JPMorgan Chase & Co. dropped their target price on shares of HP from $40.00 to $39.00 and set an “overweight” rating for the company in a research report on Wednesday, August 30th. Barclays dropped their target price on shares of HP from $24.00 to $23.00 and set an “underweight” rating for the company in a research report on Wednesday, August 30th. Citigroup dropped their target price on shares of HP from $32.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday, August 30th. Finally, StockNews.com raised shares of HP from a “hold” rating to a “buy” rating in a research report on Wednesday, August 16th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $29.73.

HP Stock Performance

Shares of NYSE:HPQ traded up $0.24 during trading on Tuesday, reaching $27.56. The company had a trading volume of 2,758,818 shares, compared to its average volume of 6,774,591. The firm’s fifty day moving average is $31.50 and its 200 day moving average is $30.29. The firm has a market capitalization of $27.24 billion, a PE ratio of 11.78, a price-to-earnings-growth ratio of 2.07 and a beta of 1.02. HP Inc. has a twelve month low of $24.08 and a twelve month high of $33.90.

HP (NYSE:HPQ) last issued its quarterly earnings results on Tuesday, August 29th. The computer maker reported $0.86 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.86. The company had revenue of $13.20 billion during the quarter, compared to analyst estimates of $13.38 billion. HP had a net margin of 4.23% and a negative return on equity of 114.62%. The business’s revenue for the quarter was down 9.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.04 EPS. Equities analysts predict that HP Inc. will post 3.3 earnings per share for the current fiscal year.

HP Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 13th will be issued a $0.2625 dividend. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.81%. HP’s payout ratio is currently 45.26%.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 2,893,236 shares of the business’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $28.39, for a total value of $82,138,970.04. Following the sale, the insider now directly owns 115,450,646 shares in the company, valued at approximately $3,277,643,839.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Marie Myers sold 4,165 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $30.00, for a total transaction of $124,950.00. Following the sale, the chief financial officer now owns 22,281 shares in the company, valued at $668,430. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 2,893,236 shares of the business’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $28.39, for a total transaction of $82,138,970.04. Following the sale, the insider now owns 115,450,646 shares in the company, valued at approximately $3,277,643,839.94. The disclosure for this sale can be found here. Insiders have sold 4,030,824 shares of company stock worth $116,034,788 in the last ninety days. 0.32% of the stock is currently owned by corporate insiders.

HP 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.