Canal Capital Management LLC Invests $279,000 in HP Inc. (HPQ) Stock
Canal Capital Management LLC bought a new stake in HP Inc. (NYSE:HPQ) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 13,982 shares of the computer maker’s stock, valued at approximately $279,000.
A number of other large investors also recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in HP by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 123,633,569 shares of the computer maker’s stock valued at $2,161,114,000 after buying an additional 1,945,965 shares in the last quarter. BlackRock Inc. grew its holdings in HP by 2.5% in the 2nd quarter. BlackRock Inc. now owns 108,599,783 shares of the computer maker’s stock valued at $1,898,325,000 after buying an additional 2,608,983 shares in the last quarter. State Street Corp grew its holdings in HP by 0.7% in the 1st quarter. State Street Corp now owns 79,522,135 shares of the computer maker’s stock valued at $1,421,893,000 after buying an additional 515,648 shares in the last quarter. Primecap Management Co. CA grew its holdings in HP by 3.5% in the 1st quarter. Primecap Management Co. CA now owns 63,851,245 shares of the computer maker’s stock valued at $1,141,660,000 after buying an additional 2,163,147 shares in the last quarter. Finally, Boston Partners grew its holdings in HP by 304.9% in the 2nd quarter. Boston Partners now owns 26,117,561 shares of the computer maker’s stock valued at $456,535,000 after buying an additional 19,667,780 shares in the last quarter. Institutional investors own 79.17% of the company’s stock.
In related news, Director Margaret C. Whitman sold 443,920 shares of the business’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $19.32, for a total value of $8,576,534.40. Following the transaction, the director now owns 692,849 shares in the company, valued at $13,385,842.68. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Enrique Lores sold 40,965 shares of the business’s stock in a transaction dated Friday, October 13th. The stock was sold at an average price of $21.50, for a total value of $880,747.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,872,235 shares of company stock worth $37,015,007. Insiders own 0.62% of the company’s stock.
HPQ has been the subject of several analyst reports. ValuEngine upgraded HP from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 6th. Guggenheim restated a “neutral” rating on shares of HP in a report on Monday, October 2nd. Susquehanna Bancshares Inc initiated coverage on HP in a report on Thursday, July 13th. They issued a “neutral” rating and a $20.00 target price for the company. Morgan Stanley upped their target price on HP from $23.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, October 13th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $20.00 target price on shares of HP in a report on Sunday, October 8th. Nine research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $21.44.
HP Inc. (NYSE:HPQ) traded up 0.205% during midday trading on Friday, reaching $22.005. The company’s stock had a trading volume of 6,085,355 shares. HP Inc. has a 1-year low of $13.77 and a 1-year high of $22.16. The company has a 50 day moving average of $20.07 and a 200-day moving average of $18.91. The company has a market capitalization of $36.75 billion, a P/E ratio of 15.992 and a beta of 1.94.
HP (NYSE:HPQ) last issued its quarterly earnings data on Wednesday, August 23rd. The computer maker reported $0.43 EPS for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.01. The company had revenue of $13.06 billion for the quarter, compared to analysts’ expectations of $12.31 billion. HP had a negative return on equity of 64.93% and a net margin of 4.66%. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.48 earnings per share. Equities research analysts anticipate that HP Inc. will post $1.65 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 4th. Investors of record on Wednesday, September 13th were paid a $0.1327 dividend. This represents a $0.53 annualized dividend and a dividend yield of 2.42%. The ex-dividend date of this dividend was Tuesday, September 12th. HP’s dividend payout ratio (DPR) is 38.41%.
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HP Inc is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors. The Company provides personal computing and other access devices, imaging and printing products, and related technologies, solutions and services.
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