Ellington Management Group Lowers stake in HP Inc (HPQ)

HP Inc (HPQ) : Ellington Management Group reduced its stake in HP Inc by 77.56% during the most recent quarter end. The investment management company now holds a total of 44,000 shares of HP Inc which is valued at $628,320 after selling 152,121 shares in HP Inc , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.HP Inc makes up approximately 0.82% of Ellington Management Group’s portfolio.

Other Hedge Funds, Including , Schwab Charles Investment Management Inc boosted its stake in HPQ in the latest quarter, The investment management firm added 597,549 additional shares and now holds a total of 10,008,194 shares of HP Inc which is valued at $142,917,010. HP Inc makes up approx 0.17% of Schwab Charles Investment Management Inc’s portfolio.Fmr reduced its stake in HPQ by selling 13,817,414 shares or 21.71% in the most recent quarter. The Hedge Fund company now holds 49,841,398 shares of HPQ which is valued at $711,735,163. HP Inc makes up approx 0.09% of Fmr’s portfolio. Achievement Holdings sold out all of its stake in HPQ during the most recent quarter. The investment firm sold 16,100 shares of HPQ which is valued $225,239.Douglas Lane Associates boosted its stake in HPQ in the latest quarter, The investment management firm added 136,385 additional shares and now holds a total of 535,611 shares of HP Inc which is valued at $7,493,198. HP Inc makes up approx 0.20% of Douglas Lane Associates’s portfolio.Sigma Planning Corp boosted its stake in HPQ in the latest quarter, The investment management firm added 90 additional shares and now holds a total of 11,448 shares of HP Inc which is valued at $161,531. HP Inc makes up approx 0.02% of Sigma Planning Corp’s portfolio.

HP Inc opened for trading at $14.39 and hit $14.5 on the upside on Thursday, eventually ending the session at $14.5, with a gain of 0.90% or 0.13 points. The heightened volatility saw the trading volume jump to 1,08,54,014 shares. Company has a market cap of $24,804 M.

On the company’s financial health, HP Inc reported $0.48 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Aug 24, 2016. Analyst had a consensus of $0.45. The company had revenue of $11892.00 million for the quarter, compared to analysts expectations of $11491.65 million. The company’s revenue was down -3.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.88 EPS.

Investors should note that on Jul 20, 2016, HP Inc announced a cash dividend of $0.1240. The company’s management has announced Sep 12, 2016 as the ex-dividend date and fixed the record date on Sep 14, 2016. The payable date has been fixed on Oct 5, 2016.

Many Wall Street Analysts have commented on HP Inc. Shares were Downgraded by Maxim Group on Aug 25, 2016 to ” Hold” and Lowered the Price Target to $ 15 from a previous price target of $17 .Company shares were Reiterated by RBC Capital Mkts on Aug 22, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 14 from a previous price target of $12 .

HP Inc. formerly Hewlett-Packard Company is a provider of products technologies software solutions and services to individual consumers small- and medium-sized businesses and large enterprises. The Company operates in seven business segments: Personal Systems Printing the Enterprise Group Enterprise Services Software HP Financial Services and Corporate Investments. It offers personal computing and other access devices; imaging and printing related products and services; enterprise information technology (IT) infrastructure including enterprise server and storage technology networking products and solutions technology support and maintenance; multi-vendor customer services including technology consulting outsourcing and support services across infrastructure applications and business process domains and software products and solution including application testing and delivery software big data analytics information governance and IT Operations Management.

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