5 Undervalued Stocks to Buy According to Billionaire Joel Greenblatt

2. HP Inc. (NYSE:HPQ)

Number of Hedge Fund Holders: 39

PE Ratio: 6.40  

HP Inc. (NYSE:HPQ) makes and sells personal computing devices. Regulatory filings reveal that Gotham Asset Management owned 251,115 shares in the company at the end of the fourth quarter of 2021 $9.4 million, representing 0.30% of the portfolio. The fund slashed its stake in the computing company by 23% in the fourth quarter. 

Since late 2015, HP Inc. (NYSE:HPQ) has consistently featured in the Gotham portfolio. In three of the last four quarters, the fund has decreased its stake in the company, perhaps preparing the portfolio for rising inflation and interest rates. In 2015, the fund had purchased a stake in the firm at an average share price of $12.80. The shares have now jumped above $32. 

Among the hedge funds being tracked by Insider Monkey, Boston-based investment firm Arrowstreet Capital is a leading shareholder in HP Inc. (NYSE:HPQ) with 14.6 million shares worth more than $533 million.