Essex LLC Sells 345 Shares of International Business Machines Co. (NYSE:IBM)

by · The Markets Daily

Essex LLC trimmed its holdings in shares of International Business Machines Co. (NYSE:IBM – Free Report) by 2.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,340 shares of the technology company’s stock after selling 345 shares during the quarter. Essex LLC’s holdings in International Business Machines were worth $2,728,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of International Business Machines by 6.7% in the first quarter. Vanguard Group Inc. now owns 88,152,714 shares of the technology company’s stock worth $16,833,642,000 after purchasing an additional 5,546,855 shares during the last quarter. Legal & General Group Plc lifted its holdings in International Business Machines by 4.1% during the 2nd quarter. Legal & General Group Plc now owns 8,487,827 shares of the technology company’s stock worth $1,467,974,000 after buying an additional 330,694 shares during the period. Ameriprise Financial Inc. grew its position in shares of International Business Machines by 6.4% in the 2nd quarter. Ameriprise Financial Inc. now owns 7,366,715 shares of the technology company’s stock valued at $1,274,074,000 after buying an additional 444,698 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of International Business Machines by 6.8% in the second quarter. Dimensional Fund Advisors LP now owns 4,796,206 shares of the technology company’s stock valued at $829,431,000 after buying an additional 304,390 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in shares of International Business Machines by 151.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,515,666 shares of the technology company’s stock worth $671,352,000 after acquiring an additional 2,118,165 shares during the last quarter. 58.96% of the stock is currently owned by institutional investors and hedge funds.

International Business Machines Price Performance

Shares of NYSE IBM opened at $232.20 on Friday. The company has a market capitalization of $213.30 billion, a PE ratio of 26.30, a PEG ratio of 5.21 and a beta of 0.70. The company has a quick ratio of 1.08, a current ratio of 1.12 and a debt-to-equity ratio of 2.20. The stock’s 50 day moving average price is $212.19 and its 200-day moving average price is $189.15. International Business Machines Co. has a twelve month low of $135.87 and a twelve month high of $237.37.

International Business Machines (NYSE:IBM – Get Free Report) last announced its quarterly earnings data on Wednesday, July 24th. The technology company reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.16 by $0.27. The firm had revenue of $15.77 billion during the quarter, compared to the consensus estimate of $15.62 billion. International Business Machines had a return on equity of 40.59% and a net margin of 13.52%. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.18 EPS. On average, equities analysts anticipate that International Business Machines Co. will post 10.1 EPS for the current year.

International Business Machines Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th were paid a $1.67 dividend. This represents a $6.68 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date was Friday, August 9th. International Business Machines’s payout ratio is 75.65%.

Wall Street Analysts Forecast Growth

IBM has been the topic of several analyst reports. Jefferies Financial Group upped their target price on International Business Machines from $190.00 to $200.00 and gave the company a “hold” rating in a report on Thursday, July 25th. UBS Group increased their price objective on shares of International Business Machines from $130.00 to $145.00 and gave the stock a “sell” rating in a research report on Wednesday, September 4th. The Goldman Sachs Group boosted their target price on shares of International Business Machines from $220.00 to $250.00 and gave the company a “buy” rating in a report on Monday, September 30th. Hsbc Global Res raised International Business Machines to a “moderate sell” rating in a research note on Friday, July 26th. Finally, Royal Bank of Canada lifted their price target on shares of International Business Machines from $211.00 to $250.00 and gave the company an “outperform” rating in a research report on Thursday, October 10th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $203.06.

Check Out Our Latest Research Report on IBM

International Business Machines Profile

(Free Report)

International Business Machines Corporation, together with its subsidiaries, provides integrated solutions and services worldwide. The company operates through Software, Consulting, Infrastructure, and Financing segments. The Software segment offers a hybrid cloud and AI platforms that allows clients to realize their digital and AI transformations across the applications, data, and environments in which they operate.

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