Hedges Asset Management LLC Trims Stock Position in International Business Machines Co. (NYSE:IBM)

by · The Markets Daily

Hedges Asset Management LLC cut its stake in shares of International Business Machines Co. (NYSE:IBM – Free Report) by 9.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,000 shares of the technology company’s stock after selling 1,000 shares during the period. International Business Machines makes up 1.5% of Hedges Asset Management LLC’s investment portfolio, making the stock its 17th biggest holding. Hedges Asset Management LLC’s holdings in International Business Machines were worth $2,211,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IBM. Vanguard Group Inc. increased its position in International Business Machines by 6.7% during the 1st 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 period. Legal & General Group Plc increased its position 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 purchasing an additional 330,694 shares during the period. Ameriprise Financial Inc. increased its position in International Business Machines by 6.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 7,366,715 shares of the technology company’s stock worth $1,274,074,000 after purchasing an additional 444,698 shares during the period. Dimensional Fund Advisors LP increased its position in International Business Machines by 6.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,796,206 shares of the technology company’s stock worth $829,431,000 after purchasing an additional 304,390 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its position in International Business Machines by 151.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,515,666 shares of the technology company’s stock worth $671,352,000 after purchasing an additional 2,118,165 shares during the period. 58.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

IBM has been the topic of several recent analyst reports. Jefferies Financial Group boosted their target price on International Business Machines from $200.00 to $245.00 and gave the stock a “hold” rating in a research report on Monday, October 21st. Stifel Nicolaus upped their price target on International Business Machines from $205.00 to $246.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Morgan Stanley lowered their price target on International Business Machines from $217.00 to $208.00 and set an “equal weight” rating on the stock in a report on Thursday. StockNews.com cut International Business Machines from a “buy” rating to a “hold” rating in a report on Friday. Finally, DZ Bank cut International Business Machines from a “buy” rating to a “hold” rating and set a $215.00 price target on the stock. in a report on Wednesday, October 2nd. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $208.12.

View Our Latest Report on International Business Machines

International Business Machines Price Performance

IBM stock opened at $214.67 on Monday. International Business Machines Co. has a 1 year low of $141.58 and a 1 year high of $237.37. The firm has a market cap of $197.74 billion, a P/E ratio of 23.67, a PEG ratio of 4.84 and a beta of 0.70. The stock’s 50 day moving average price is $215.58 and its 200 day moving average price is $190.46. The company has a debt-to-equity ratio of 2.20, a quick ratio of 1.08 and a current ratio of 1.12.

International Business Machines (NYSE:IBM – Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The technology company reported $2.30 earnings per share for the quarter, topping analysts’ consensus estimates of $2.27 by $0.03. International Business Machines had a return on equity of 40.59% and a net margin of 13.52%. The company had revenue of $14.97 billion for the quarter, compared to analyst estimates of $15.08 billion. During the same quarter in the prior year, the company posted $2.20 EPS. The business’s revenue for the quarter was up 1.5% compared to the same quarter last year. On average, sell-side analysts expect that International Business Machines Co. will post 10.13 earnings per share for the current fiscal year.

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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