Harvest Fund Management Co. Ltd bought a new stake in IBM (NYSE:IBM) in the third quarter, HoldingsChannel reports. The fund bought 1,543 shares of the technology company’s stock, valued at approximately $233,000.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Swedbank boosted its position in shares of IBM by 214.6% in the 3rd quarter. Swedbank now owns 1,123,724 shares of the technology company’s stock valued at $169,918,000 after purchasing an additional 766,478 shares during the period. Coastline Trust Co boosted its position in shares of IBM by 14.7% in the 2nd quarter. Coastline Trust Co now owns 19,353 shares of the technology company’s stock valued at $2,704,000 after purchasing an additional 2,475 shares during the period. Schroder Investment Management Group boosted its position in shares of IBM by 24.1% in the 2nd quarter. Schroder Investment Management Group now owns 1,854,109 shares of the technology company’s stock valued at $259,649,000 after purchasing an additional 359,868 shares during the period. Viking Fund Management LLC boosted its position in shares of IBM by 3.8% in the 3rd quarter. Viking Fund Management LLC now owns 27,000 shares of the technology company’s stock valued at $4,083,000 after purchasing an additional 1,000 shares during the period. Finally, Adams Asset Advisors LLC boosted its position in shares of IBM by 14.0% in the 3rd quarter. Adams Asset Advisors LLC now owns 48,705 shares of the technology company’s stock valued at $7,364,000 after purchasing an additional 5,970 shares during the period. 55.50% of the stock is owned by hedge funds and other institutional investors.
IBM stock opened at $116.83 on Friday. IBM has a twelve month low of $114.09 and a twelve month high of $171.13. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 1.81. The company has a market cap of $105.33 billion, a price-to-earnings ratio of 8.47, a P/E/G ratio of 1.68 and a beta of 0.87.
IBM (NYSE:IBM) last posted its quarterly earnings data on Tuesday, October 16th. The technology company reported $3.42 earnings per share for the quarter, topping analysts’ consensus estimates of $3.40 by $0.02. IBM had a return on equity of 69.98% and a net margin of 7.12%. The company had revenue of $18.76 billion during the quarter, compared to analysts’ expectations of $19.04 billion. During the same period last year, the firm earned $3.30 EPS. The firm’s revenue for the quarter was down 2.1% on a year-over-year basis. As a group, research analysts forecast that IBM will post 13.81 EPS for the current year.
IBM announced that its board has authorized a share repurchase program on Tuesday, October 30th that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the technology company to purchase up to 3.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 9th will be given a dividend of $1.57 per share. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $6.28 dividend on an annualized basis and a yield of 5.38%. IBM’s payout ratio is 45.51%.
A number of analysts recently issued reports on the company. ValuEngine cut IBM from a “sell” rating to a “strong sell” rating in a research report on Thursday. UBS Group set a $150.00 target price on IBM and gave the company a “buy” rating in a research report on Tuesday. Goldman Sachs Group reissued a “neutral” rating and issued a $155.00 target price on shares of IBM in a research report on Monday. Zacks Investment Research raised IBM from a “sell” rating to a “hold” rating in a research report on Thursday, October 18th. Finally, Wedbush decreased their target price on IBM from $185.00 to $165.00 and set a “neutral” rating for the company in a research report on Thursday, October 18th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have given a buy rating to the stock. IBM presently has an average rating of “Hold” and an average price target of $165.02.
International Business Machines Corporation operates as an integrated technology and services company worldwide. Its Cognitive Solutions segment offers Watson, a cognitive computing platform that interacts in natural language, processes big data, and learns from interactions with people and computers.
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