Comerica Bank reduced its position in IBM (NYSE:IBM) by 6.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 405,074 shares of the technology company’s stock after selling 27,661 shares during the period. Comerica Bank’s holdings in IBM were worth $53,150,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Schroder Investment Management Group lifted its position in IBM by 24.1% during the 2nd quarter. Schroder Investment Management Group now owns 1,854,109 shares of the technology company’s stock worth $259,649,000 after acquiring an additional 359,868 shares in the last quarter. Swedbank lifted its position in IBM by 214.6% during the 3rd quarter. Swedbank now owns 1,123,724 shares of the technology company’s stock worth $169,918,000 after acquiring an additional 766,478 shares in the last quarter. Aperio Group LLC lifted its position in IBM by 9.0% during the 3rd quarter. Aperio Group LLC now owns 454,228 shares of the technology company’s stock worth $68,684,000 after acquiring an additional 37,393 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in IBM by 3.6% during the 3rd quarter. Nisa Investment Advisors LLC now owns 320,951 shares of the technology company’s stock worth $48,531,000 after acquiring an additional 11,129 shares in the last quarter. Finally, Tocqueville Asset Management L.P. lifted its position in IBM by 4.3% during the 2nd quarter. Tocqueville Asset Management L.P. now owns 205,622 shares of the technology company’s stock worth $28,725,000 after acquiring an additional 8,571 shares in the last quarter. 55.50% of the stock is currently owned by institutional investors and hedge funds.
In other IBM news, Director Sidney Taurel bought 4,311 shares of the business’s stock in a transaction on Wednesday, October 31st. The shares were bought at an average cost of $115.02 per share, with a total value of $495,851.22. Following the transaction, the director now directly owns 19,987 shares in the company, valued at approximately $2,298,904.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.17% of the company’s stock.
Shares of IBM opened at $115.67 on Friday. IBM has a 52-week low of $114.09 and a 52-week high of $171.13. The company has a market capitalization of $105.12 billion, a price-to-earnings ratio of 8.19, a price-to-earnings-growth ratio of 1.69 and a beta of 1.18. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.81.
IBM (NYSE:IBM) last announced its earnings results on Tuesday, October 16th. The technology company reported $3.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 for the quarter, compared to analyst estimates of $19.04 billion. During the same period in the prior year, the company posted $3.30 EPS. IBM’s quarterly revenue was down 2.1% on a year-over-year basis. Sell-side analysts expect that IBM will post 13.81 earnings per share for the current fiscal year.
IBM declared that its Board of Directors has initiated a share buyback plan on Tuesday, October 30th that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 3.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 9th will be given a $1.57 dividend. This represents a $6.28 dividend on an annualized basis and a dividend yield of 5.43%. The ex-dividend date is Thursday, November 8th. IBM’s payout ratio is 45.51%.
Several equities analysts recently commented on IBM shares. Stifel Nicolaus reduced their price target on IBM from $182.00 to $178.00 and set a “buy” rating on the stock in a research report on Thursday, July 19th. BMO Capital Markets reduced their price target on IBM from $175.00 to $172.00 and set a “$149.24” rating on the stock in a research report on Thursday, July 19th. JPMorgan Chase & Co. reissued a “$149.24” rating and set a $157.00 price target on shares of IBM in a research report on Thursday, July 19th. Societe Generale set a $149.00 price target on IBM and gave the stock a “sell” rating in a research report on Thursday, July 19th. Finally, Morgan Stanley reduced their price target on IBM from $198.00 to $185.00 and set a “$149.24” rating on the stock in a research report on Thursday, July 19th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $165.02.
IBM Company Profile
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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