Griffin Asset Management Inc. Decreases Stock Position in International Business Machines Co. (NYSE:IBM)

Griffin Asset Management Inc. reduced its position in International Business Machines Co. (NYSE:IBM – Get Rating) by 32.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,867 shares of the technology company’s stock after selling 5,337 shares during the period. Griffin Asset Management Inc.’s holdings in International Business Machines were worth $1,413,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. TIAA FSB raised its stake in International Business Machines by 13.7% during the 4th quarter. TIAA FSB now owns 115,187 shares of the technology company’s stock valued at $15,369,000 after buying an additional 13,835 shares during the last quarter. CWM LLC purchased a new stake in International Business Machines during the 4th quarter valued at $6,798,000. Kestra Advisory Services LLC raised its stake in International Business Machines by 12.9% during the 4th quarter. Kestra Advisory Services LLC now owns 117,880 shares of the technology company’s stock valued at $15,756,000 after buying an additional 13,478 shares during the last quarter. Sciencast Management LP purchased a new stake in International Business Machines during the 4th quarter valued at $1,366,000. Finally, Wsfs Capital Management LLC purchased a new stake in International Business Machines during the 4th quarter valued at $251,000. Institutional investors own 55.22% of the company’s stock.

Shares of IBM stock opened at $137.08 on Thursday. The stock has a market cap of $123.29 billion, a P/E ratio of 22.47, a PEG ratio of 1.55 and a beta of 1.00. International Business Machines Co. has a 52 week low of $114.56 and a 52 week high of $147.50. The company has a quick ratio of 0.87, a current ratio of 0.92 and a debt-to-equity ratio of 2.44. The company’s fifty day simple moving average is $135.37 and its two-hundred day simple moving average is $131.54.

International Business Machines (NYSE:IBM – Get Rating) last announced its quarterly earnings results on Tuesday, April 19th. The technology company reported $1.40 EPS for the quarter, topping the consensus estimate of $1.34 by $0.06. The business had revenue of $14.20 billion for the quarter, compared to analysts’ expectations of $13.84 billion. International Business Machines had a net margin of 8.21% and a return on equity of 42.14%. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.77 EPS. On average, analysts anticipate that International Business Machines Co. will post 9.89 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, June 10th. Stockholders of record on Tuesday, May 10th were given a dividend of $1.65 per share. This represents a $6.60 annualized dividend and a dividend yield of 4.81%. This is a boost from International Business Machines’s previous quarterly dividend of $1.64. The ex-dividend date was Monday, May 9th. International Business Machines’s dividend payout ratio is currently 108.20%.

In other news, major shareholder Business Machine International sold 22,301,536 shares of the company’s stock in a transaction dated Thursday, May 19th. The shares were sold at an average price of $13.95, for a total transaction of $311,106,427.20. Following the sale, the insider now directly owns 22,301,536 shares in the company, valued at approximately $311,106,427.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.04% of the stock is currently owned by corporate insiders.

A number of brokerages have recently issued reports on IBM. Morgan Stanley boosted their price objective on shares of International Business Machines from $150.00 to $157.00 and gave the company an “overweight” rating in a research report on Wednesday, April 20th. Credit Suisse Group boosted their price objective on shares of International Business Machines from $165.00 to $166.00 and gave the company an “outperform” rating in a research report on Wednesday, April 20th. Tigress Financial boosted their price objective on shares of International Business Machines from $133.00 to $139.00 and gave the company a “neutral” rating in a research report on Thursday, April 21st. StockNews.com initiated coverage on shares of International Business Machines in a research report on Thursday, March 31st. They set a “buy” rating for the company. Finally, BMO Capital Markets upped their target price on shares of International Business Machines from $148.00 to $152.00 and gave the stock a “market perform” rating in a report on Wednesday, April 20th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, International Business Machines presently has an average rating of “Hold” and an average price target of $147.25.

International Business Machines Profile (Get Rating)

International Business Machines Corporation provides integrated solutions and services worldwide. The company operates through four business segments: Software, Consulting, Infrastructure, and Financing. The Software segment offers hybrid cloud platform and software solutions, such as Red Hat, an enterprise open-source solutions; software for business automation, AIOps and management, integration, and application servers; data and artificial intelligence solutions; and security software and services for threat, data, and identity.

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