Red Spruce Capital LLC Cuts Stock Holdings in International Business Machines Co. (NYSE:IBM)

Red Spruce Capital LLC cut its stake in International Business Machines Co. (NYSE:IBM) by 2.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,456 shares of the technology company’s stock after selling 200 shares during the period. Red Spruce Capital LLC’s holdings in International Business Machines were worth $1,131,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Pitcairn Co. raised its holdings in International Business Machines by 33.8% in the first quarter. Pitcairn Co. now owns 5,888 shares of the technology company’s stock valued at $772,000 after acquiring an additional 1,488 shares in the last quarter. Skba Capital Management LLC raised its holdings in shares of International Business Machines by 4.5% in the 1st quarter. Skba Capital Management LLC now owns 123,800 shares of the technology company’s stock valued at $16,229,000 after purchasing an additional 5,320 shares in the last quarter. American National Bank raised its holdings in shares of International Business Machines by 4.8% in the 1st quarter. American National Bank now owns 3,054 shares of the technology company’s stock valued at $400,000 after purchasing an additional 141 shares in the last quarter. TIAA FSB grew its stake in shares of International Business Machines by 72.2% during the first quarter. TIAA FSB now owns 169,994 shares of the technology company’s stock worth $22,285,000 after purchasing an additional 71,263 shares in the last quarter. Finally, Argent Trust Co increased its holdings in International Business Machines by 8.6% in the first quarter. Argent Trust Co now owns 100,122 shares of the technology company’s stock valued at $13,125,000 after buying an additional 7,889 shares during the last quarter. 56.16% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on IBM. Stifel Nicolaus lifted their price target on International Business Machines from $140.00 to $144.00 and gave the stock a “buy” rating in a report on Thursday, July 20th. JPMorgan Chase & Co. started coverage on International Business Machines in a report on Friday, July 7th. They issued a “neutral” rating and a $145.00 price target for the company. Bank of America raised their price objective on shares of International Business Machines from $152.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday, July 20th. Wedbush restated a “neutral” rating and issued a $140.00 target price on shares of International Business Machines in a report on Thursday, July 20th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $135.00 price target on shares of International Business Machines in a research note on Thursday, July 20th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, International Business Machines currently has an average rating of “Hold” and a consensus price target of $142.91.

International Business Machines Stock Performance

Shares of IBM traded up $0.74 during mid-day trading on Thursday, hitting $147.29. 437,105 shares of the company’s stock were exchanged, compared to its average volume of 4,531,681. The company has a current ratio of 1.06, a quick ratio of 1.01 and a debt-to-equity ratio of 2.28. International Business Machines Co. has a fifty-two week low of $115.54 and a fifty-two week high of $153.21. The business’s 50 day moving average is $141.76 and its two-hundred day moving average is $133.34. The firm has a market capitalization of $134.18 billion, a P/E ratio of 68.19, a P/E/G ratio of 3.75 and a beta of 0.85.

International Business Machines (NYSE:IBM) last posted its quarterly earnings data on Wednesday, July 19th. The technology company reported $2.18 earnings per share for the quarter, topping analysts’ consensus estimates of $2.00 by $0.18. The company had revenue of $15.48 billion during the quarter, compared to analysts’ expectations of $15.58 billion. International Business Machines had a return on equity of 38.10% and a net margin of 3.35%. The firm’s revenue for the quarter was down .4% on a year-over-year basis. During the same period last year, the firm earned $2.31 EPS. On average, equities analysts expect that International Business Machines Co. will post 9.43 earnings per share for the current year.

International Business Machines Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Saturday, September 9th. Shareholders of record on Thursday, August 10th were paid a $1.66 dividend. The ex-dividend date was Wednesday, August 9th. This represents a $6.64 annualized dividend and a yield of 4.51%. International Business Machines’s dividend payout ratio is currently 307.41%.

About International Business Machines

International Business Machines Corporation, together with its subsidiaries, 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; 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.