Genesee Capital Advisors LLC Sells 321 Shares of International Business Machines Co. (NYSE:IBM)

by · The Cerbat Gem

Genesee Capital Advisors LLC cut its stake in shares of International Business Machines Co. (NYSE:IBM – Free Report) by 4.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,732 shares of the technology company’s stock after selling 321 shares during the quarter. Genesee Capital Advisors LLC’s holdings in International Business Machines were worth $1,488,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Northwest Investment Counselors LLC bought a new stake in International Business Machines during the first quarter valued at about $136,000. AdvisorNet Financial Inc boosted its stake in shares of International Business Machines by 27.9% in the first quarter. AdvisorNet Financial Inc now owns 5,997 shares of the technology company’s stock worth $1,145,000 after acquiring an additional 1,309 shares during the last quarter. Global Assets Advisory LLC purchased a new position in International Business Machines during the first quarter worth approximately $3,026,000. Financial Synergies Wealth Advisors Inc. raised its position in International Business Machines by 164.0% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 198 shares of the technology company’s stock valued at $38,000 after purchasing an additional 123 shares during the period. Finally, Harbor Investment Advisory LLC raised its position in International Business Machines by 5.0% in the first quarter. Harbor Investment Advisory LLC now owns 6,206 shares of the technology company’s stock valued at $1,185,000 after purchasing an additional 293 shares during the period. 58.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on IBM. BMO Capital Markets increased their price objective on International Business Machines from $190.00 to $210.00 and gave the company a “market perform” rating in a report on Thursday, July 25th. Stifel Nicolaus raised their price objective on International Business Machines from $205.00 to $246.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Jefferies Financial Group raised their price target on International Business Machines from $200.00 to $245.00 and gave the stock a “hold” rating in a research report on Monday. Bank of America lifted their price objective on International Business Machines from $209.00 to $250.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, The Goldman Sachs Group lifted their target price on International Business Machines from $220.00 to $250.00 and gave the company a “buy” rating in a report on Monday, September 30th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $205.71.

Check Out Our Latest Research Report on International Business Machines

International Business Machines Price Performance

International Business Machines stock traded down $0.69 during midday trading on Monday, hitting $231.51. 1,286,060 shares of the company’s stock were exchanged, compared to its average volume of 4,181,140. The company has a debt-to-equity ratio of 2.20, a quick ratio of 1.08 and a current ratio of 1.12. The stock has a 50-day moving average price of $212.19 and a two-hundred day moving average price of $189.14. International Business Machines Co. has a 52-week low of $135.87 and a 52-week high of $237.37. The company has a market cap of $212.67 billion, a P/E ratio of 26.26, a PEG ratio of 5.21 and a beta of 0.70.

International Business Machines (NYSE:IBM – Get Free Report) last posted its earnings results on Wednesday, July 24th. The technology company reported $2.43 earnings per share for the quarter, topping analysts’ consensus estimates of $2.16 by $0.27. The firm had revenue of $15.77 billion for the quarter, compared to the consensus estimate of $15.62 billion. International Business Machines had a return on equity of 40.59% and a net margin of 13.52%. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.18 EPS. On average, equities research analysts forecast that International Business Machines Co. will post 10.1 earnings per share for the current year.

International Business Machines Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th were paid a $1.67 dividend. This represents a $6.68 annualized dividend and a yield of 2.89%. The ex-dividend date was Friday, August 9th. International Business Machines’s payout ratio is currently 75.65%.

About International Business Machines

(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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