International Business Machines Co. (NYSE:IBM) Shares Bought by Fort Pitt Capital Group LLC

by · The Cerbat Gem

Fort Pitt Capital Group LLC grew its holdings in shares of International Business Machines Co. (NYSE:IBM – Free Report) by 29.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,821 shares of the technology company’s stock after purchasing an additional 413 shares during the period. Fort Pitt Capital Group LLC’s holdings in International Business Machines were worth $402,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in International Business Machines by 6.7% during the 1st quarter. Vanguard Group Inc. now owns 88,152,714 shares of the technology company’s stock worth $16,833,642,000 after purchasing an additional 5,546,855 shares during the period. Legal & General Group Plc increased its position in International Business Machines by 4.1% during the 2nd quarter. Legal & General Group Plc now owns 8,487,827 shares of the technology company’s stock worth $1,467,974,000 after purchasing an additional 330,694 shares during the period. Ameriprise Financial Inc. increased its position in International Business Machines by 6.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 7,366,715 shares of the technology company’s stock worth $1,274,074,000 after purchasing an additional 444,698 shares during the period. Dimensional Fund Advisors LP increased its position in International Business Machines by 6.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,796,206 shares of the technology company’s stock worth $829,431,000 after purchasing an additional 304,390 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of International Business Machines by 151.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,515,666 shares of the technology company’s stock worth $671,352,000 after acquiring an additional 2,118,165 shares during the period. Institutional investors and hedge funds own 58.96% of the company’s stock.

International Business Machines Trading Up 0.7 %

Shares of International Business Machines stock opened at $208.25 on Friday. International Business Machines Co. has a fifty-two week low of $144.84 and a fifty-two week high of $237.37. The firm has a market cap of $192.56 billion, a PE ratio of 30.31, a P/E/G ratio of 4.64 and a beta of 0.71. The business’s fifty day moving average is $216.84 and its two-hundred day moving average is $191.29. The company has a quick ratio of 1.01, a current ratio of 1.06 and a debt-to-equity ratio of 2.16.

International Business Machines (NYSE:IBM – Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The technology company reported $2.30 earnings per share for the quarter, topping analysts’ consensus estimates of $2.27 by $0.03. International Business Machines had a return on equity of 40.52% and a net margin of 10.22%. The company had revenue of $14.97 billion for the quarter, compared to analyst estimates of $15.08 billion. During the same quarter in the prior year, the company posted $2.20 EPS. The business’s revenue for the quarter was up 1.5% compared to the same quarter last year. Analysts anticipate that International Business Machines Co. will post 10.11 earnings per share for the current year.

International Business Machines Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Tuesday, November 12th will be given a $1.67 dividend. This represents a $6.68 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend is Tuesday, November 12th. International Business Machines’s dividend payout ratio (DPR) is currently 97.23%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on IBM shares. DZ Bank cut International Business Machines from a “buy” rating to a “hold” rating and set a $215.00 price target on the stock. in a report on Wednesday, October 2nd. The Goldman Sachs Group upped their price target on International Business Machines from $220.00 to $250.00 and gave the stock a “buy” rating in a report on Monday, September 30th. StockNews.com cut International Business Machines from a “buy” rating to a “hold” rating in a report on Friday, October 25th. Bernstein Bank upped their price target on International Business Machines from $185.00 to $210.00 and gave the stock a “market perform” rating in a report on Thursday, October 3rd. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $250.00 price target on shares of International Business Machines in a report on Thursday, October 24th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $208.12.

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International Business Machines Company Profile

(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.

Further Reading

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