Alberta Investment Management Corp Acquires New Shares in International Business Machines Corporation (NYSE:IBM)

Key Points

• Alberta Investment Management Corp has acquired a new stake in International Business Machines Corporation (IBM), purchasing 29,700 shares valued at approximately $7.39 million in the first quarter.
• Several other institutional investors also increased their holdings in IBM, with Howland Capital Management increasing its stake by 68.5% and Empirical Financial Services by an impressive 317.5%.
• IBM reported earnings of $2.80 per share for the last quarter, exceeding analyst expectations, with a revenue of $16.98 billion compared to forecasts of $16.58 billion.

Alberta Investment Management Corp acquired a new position in International Business Machines Corporation (NYSE:IBM - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 29,700 shares of the technology company's stock, valued at approximately $7,385,000.

A number of other hedge funds have also recently added to or reduced their stakes in IBM. Christopher J. Hasenberg Inc purchased a new stake in International Business Machines during the first quarter worth $27,000. SSA Swiss Advisors AG acquired a new stake in International Business Machines during the first quarter worth about $28,000. Measured Risk Portfolios Inc. acquired a new stake in International Business Machines during the fourth quarter worth about $43,000. Park Square Financial Group LLC acquired a new stake in shares of International Business Machines during the fourth quarter valued at about $43,000. Finally, Mascagni Wealth Management Inc. acquired a new stake in shares of International Business Machines during the fourth quarter valued at about $43,000. 58.96% of the stock is owned by hedge funds and other institutional investors.

International Business Machines Stock Down 0.4%

Shares of NYSE:IBM traded down $1.02 during mid-day trading on Tuesday, reaching $250.96. 3,296,177 shares of the stock were exchanged, compared to its average volume of 4,680,492. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 2.00. The company has a market cap of $233.24 billion, a P/E ratio of 40.74, a P/E/G ratio of 3.86 and a beta of 0.69. International Business Machines Corporation has a one year low of $183.64 and a one year high of $296.16. The stock's 50 day simple moving average is $277.06 and its 200-day simple moving average is $257.80.

International Business Machines (NYSE:IBM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The technology company reported $2.80 EPS for the quarter, beating the consensus estimate of $2.65 by $0.15. International Business Machines had a return on equity of 37.62% and a net margin of 9.11%. The firm had revenue of $16.98 billion during the quarter, compared to analysts' expectations of $16.58 billion. During the same period in the prior year, the firm posted $2.43 earnings per share. The business's quarterly revenue was up 7.7% compared to the same quarter last year. As a group, equities research analysts predict that International Business Machines Corporation will post 10.78 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on IBM. Bank of America dropped their price objective on shares of International Business Machines from $320.00 to $310.00 and set a "buy" rating for the company in a report on Thursday, July 24th. UBS Group lifted their target price on shares of International Business Machines from $195.00 to $200.00 and gave the company a "sell" rating in a report on Thursday, July 24th. Citigroup restated an "outperform" rating on shares of International Business Machines in a research report on Saturday, May 10th. JPMorgan Chase & Co. upped their price objective on shares of International Business Machines from $244.00 to $290.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Finally, BMO Capital Markets upped their price target on shares of International Business Machines from $260.00 to $300.00 and gave the stock a "market perform" rating in a research note on Friday, July 18th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $268.75.

International Business Machines Company Profile

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.