Connor Clark & Lunn Investment Management Ltd. Grows Stake in International Business Machines Corporation (NYSE:IBM)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in IBM by 45.1%, acquiring an additional 44,051 shares, bringing their total holdings to 141,673 shares valued at approximately $35.2 million.
• Hedge funds and institutional investors now own 58.96% of IBM's stock, demonstrating strong confidence in the company's performance.
• IBM reported a quarterly earnings per share (EPS) of $2.80, exceeding analysts' expectations, with a revenue increase of 7.7% compared to the same quarter last year.

Connor Clark & Lunn Investment Management Ltd. boosted its stake in International Business Machines Corporation (NYSE:IBM - Free Report) by 45.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 141,673 shares of the technology company's stock after purchasing an additional 44,051 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in International Business Machines were worth $35,228,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of IBM. Capital World Investors grew its position in shares of International Business Machines by 413.5% during the 4th quarter. Capital World Investors now owns 11,984,609 shares of the technology company's stock valued at $2,634,577,000 after acquiring an additional 9,650,534 shares during the period. GAMMA Investing LLC grew its position in shares of International Business Machines by 29,564.2% during the 1st quarter. GAMMA Investing LLC now owns 4,399,790 shares of the technology company's stock valued at $10,940,520,000 after acquiring an additional 4,384,958 shares during the period. Northern Trust Corp grew its position in shares of International Business Machines by 18.6% during the 4th quarter. Northern Trust Corp now owns 10,845,993 shares of the technology company's stock valued at $2,384,275,000 after acquiring an additional 1,704,209 shares during the period. Castlekeep Investment Advisors LLC bought a new stake in shares of International Business Machines during the 4th quarter valued at $302,564,000. Finally, Vanguard Group Inc. grew its position in shares of International Business Machines by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 93,137,767 shares of the technology company's stock valued at $23,159,637,000 after acquiring an additional 1,298,515 shares during the period. Hedge funds and other institutional investors own 58.96% of the company's stock.

International Business Machines Stock Down 0.8%

Shares of NYSE IBM traded down $1.89 during midday trading on Tuesday, reaching $234.41. 8,749,624 shares of the company's stock traded hands, compared to its average volume of 4,772,840. 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 stock's 50 day simple moving average is $275.58 and its 200-day simple moving average is $258.56. International Business Machines Corporation has a one year low of $189.21 and a one year high of $296.16. The company has a market cap of $217.86 billion, a price-to-earnings ratio of 38.05, a P/E/G ratio of 3.74 and a beta of 0.69.

International Business Machines (NYSE:IBM - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The technology company reported $2.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.65 by $0.15. The firm had revenue of $16.98 billion for the quarter, compared to the consensus estimate of $16.58 billion. International Business Machines had a net margin of 9.11% and a return on equity of 37.62%. The company's quarterly revenue was up 7.7% on a year-over-year basis. During the same period last year, the firm earned $2.43 earnings per share. On average, analysts predict that International Business Machines Corporation will post 10.78 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of International Business Machines from $244.00 to $290.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Stifel Nicolaus upped their target price on shares of International Business Machines from $290.00 to $310.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Bank of America decreased their target price on shares of International Business Machines from $320.00 to $310.00 and set a "buy" rating on the stock in a research report on Thursday, July 24th. The Goldman Sachs Group increased their price objective on shares of International Business Machines from $270.00 to $310.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Finally, Royal Bank Of Canada increased their price objective on shares of International Business Machines from $285.00 to $315.00 and gave the stock an "outperform" rating in a research report on Thursday, July 17th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $268.75.

International Business Machines 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.