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

A number of other large investors have also recently made changes to their positions in the stock. Wealth Dimensions Group Ltd. grew its stake in shares of International Business Machines by 1.0% during the 4th quarter. Wealth Dimensions Group Ltd. now owns 3,972 shares of the technology company's stock valued at $873,000 after purchasing an additional 40 shares during the period. Pallas Capital Advisors LLC lifted its position in shares of International Business Machines by 0.9% during the 1st quarter. Pallas Capital Advisors LLC now owns 4,805 shares of the technology company's stock valued at $1,195,000 after buying an additional 42 shares in the last quarter. DMC Group LLC lifted its position in shares of International Business Machines by 1.2% during the 1st quarter. DMC Group LLC now owns 3,517 shares of the technology company's stock valued at $875,000 after buying an additional 42 shares in the last quarter. Range Financial Group LLC lifted its position in shares of International Business Machines by 0.6% during the 1st quarter. Range Financial Group LLC now owns 7,350 shares of the technology company's stock valued at $1,828,000 after buying an additional 43 shares in the last quarter. Finally, Private Wealth Partners LLC lifted its holdings in International Business Machines by 1.7% in the 1st quarter. Private Wealth Partners LLC now owns 2,647 shares of the technology company's stock worth $658,000 after purchasing an additional 43 shares in the last quarter. 58.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Citigroup reissued an "outperform" rating on shares of International Business Machines in a report on Saturday, May 10th. Royal Bank Of Canada boosted their target price on International Business Machines from $285.00 to $315.00 and gave the company an "outperform" rating in a research report on Thursday, July 17th. KGI Securities set a $242.00 target price on International Business Machines and gave the company a "hold" rating in a research report on Thursday, April 24th. BMO Capital Markets upped their price objective on International Business Machines from $260.00 to $300.00 and gave the company a "market perform" rating in a research report on Friday, July 18th. Finally, UBS Group upped their price objective on International Business Machines from $195.00 to $200.00 and gave the company a "sell" rating in a research report on Thursday, July 24th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $268.75.

International Business Machines Stock Up 2.3%

IBM traded up $5.47 during trading on Wednesday, hitting $240.24. The stock had a trading volume of 3,536,635 shares, compared to its average volume of 4,764,728. The company has a market capitalization of $223.27 billion, a PE ratio of 38.95, a PEG ratio of 3.65 and a beta of 0.69. International Business Machines Corporation has a twelve month low of $190.73 and a twelve month high of $296.16. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.87 and a current ratio of 0.91. The stock has a 50 day simple moving average of $274.96 and a two-hundred day simple moving average of $258.39.

International Business Machines (NYSE:IBM - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The technology company reported $2.80 earnings per share (EPS) for the quarter, topping 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 last year, the business posted $2.43 earnings per share. The company's revenue for the quarter was up 7.7% compared to the same quarter last year. On average, research analysts predict that International Business Machines Corporation will post 10.78 earnings per share for the current year.

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.