Cresset Asset Management LLC Sells 10,603 Shares of International Business Machines Corporation $IBM

Key Points

• Cresset Asset Management LLC reduced its stake in International Business Machines Corporation (IBM) by 7.2%, selling 10,603 shares, and now holds 136,881 shares valued at approximately $34 million.
• Analysts have mixed opinions on IBM, with recent price targets ranging from $195 to $325, and a consensus rating of "Moderate Buy".
• IBM's latest earnings report showed a profit of $2.80 per share, surpassing estimates, with revenues up 7.7% year-over-year at $16.98 billion.

Cresset Asset Management LLC decreased its position in International Business Machines Corporation (NYSE:IBM - Free Report) by 7.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 136,881 shares of the technology company's stock after selling 10,603 shares during the quarter. Cresset Asset Management LLC's holdings in International Business Machines were worth $34,037,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Christopher J. Hasenberg Inc acquired a new position in International Business Machines during the first quarter worth approximately $27,000. SSA Swiss Advisors AG acquired a new position in International Business Machines during the first quarter worth approximately $28,000. Dagco Inc. acquired a new position in International Business Machines during the first quarter worth approximately $31,000. Measured Risk Portfolios Inc. acquired a new position in International Business Machines during the fourth quarter worth approximately $43,000. Finally, Park Square Financial Group LLC acquired a new position in International Business Machines during the fourth quarter worth approximately $43,000. Institutional investors and hedge funds own 58.96% of the company's stock.

International Business Machines Price Performance

Shares of NYSE IBM traded up $2.64 during mid-day trading on Friday, reaching $239.75. 4,339,819 shares of the company were exchanged, compared to its average volume of 6,848,571. International Business Machines Corporation has a 52 week low of $192.86 and a 52 week high of $296.16. 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 has a market capitalization of $222.82 billion, a PE ratio of 38.92, a PEG ratio of 3.69 and a beta of 0.69. The company's 50 day moving average price is $273.29 and its 200 day moving average price is $258.66.

International Business Machines (NYSE:IBM - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The technology company reported $2.80 earnings per share for the quarter, topping the consensus estimate of $2.65 by $0.15. The business had revenue of $16.98 billion during 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 firm's revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the previous year, the firm posted $2.43 earnings per share. Sell-side analysts forecast that International Business Machines Corporation will post 10.78 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Erste Group Bank cut International Business Machines from a "buy" rating to a "hold" rating in a report on Thursday. Citigroup restated an "outperform" rating on shares of International Business Machines in a report on Saturday, May 10th. Melius Research upgraded International Business Machines to a "strong-buy" rating in a report on Monday, July 7th. Morgan Stanley reduced their price objective on International Business Machines from $237.00 to $233.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. Finally, Wedbush boosted their price objective on International Business Machines from $300.00 to $325.00 and gave the stock an "outperform" rating in a report on Friday, June 20th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $268.75.

About International Business Machines

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.