Fortress Financial Group LLC Invests $1.91 Million in International Business Machines Corporation $IBM

Key Points

• Fortress Financial Group acquired 6,794 IBM shares worth approximately $1.91 million during the second quarter, making IBM 0.6% of its portfolio and its 25th-largest holding.
• IBM reported quarterly EPS of $2.93, in line with estimates, while revenue of $17.16 billion fell short of the $17.46 billion consensus but increased 1.1% year over year. Institutional investors own 58.96% of the company.
• IBM declared a quarterly dividend of $1.69 per share, equivalent to an annualized $6.76 and a 2.9% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $265.90 versus the stock’s reported $234.87 price.

Fortress Financial Group LLC acquired a new stake in shares of International Business Machines Corporation (NYSE:IBM - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 6,794 shares of the technology company's stock, valued at approximately $1,911,000. International Business Machines makes up 0.6% of Fortress Financial Group LLC's investment portfolio, making the stock its 25th largest position.

Other large investors have also bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of International Business Machines during the second quarter worth $21,586,659,000. State Street Corp increased its holdings in International Business Machines by 1.0% during the 4th quarter. State Street Corp now owns 54,996,293 shares of the technology company's stock worth $16,290,452,000 after purchasing an additional 518,321 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of International Business Machines by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 22,605,083 shares of the technology company's stock valued at $6,679,105,000 after purchasing an additional 336,069 shares during the period. Capital World Investors lifted its holdings in shares of International Business Machines by 29.2% in the fourth quarter. Capital World Investors now owns 22,021,912 shares of the technology company's stock valued at $6,523,720,000 after purchasing an additional 4,976,756 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in International Business Machines by 7.0% during the 1st quarter. Bank of America Corp DE now owns 16,063,653 shares of the technology company's stock worth $3,893,669,000 after acquiring an additional 1,049,602 shares during the last quarter. 58.96% of the stock is owned by institutional investors.

International Business Machines Trading Down 0.0%

Shares of International Business Machines stock opened at $234.87 on Monday. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.74 and a current ratio of 0.79. The firm has a 50-day moving average of $241.67 and a 200-day moving average of $247.02. International Business Machines Corporation has a 52-week low of $199.19 and a 52-week high of $332.46. The stock has a market cap of $221.28 billion, a PE ratio of 20.84, a PEG ratio of 2.24 and a beta of 0.71.

International Business Machines (NYSE:IBM - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The technology company reported $2.93 earnings per share for the quarter, hitting the consensus estimate of $2.93. The business had revenue of $17.16 billion during the quarter, compared to analysts' expectations of $17.46 billion. International Business Machines had a net margin of 15.52% and a return on equity of 35.65%. The business's revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.80 EPS. As a group, sell-side analysts forecast that International Business Machines Corporation will post 12.33 EPS for the current year.

International Business Machines Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Monday, August 10th will be given a $1.69 dividend. This represents a $6.76 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, August 10th. International Business Machines's payout ratio is presently 59.98%.

Insider Activity

In other International Business Machines news, SVP Robert Thomas sold 25,000 shares of the firm's stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $230.32, for a total transaction of $5,758,000.00. Following the transaction, the senior vice president owned 47,800 shares in the company, valued at $11,009,296. This trade represents a 34.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Wedbush set a $350.00 price objective on shares of International Business Machines in a research note on Tuesday, June 2nd. Morgan Stanley decreased their target price on shares of International Business Machines from $293.00 to $190.00 and set an "equal weight" rating for the company in a research note on Thursday, July 23rd. HSBC set a $175.00 price target on shares of International Business Machines and gave the stock a "reduce" rating in a research report on Thursday, July 16th. Sanford C. Bernstein reissued a "market perform" rating on shares of International Business Machines in a research report on Thursday, July 16th. Finally, Piper Sandler upgraded shares of International Business Machines to an "overweight" rating in a research note on Tuesday, June 23rd. Sixteen analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $265.90.

About International Business Machines

International Business Machines Corporation (IBM) is a global technology and consulting company headquartered in Armonk, New York. Founded in 1911 as the Computing-Tabulating-Recording Company (CTR) and renamed IBM in 1924, the company has evolved from early electromechanical machines to a diversified technology provider serving enterprises and governments worldwide. IBM is publicly traded on the New York Stock Exchange under the ticker symbol IBM.

IBM's principal businesses encompass cloud computing and software, infrastructure and systems, consulting and technology services, and research and development.

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