Glassy Mountain Advisors Inc. Sells 2,245 Shares of Apple Inc. $AAPL

Key Points

• Glassy Mountain Advisors Inc. has reduced its stake in Apple Inc. by 3.2% but retains it as the second largest position in its portfolio, comprising 5.3% and valued at approximately $14.88 million.
• Apple's share buyback program allows for the repurchase of up to $100 billion in shares, indicating the board's belief that the stock is undervalued.
• In its latest earnings report, Apple reported a revenue of $94.04 billion for the quarter, exceeding analyst expectations and reflecting a 9.6% year-over-year growth.

Glassy Mountain Advisors Inc. trimmed its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 3.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 67,000 shares of the iPhone maker's stock after selling 2,245 shares during the period. Apple makes up about 5.3% of Glassy Mountain Advisors Inc.'s holdings, making the stock its 2nd biggest position. Glassy Mountain Advisors Inc.'s holdings in Apple were worth $14,883,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AAPL. Burkett Financial Services LLC raised its stake in shares of Apple by 0.6% during the 1st quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker's stock worth $3,199,000 after buying an additional 93 shares during the last quarter. Avid Wealth Partners LLC raised its stake in shares of Apple by 28.3% during the 1st quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker's stock worth $935,000 after buying an additional 930 shares during the last quarter. OneAscent Wealth Management LLC raised its stake in shares of Apple by 4.6% during the 4th quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock worth $2,337,000 after buying an additional 409 shares during the last quarter. TruWealth Advisors LLC raised its stake in Apple by 2.8% in the 1st quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker's stock valued at $42,045,000 after purchasing an additional 5,120 shares during the last quarter. Finally, Allstate Corp raised its stake in Apple by 3,368.2% in the 4th quarter. Allstate Corp now owns 451,489 shares of the iPhone maker's stock valued at $113,062,000 after purchasing an additional 438,471 shares during the last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AAPL has been the subject of several recent analyst reports. Wedbush restated an "outperform" rating and issued a $270.00 price target on shares of Apple in a report on Thursday, August 7th. Scotiabank cut Apple to a "market perform" rating in a report on Friday, May 2nd. The Goldman Sachs Group restated a "buy" rating on shares of Apple in a report on Wednesday, May 21st. DA Davidson reaffirmed a "buy" rating and issued a $250.00 target price on shares of Apple in a research report on Friday, August 1st. Finally, Needham & Company LLC reissued a "hold" rating on shares of Apple in a research report on Friday, July 25th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Apple currently has an average rating of "Moderate Buy" and an average target price of $237.98.

Apple Trading Down 0.7%

Shares of NASDAQ AAPL traded down $1.5190 during mid-day trading on Thursday, hitting $224.4910. 17,095,958 shares of the company traded hands, compared to its average volume of 57,413,074. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The stock has a market capitalization of $3.33 trillion, a price-to-earnings ratio of 34.06, a PEG ratio of 2.41 and a beta of 1.16. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. The business has a 50 day moving average of $211.38 and a two-hundred day moving average of $213.15.

Apple (NASDAQ:AAPL - Get Free Report) last announced its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating the consensus estimate of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%.The business had revenue of $94.04 billion during the quarter, compared to the consensus estimate of $88.64 billion. During the same period in the prior year, the business posted $1.40 earnings per share. Apple's revenue was up 9.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Monday, August 11th. Apple's dividend payout ratio is currently 15.78%.

Apple announced that its Board of Directors has initiated a stock repurchase program on Thursday, May 1st that allows the company to repurchase $100.00 billion in shares. This repurchase authorization allows the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its shares are undervalued.

Insider Transactions at Apple

In related news, SVP Deirdre O'brien sold 34,821 shares of the stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $223.20, for a total value of $7,772,047.20. Following the completion of the sale, the senior vice president directly owned 136,687 shares of the company's stock, valued at approximately $30,508,538.40. This represents a 20.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.06% of the company's stock.

Apple Company Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.