International Business Machines Corporation $IBM Stock: Thurston Springer Miller Herd & Titak Inc. Lowers Position

Key Points

• Thurston Springer Miller Herd & Titak cut its IBM position by 87.6% in the third quarter, selling 4,117 shares and retaining 583 shares worth approximately $128,000. Institutional investors still own 58.96% of IBM.
• Analyst sentiment is mixed: IBM has a consensus “Hold” rating and an average price target of $252.96, while recent targets ranged from $230 to $250.
• IBM’s latest quarterly results met earnings expectations at $2.93 per share, but revenue of $17.16 billion fell short of estimates. The company maintains a quarterly dividend of $1.69 per share, implying a 3.0% yield.

Thurston Springer Miller Herd & Titak Inc. cut its holdings in International Business Machines Corporation (NYSE:IBM - Free Report) by 87.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 583 shares of the technology company's stock after selling 4,117 shares during the period. Thurston Springer Miller Herd & Titak Inc.'s holdings in International Business Machines were worth $128,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in IBM. BlackRock Inc. bought a new stake in International Business Machines in the 2nd quarter valued at $21,586,659,000. State Street Corp lifted its stake in International Business Machines by 2.7% in the 2nd quarter. State Street Corp now owns 56,045,055 shares of the technology company's stock worth $15,760,430,000 after purchasing an additional 1,450,562 shares in the last quarter. Bank of America Corp DE lifted its stake in International Business Machines by 7.0% in 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 purchasing an additional 1,049,602 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of International Business Machines during the 2nd quarter valued at about $2,606,782,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of International Business Machines by 0.7% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,621,512 shares of the technology company's stock valued at $2,143,245,000 after purchasing an additional 53,388 shares during the last quarter. 58.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on IBM shares. Piper Sandler raised International Business Machines to an "overweight" rating in a report on Tuesday, June 23rd. Robert W. Baird initiated coverage on International Business Machines in a research note on Tuesday, July 21st. They set a "neutral" rating and a $230.00 price target for the company. Wolfe Research cut International Business Machines to a "peer perform" rating in a report on Tuesday, June 23rd. JPMorgan Chase & Co. cut their price target on International Business Machines from $291.00 to $250.00 and set an "overweight" rating for the company in a report on Friday, July 17th. Finally, Sanford C. Bernstein reduced their price objective on International Business Machines from $280.00 to $230.00 and set a "market perform" rating on the stock in a research note on Thursday, July 23rd. Eighteen investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $252.96.

International Business Machines Stock Down 1.0%

Shares of International Business Machines stock opened at $228.40 on Thursday. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.79 and a quick ratio of 0.74. The stock has a market cap of $215.18 billion, a price-to-earnings ratio of 20.27, a PEG ratio of 2.20 and a beta of 0.73. The firm's 50-day moving average is $232.07 and its two-hundred day moving average is $243.68. International Business Machines Corporation has a 1 year low of $199.19 and a 1 year high of $332.46.

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

International Business Machines Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Monday, August 10th were issued a dividend of $1.69 per share. This represents a $6.76 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Monday, August 10th. International Business Machines's dividend payout ratio (DPR) is presently 59.98%.

Insider Buying and Selling

In other International Business Machines news, SVP Robert Thomas sold 25,000 shares of the company'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 completion of the sale, the senior vice president owned 47,800 shares in the company, valued at $11,009,296. This represents a 34.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is owned by company insiders.

Trending Headlines about International Business Machines

Here are the key news stories impacting International Business Machines this week:

• Positive Sentiment: Siemens nanostack collaboration supports IBM’s semiconductor strategy. IBM and Siemens announced research to advance IBM’s nanostack transistor architecture, combining IBM’s device expertise with Siemens’ electronic-design and manufacturing software capabilities. The effort could strengthen IBM’s longer-term semiconductor innovation, although it is unlikely to materially affect near-term earnings. IBM and Siemens Collaborate on Research to Advance Nanostack Architecture
• Positive Sentiment: RBC reaffirmed an Outperform rating and a $270 price target. The target implies meaningful upside from recent trading levels and signals that the bank views IBM’s valuation and growth prospects favorably despite recent weakness.
• Positive Sentiment: IBM remains active in quantum computing. IBM advanced to Stage C of DARPA’s Quantum Benchmarking Initiative, reinforcing its position in a potentially important long-term technology market. Revenue benefits remain uncertain and likely distant. DARPA Just Revealed the 2 Best Quantum Computing Stocks to Buy Now

International Business Machines Company Profile

International Business Machines Corporation NYSE: IBM, commonly known as IBM, is a global technology company that provides hybrid cloud, artificial intelligence, software, consulting and infrastructure solutions. Its offerings help businesses and government organizations manage data, modernize applications, automate processes and improve cybersecurity.

IBM's portfolio includes the Red Hat hybrid cloud platform, the watsonx suite of artificial intelligence and data tools, consulting services, and enterprise software for areas such as automation, application management, security and asset management.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.