Baker Avenue Asset Management LP Has $16.03 Million Position in International Business Machines Corporation (NYSE:IBM)

Key Points

• Baker Avenue Asset Management LP reduced its holdings in IBM by 1.9%, now owning 64,479 shares valued at approximately $16 million.
• Hedge funds and institutional investors collectively own 58.96% of IBM's stock, with several firms recently acquiring new stakes.
• IBM reported earnings of $2.80 per share, surpassing expectations, with revenue of $16.98 billion for the last quarter, representing a 7.7% year-over-year increase.

Baker Avenue Asset Management LP trimmed its holdings in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 1.9% in the first quarter, according to its most recent filing with the SEC. The firm owned 64,479 shares of the technology company's stock after selling 1,243 shares during the period. Baker Avenue Asset Management LP's holdings in International Business Machines were worth $16,033,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Capital World Investors lifted its holdings in shares of International Business Machines by 413.5% during the 4th quarter. Capital World Investors now owns 11,984,609 shares of the technology company's stock worth $2,634,577,000 after acquiring an additional 9,650,534 shares during the period. Northern Trust Corp increased its position in shares of International Business Machines by 18.6% during the 4th quarter. Northern Trust Corp now owns 10,845,993 shares of the technology company's stock worth $2,384,275,000 after purchasing an additional 1,704,209 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of International Business Machines by 9.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,112,092 shares of the technology company's stock worth $1,783,281,000 after purchasing an additional 722,582 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of International Business Machines by 2.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,083,665 shares of the technology company's stock worth $1,117,548,000 after purchasing an additional 99,510 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of International Business Machines by 29,564.2% during the 1st quarter. GAMMA Investing LLC now owns 4,399,790 shares of the technology company's stock worth $10,940,520,000 after purchasing an additional 4,384,958 shares in the last quarter. 58.96% of the stock is owned by institutional investors.

International Business Machines Trading Down 1.2%

Shares of NYSE:IBM traded down $3.12 during trading on Friday, hitting $250.03. 9,664,181 shares of the company's stock were exchanged, compared to its average volume of 5,033,579. International Business Machines Corporation has a 1-year low of $181.81 and a 1-year high of $296.16. The firm has a 50-day moving average price of $277.20 and a two-hundred day moving average price of $257.11. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 2.00. The firm has a market cap of $232.38 billion, a P/E ratio of 40.59, a PEG ratio of 3.91 and a beta of 0.69.

International Business Machines (NYSE:IBM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The technology company reported $2.80 EPS for the quarter, topping the consensus estimate of $2.65 by $0.15. International Business Machines had a net margin of 9.11% and a return on equity of 37.62%. The company had revenue of $16.98 billion during the quarter, compared to analysts' expectations of $16.58 billion. During the same quarter in the previous year, the company earned $2.43 EPS. International Business Machines's revenue was up 7.7% on a year-over-year basis. Equities analysts predict that International Business Machines Corporation will post 10.78 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages recently issued reports on IBM. Citigroup reiterated an "outperform" rating on shares of International Business Machines in a research report on Saturday, May 10th. UBS Group increased their target price on shares of International Business Machines from $195.00 to $200.00 and gave the stock a "sell" rating in a research report on Thursday, July 24th. Jefferies Financial Group reiterated a "hold" rating on shares of International Business Machines in a research report on Wednesday, April 23rd. BMO Capital Markets increased their target price on shares of International Business Machines from $260.00 to $300.00 and gave the stock a "market perform" rating in a research report on Friday, July 18th. Finally, JPMorgan Chase & Co. increased their target price on shares of International Business Machines from $244.00 to $290.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, International Business Machines 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.