NJ State Employees Deferred Compensation Plan Cuts Stake in International Business Machines Corporation (NYSE:IBM)

Key Points

• The NJ State Employees Deferred Compensation Plan sold 2,200 shares of International Business Machines (IBM), reducing its holdings by 11% to 17,800 shares, valued at approximately $4.43 million.
• Institutional ownership for IBM remains high, with 58.96% of stock held by hedge funds and institutional investors, indicating significant confidence in the company's prospects.
• IBM reported a quarterly earnings per share of $2.80, surpassing expectations, with year-over-year revenue growth of 7.7% to $16.98 billion.

NJ State Employees Deferred Compensation Plan reduced its stake in International Business Machines Corporation (NYSE:IBM - Free Report) by 11.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,800 shares of the technology company's stock after selling 2,200 shares during the period. NJ State Employees Deferred Compensation Plan's holdings in International Business Machines were worth $4,426,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Wealth Dimensions Group Ltd. boosted its holdings in International Business Machines by 1.0% during the 4th quarter. Wealth Dimensions Group Ltd. now owns 3,972 shares of the technology company's stock worth $873,000 after acquiring an additional 40 shares during the last quarter. Pallas Capital Advisors LLC boosted its holdings in International Business Machines by 0.9% during the 1st quarter. Pallas Capital Advisors LLC now owns 4,805 shares of the technology company's stock worth $1,195,000 after acquiring an additional 42 shares during the last quarter. DMC Group LLC boosted its holdings in International Business Machines by 1.2% during the 1st quarter. DMC Group LLC now owns 3,517 shares of the technology company's stock worth $875,000 after acquiring an additional 42 shares during the last quarter. Titleist Asset Management LLC boosted its holdings in International Business Machines by 3.1% during the 4th quarter. Titleist Asset Management LLC now owns 1,431 shares of the technology company's stock worth $315,000 after acquiring an additional 43 shares during the last quarter. Finally, Range Financial Group LLC boosted its holdings in shares of International Business Machines by 0.6% in the 1st quarter. Range Financial Group LLC now owns 7,350 shares of the technology company's stock worth $1,828,000 after buying an additional 43 shares during the last quarter. 58.96% of the stock is currently owned by institutional investors and hedge funds.

International Business Machines Price Performance

Shares of IBM traded down $3.12 during midday trading on Friday, hitting $250.03. 9,664,181 shares of the company traded hands, compared to its average volume of 5,517,749. The stock has a 50-day moving average of $277.20 and a 200-day moving average of $257.61. International Business Machines Corporation has a one year low of $181.81 and a one year high of $296.16. The firm has a market cap of $232.38 billion, a P/E ratio of 40.59, a PEG ratio of 3.86 and a beta of 0.69. The company has a debt-to-equity ratio of 2.00, a current ratio of 0.91 and a quick ratio of 0.87.

International Business Machines (NYSE:IBM - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $16.98 billion for the quarter, compared to analysts' expectations of $16.58 billion. International Business Machines had a net margin of 9.11% and a return on equity of 37.62%. International Business Machines's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.43 earnings per share. As a group, sell-side analysts predict that International Business Machines Corporation will post 10.78 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on IBM. KGI Securities set a $242.00 price target on shares of International Business Machines and gave the stock a "hold" rating in a report on Thursday, April 24th. Stifel Nicolaus boosted their price target on shares of International Business Machines from $290.00 to $310.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. The Goldman Sachs Group boosted their price target on shares of International Business Machines from $270.00 to $310.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Royal Bank Of Canada boosted their price target on shares of International Business Machines from $285.00 to $315.00 and gave the stock an "outperform" rating in a report on Thursday, July 17th. Finally, Citigroup reaffirmed an "outperform" rating on shares of International Business Machines in a report on Saturday, May 10th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $268.75.

International Business Machines Profile

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.