Townsquare Capital LLC Sells 23,684 Shares of International Business Machines Corporation (NYSE:IBM)

Key Points

• Townsquare Capital LLC reduced its holdings in International Business Machines Corporation (IBM) by 22.4%, owning 82,196 shares valued at approximately $20.4 million after selling 23,684 shares during the first quarter.
• Recent research reports have given IBM a range of recommendations, with Melius Research and Wall Street Zen upgrading the stock to "strong-buy" and "buy" ratings respectively, while the average price target is $268.75.
• IBM reported a quarterly earnings of $2.80 EPS, exceeding estimates and showing a revenue growth of 7.7% year-over-year, with a total revenue of $16.98 billion for the quarter.

Townsquare Capital LLC trimmed its holdings in International Business Machines Corporation (NYSE:IBM - Free Report) by 22.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 82,196 shares of the technology company's stock after selling 23,684 shares during the quarter. Townsquare Capital LLC's holdings in International Business Machines were worth $20,439,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in IBM. Brighton Jones LLC raised its holdings in International Business Machines by 12.4% during the 4th quarter. Brighton Jones LLC now owns 21,011 shares of the technology company's stock worth $4,619,000 after purchasing an additional 2,323 shares during the last quarter. FIL Ltd raised its holdings in International Business Machines by 7.8% during the 4th quarter. FIL Ltd now owns 2,493 shares of the technology company's stock worth $548,000 after purchasing an additional 180 shares during the last quarter. F M Investments LLC raised its holdings in International Business Machines by 7.8% during the 4th quarter. F M Investments LLC now owns 66,784 shares of the technology company's stock worth $14,681,000 after purchasing an additional 4,846 shares during the last quarter. Colonial Trust Advisors raised its holdings in International Business Machines by 21.6% during the 4th quarter. Colonial Trust Advisors now owns 1,035 shares of the technology company's stock worth $228,000 after purchasing an additional 184 shares during the last quarter. Finally, Legacy Financial Advisors Inc. raised its holdings in International Business Machines by 7.3% during the 4th quarter. Legacy Financial Advisors Inc. now owns 7,449 shares of the technology company's stock worth $1,638,000 after purchasing an additional 510 shares during the last quarter. 58.96% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on IBM. Bank of America decreased their target price on International Business Machines from $320.00 to $310.00 and set a "buy" rating for the company in a research report on Thursday, July 24th. Wedbush boosted their target price on International Business Machines from $300.00 to $325.00 and gave the stock an "outperform" rating in a research report on Friday, June 20th. JPMorgan Chase & Co. boosted their target price on International Business Machines from $244.00 to $290.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Citigroup restated an "outperform" rating on shares of International Business Machines in a research report on Saturday, May 10th. Finally, Royal Bank Of Canada boosted their target price on International Business Machines from $285.00 to $315.00 and gave the stock an "outperform" rating in a research report on Thursday, July 17th. One 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's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $268.75.

International Business Machines Stock Down 2.4%

Shares of International Business Machines stock traded down $5.91 on Monday, reaching $236.37. 4,663,591 shares of the company were exchanged, compared to its average volume of 4,712,613. International Business Machines Corporation has a one year low of $189.00 and a one year high of $296.16. The company has a market capitalization of $219.68 billion, a price-to-earnings ratio of 38.39, a PEG ratio of 3.74 and a beta of 0.69. 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 company has a 50-day moving average of $276.14 and a 200 day moving average of $258.48.

International Business Machines (NYSE:IBM - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The technology company reported $2.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.65 by $0.15. International Business Machines had a return on equity of 37.62% and a net margin of 9.11%. The company had revenue of $16.98 billion for the quarter, compared to analysts' expectations of $16.58 billion. During the same quarter in the prior year, the business posted $2.43 EPS. The business's revenue was up 7.7% compared to the same quarter last year. On average, equities research analysts forecast that International Business Machines Corporation will post 10.78 earnings per share for the current year.

International Business Machines Company 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.