Neville Rodie & Shaw Inc. Trims Holdings in International Business Machines Corporation $IBM

Key Points

• Neville Rodie & Shaw trimmed its IBM stake by 3.7% in the third quarter, selling 2,653 shares and retaining 69,394 shares valued at approximately $15.3 million. Institutional investors own 58.96% of IBM’s outstanding stock.
• IBM reported quarterly earnings of $2.93 per share, in line with estimates, while revenue of $17.16 billion fell short of the $17.46 billion consensus forecast; revenue still increased 1.1% year over year.
• IBM traded at $221.05, and analysts maintained a consensus “Moderate Buy” rating with an average price target of $253.52. The company’s quarterly dividend is $1.69 per share, equivalent to a 3.1% yield.

Neville Rodie & Shaw Inc. trimmed its stake in International Business Machines Corporation (NYSE:IBM - Free Report) by 3.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 69,394 shares of the technology company's stock after selling 2,653 shares during the period. International Business Machines makes up about 1.1% of Neville Rodie & Shaw Inc.'s portfolio, making the stock its 25th biggest position. Neville Rodie & Shaw Inc.'s holdings in International Business Machines were worth $15,262,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Assetmark Inc. increased its position in shares of International Business Machines by 24.8% during the first quarter. Assetmark Inc. now owns 64,458 shares of the technology company's stock worth $15,624,000 after purchasing an additional 12,791 shares in the last quarter. Flputnam Investment Management Co. purchased a new position in shares of International Business Machines in the 2nd quarter valued at approximately $15,237,000. Beacon Investment Advisory Services Inc. boosted its stake in International Business Machines by 939.4% in the 2nd quarter. Beacon Investment Advisory Services Inc. now owns 30,495 shares of the technology company's stock worth $8,575,000 after purchasing an additional 27,561 shares in the last quarter. St. Louis Financial Planners Asset Management LLC grew its position in International Business Machines by 34.6% during the 2nd quarter. St. Louis Financial Planners Asset Management LLC now owns 14,234 shares of the technology company's stock worth $4,121,000 after purchasing an additional 3,659 shares during the last quarter. Finally, Evercore Wealth Management LLC grew its position in International Business Machines by 9.0% during the 1st quarter. Evercore Wealth Management LLC now owns 62,801 shares of the technology company's stock worth $15,222,000 after purchasing an additional 5,196 shares during the last quarter. Institutional investors own 58.96% of the company's stock.

International Business Machines Price Performance

IBM traded down $1.59 during midday trading on Monday, hitting $221.05. 1,443,143 shares of the company traded hands, compared to its average volume of 7,565,029. The company has a current ratio of 0.79, a quick ratio of 0.74 and a debt-to-equity ratio of 1.63. The company has a market capitalization of $208.26 billion, a price-to-earnings ratio of 19.62, a PEG ratio of 2.12 and a beta of 0.73. International Business Machines Corporation has a 52-week low of $199.19 and a 52-week high of $332.46. The business has a 50 day simple moving average of $232.27 and a two-hundred day simple moving average of $244.89.

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

International Business Machines Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Monday, August 10th were given a dividend of $1.69 per share. This represents a $6.76 annualized dividend and a yield of 3.1%. The ex-dividend date was Monday, August 10th. International Business Machines's dividend payout ratio (DPR) is presently 59.98%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on IBM shares. Morgan Stanley cut their target price on International Business Machines from $293.00 to $190.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 23rd. BMO Capital Markets dropped their price target on International Business Machines from $270.00 to $230.00 and set a "market perform" rating on the stock in a research note on Thursday, July 23rd. Royal Bank Of Canada reissued an "outperform" rating and issued a $270.00 price objective (down from $300.00) on shares of International Business Machines in a report on Tuesday, July 21st. Bank of America reduced their price objective on International Business Machines from $330.00 to $280.00 and set a "buy" rating for the company in a research note on Wednesday, July 15th. Finally, The Goldman Sachs Group set a $270.00 target price on International Business Machines and gave the company a "buy" rating in a research report on Thursday, July 23rd. Eighteen analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, International Business Machines has a consensus rating of "Moderate Buy" and an average price target of $253.52.

Insider Buying and Selling

In other news, SVP Robert Thomas sold 25,000 shares of International Business Machines stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $230.32, for a total transaction of $5,758,000.00. Following the sale, the senior vice president owned 47,800 shares of the company's stock, valued at approximately $11,009,296. The trade was a 34.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.27% of the stock is owned by company insiders.

About International Business Machines

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.

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