Oak Grove Capital LLC Sells 12,550 Shares of International Business Machines Corporation (NYSE:IBM)

Key Points

• Oak Grove Capital LLC reduced its stake in International Business Machines Corporation (IBM) by 16.5%, now holding 63,560 shares valued at approximately $15.8 million.
• IBM's stock has been rated with a consensus of "Moderate Buy" by analysts, with the average target price being $268.75.
• The company's latest earnings report showed a quarterly earnings per share of $2.80, exceeding estimates, and a revenue increase of 7.7% year-over-year.

Oak Grove Capital LLC cut its position in International Business Machines Corporation (NYSE:IBM - Free Report) by 16.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 63,560 shares of the technology company's stock after selling 12,550 shares during the period. International Business Machines accounts for about 3.3% of Oak Grove Capital LLC's investment portfolio, making the stock its 10th biggest position. Oak Grove Capital LLC's holdings in International Business Machines were worth $15,805,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in IBM. Brighton Jones LLC lifted its position in shares of International Business Machines by 12.4% during the fourth 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 in the last quarter. MSH Capital Advisors LLC bought a new stake in shares of International Business Machines during the fourth quarter worth approximately $470,000. Gratus Wealth Advisors LLC raised its stake in shares of International Business Machines by 72.6% during the fourth quarter. Gratus Wealth Advisors LLC now owns 5,762 shares of the technology company's stock worth $1,267,000 after buying an additional 2,423 shares during the last quarter. First Commonwealth Financial Corp PA bought a new stake in shares of International Business Machines during the fourth quarter worth approximately $290,000. Finally, GKV Capital Management Co. Inc. bought a new stake in shares of International Business Machines during the fourth quarter worth approximately $154,000. 58.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently weighed in on IBM. Wall Street Zen raised shares of International Business Machines from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. UBS Group boosted their price target on shares of International Business Machines from $195.00 to $200.00 and gave the stock a "sell" rating in a research note on Thursday, July 24th. Wedbush boosted their price target on shares of International Business Machines from $300.00 to $325.00 and gave the stock an "outperform" rating in a research note on Friday, June 20th. KGI Securities set a $242.00 price target on shares of International Business Machines and gave the stock a "hold" rating in a research note on Thursday, April 24th. Finally, 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 research note on Wednesday, July 2nd. One analyst has rated the stock with a sell rating, nine have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $268.75.

International Business Machines Stock Down 1.1%

International Business Machines stock opened at $237.31 on Friday. The company has a market cap of $220.56 billion, a P/E ratio of 38.52, a price-to-earnings-growth ratio of 3.70 and a beta of 0.69. International Business Machines Corporation has a 1-year low of $192.86 and a 1-year high of $296.16. The company has a fifty day simple moving average of $273.87 and a 200 day simple moving average of $258.36. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 2.00.

International Business Machines (NYSE:IBM - Get Free Report) last released its earnings results on Wednesday, July 23rd. The technology company reported $2.80 earnings per share for the quarter, beating analysts' consensus estimates of $2.65 by $0.15. The business had revenue of $16.98 billion during the quarter, compared to the consensus estimate of $16.58 billion. International Business Machines had a net margin of 9.11% and a return on equity of 37.62%. The firm's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.43 earnings per share. Research analysts anticipate that International Business Machines Corporation will post 10.78 earnings per share for the current fiscal year.

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.

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