OLD National Bancorp IN Acquires 25,776 Shares of International Business Machines Corporation $IBM

Key Points

• OLD National Bancorp IN boosted its IBM stake by 66.4% in the first quarter, buying 25,776 additional shares and bringing its total holding to 64,591 shares worth about $15.7 million.
• IBM has been generating positive attention from new chip technology and AI-related initiatives, including reports of the world’s first sub-1 nanometer chip architecture and an OpenAI cybersecurity partnership.
• The company recently beat earnings and revenue estimates, raised its quarterly dividend to $1.69 per share, and has seen several analysts turn more constructive, with Citigroup lifting its price target to $375.

OLD National Bancorp IN increased its holdings in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 66.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 64,591 shares of the technology company's stock after purchasing an additional 25,776 shares during the quarter. OLD National Bancorp IN's holdings in International Business Machines were worth $15,656,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in IBM. Foster Group Inc. grew its holdings in shares of International Business Machines by 1.3% in the 4th quarter. Foster Group Inc. now owns 2,507 shares of the technology company's stock valued at $742,000 after acquiring an additional 33 shares in the last quarter. CVA Family Office LLC raised its holdings in International Business Machines by 1.4% during the fourth quarter. CVA Family Office LLC now owns 2,389 shares of the technology company's stock worth $708,000 after acquiring an additional 33 shares in the last quarter. New Covenant Trust Company N.A. raised its holdings in International Business Machines by 3.8% during the fourth quarter. New Covenant Trust Company N.A. now owns 905 shares of the technology company's stock worth $264,000 after acquiring an additional 33 shares in the last quarter. McGowan Group Asset Management Inc. boosted its position in International Business Machines by 1.2% during the fourth quarter. McGowan Group Asset Management Inc. now owns 2,693 shares of the technology company's stock valued at $798,000 after purchasing an additional 33 shares during the last quarter. Finally, Altman Advisors Inc. grew its stake in International Business Machines by 0.3% in the third quarter. Altman Advisors Inc. now owns 9,929 shares of the technology company's stock valued at $2,802,000 after purchasing an additional 34 shares in the last quarter. Institutional investors own 58.96% of the company's stock.

Key International Business Machines News

Here are the key news stories impacting International Business Machines this week:

• Positive Sentiment: IBM unveiled what it says is the world’s first sub-1 nanometer chip technology, a potential industry milestone that could make AI chips smaller, faster, and more energy efficient. Investors are viewing the announcement as evidence that IBM remains an innovation leader in AI infrastructure and advanced computing. Article: Reuters
• Positive Sentiment: Several reports highlighted IBM’s new 0.7nm “nanostack” chip architecture, with claims of materially better performance and energy efficiency. That kind of technical progress can improve IBM’s long-term growth narrative, especially around AI and high-performance computing. Article: PR Newswire
• Positive Sentiment: JPMorgan reportedly upgraded IBM, citing stronger software growth prospects. Analyst upgrades can support the stock by reinforcing expectations for better earnings quality and recurring revenue growth. Article: Insider Monkey
• Positive Sentiment: IBM also drew attention after its OpenAI cybersecurity partnership, which investors may see as a catalyst for growth in enterprise AI and security services. Article: Barchart
• Neutral Sentiment: Some coverage noted that the new chip technology is still several years from commercial production, which may temper near-term enthusiasm even if the long-term story is stronger.

International Business Machines Price Performance

NYSE:IBM opened at $258.36 on Friday. International Business Machines Corporation has a 12-month low of $212.34 and a 12-month high of $332.46. The firm has a market capitalization of $242.83 billion, a price-to-earnings ratio of 22.84, a P/E/G ratio of 2.72 and a beta of 0.67. The stock's 50 day moving average price is $253.31 and its two-hundred day moving average price is $267.23. The company has a quick ratio of 0.76, a current ratio of 0.80 and a debt-to-equity ratio of 1.75.

International Business Machines (NYSE:IBM - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The technology company reported $1.91 EPS for the quarter, topping the consensus estimate of $1.81 by $0.10. The company had revenue of $15.92 billion during the quarter, compared to the consensus estimate of $15.60 billion. International Business Machines had a return on equity of 37.23% and a net margin of 15.61%.The firm's revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.60 EPS. On average, analysts anticipate that International Business Machines Corporation will post 12.39 earnings per share for the current year.

International Business Machines Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 8th were given a dividend of $1.69 per share. This represents a $6.76 dividend on an annualized basis and a yield of 2.6%. This is a positive change from International Business Machines's previous quarterly dividend of $1.68. The ex-dividend date of this dividend was Friday, May 8th. International Business Machines's dividend payout ratio (DPR) is presently 59.77%.

Analysts Set New Price Targets

IBM has been the topic of a number of analyst reports. KeyCorp cut International Business Machines to a "sector weight" rating in a research note on Tuesday. Morgan Stanley raised shares of International Business Machines from an "equal weight" rating to an "overweight" rating in a research note on Tuesday. Piper Sandler upgraded shares of International Business Machines to an "overweight" rating in a report on Tuesday. Susquehanna began coverage on shares of International Business Machines in a research report on Tuesday. They set a "neutral" rating on the stock. Finally, Citigroup increased their price target on shares of International Business Machines from $285.00 to $375.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $306.94.

International Business Machines Company Profile

International Business Machines Corporation (IBM) is a global technology and consulting company headquartered in Armonk, New York. Founded in 1911 as the Computing-Tabulating-Recording Company (CTR) and renamed IBM in 1924, the company has evolved from early electromechanical machines to a diversified technology provider serving enterprises and governments worldwide. IBM is publicly traded on the New York Stock Exchange under the ticker symbol IBM.

IBM's principal businesses encompass cloud computing and software, infrastructure and systems, consulting and technology services, and research and development.

Want to see what other hedge funds are holding IBM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for International Business Machines Corporation (NYSE:IBM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.