Pinnacle Holdings LLC Takes $3.24 Million Position in International Business Machines Corporation $IBM

Pinnacle Holdings LLC acquired a new position in shares of International Business Machines Corporation (NYSE:IBM - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 11,507 shares of the technology company's stock, valued at approximately $3,236,000.

A number of other hedge funds have also modified their holdings of IBM. LM Advisors LLC purchased a new position in International Business Machines in the 2nd quarter worth about $387,000. Matters Capital LLC acquired a new position in shares of International Business Machines in the second quarter worth about $208,000. Haverford Trust Co purchased a new position in shares of International Business Machines in the second quarter worth approximately $4,832,000. Clear Harbor Asset Management LLC acquired a new stake in shares of International Business Machines during the second quarter valued at approximately $949,000. Finally, Davis Asset Management L.P. acquired a new stake in shares of International Business Machines during the second quarter valued at approximately $358,000. 58.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at International Business Machines

In other news, SVP Robert Thomas sold 25,000 shares of the stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $230.32, for a total transaction of $5,758,000.00. Following the transaction, the senior vice president owned 47,800 shares of the company's stock, valued at approximately $11,009,296. This represents a 34.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.27% of the company's stock.

Wall Street Analyst Weigh In

IBM has been the subject of a number of recent analyst reports. Stifel Nicolaus decreased their price objective on shares of International Business Machines from $290.00 to $235.00 and set a "buy" rating for the company in a research note on Monday, July 20th. Roth Capital reiterated a "buy" rating on shares of International Business Machines in a report on Wednesday, June 3rd. Needham & Company LLC assumed coverage on International Business Machines in a research report on Wednesday, June 3rd. They set a "buy" rating on the stock. Piper Sandler raised International Business Machines to an "overweight" rating in a research note on Tuesday, June 23rd. Finally, HSBC set a $175.00 target price on International Business Machines and gave the company a "reduce" rating in a research note on Thursday, July 16th. Sixteen analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $265.90.

International Business Machines Stock Performance

IBM stock opened at $234.77 on Tuesday. The firm has a 50 day moving average of $240.81 and a two-hundred day moving average of $246.86. International Business Machines Corporation has a 12 month low of $199.19 and a 12 month high of $332.46. The company has a market capitalization of $221.18 billion, a price-to-earnings ratio of 20.83, a P/E/G ratio of 2.24 and a beta of 0.71. The company has a quick ratio of 0.74, a current ratio of 0.79 and a debt-to-equity ratio of 1.63.

International Business Machines (NYSE:IBM - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The technology company reported $2.93 earnings per share for the quarter, meeting analysts' consensus estimates 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 net margin of 15.52% and a return on equity of 35.65%. International Business Machines's revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the firm earned $2.80 EPS. As a group, equities analysts anticipate that International Business Machines Corporation will post 12.33 EPS for the current fiscal year.

International Business Machines Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Monday, August 10th will be paid a dividend of $1.69 per share. This represents a $6.76 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Monday, August 10th. International Business Machines's dividend payout ratio is 59.98%.

International Business Machines 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.

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