Redmond Asset Management LLC Has $2.44 Million Stock Holdings in International Business Machines Corporation (NYSE:IBM)

Key Points

• Redmond Asset Management LLC has reduced its stake in International Business Machines Corporation (IBM) by 10.4%, holding 9,795 shares valued at approximately $2.44 million after selling 1,138 shares during the first quarter.
• Multiple hedge funds have significantly increased their positions in IBM, with Capital World Investors raising its stake by 413.5% and GAMMA Investing LLC increasing its stake by an extraordinary 29,564.2% in the first quarter.
• IBM's recent quarterly earnings surpassed analysts' expectations with earnings of $2.80 per share, exceeding the consensus estimate of $2.65, and the company reported revenue growth of 7.7% year-over-year.

Redmond Asset Management LLC decreased its stake in International Business Machines Corporation (NYSE:IBM - Free Report) by 10.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,795 shares of the technology company's stock after selling 1,138 shares during the quarter. Redmond Asset Management LLC's holdings in International Business Machines were worth $2,436,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in IBM. Capital World Investors lifted its stake in International Business Machines by 413.5% in the fourth quarter. Capital World Investors now owns 11,984,609 shares of the technology company's stock valued at $2,634,577,000 after buying an additional 9,650,534 shares during the period. GAMMA Investing LLC lifted its stake in International Business Machines by 29,564.2% in the first quarter. GAMMA Investing LLC now owns 4,399,790 shares of the technology company's stock valued at $10,940,520,000 after buying an additional 4,384,958 shares during the period. GQG Partners LLC acquired a new position in International Business Machines in the first quarter valued at about $1,040,057,000. Nuveen LLC acquired a new position in International Business Machines in the first quarter valued at about $960,386,000. Finally, Northern Trust Corp lifted its stake in International Business Machines by 18.6% in the fourth quarter. Northern Trust Corp now owns 10,845,993 shares of the technology company's stock valued at $2,384,275,000 after buying an additional 1,704,209 shares during the period. Institutional investors and hedge funds own 58.96% of the company's stock.

International Business Machines Stock Down 1.1%

IBM stock opened at $237.31 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 2.00. The business has a 50 day moving average price of $273.87 and a two-hundred day moving average price of $258.36. The company has a market cap of $220.56 billion, a price-to-earnings ratio of 38.52, a P/E/G ratio of 3.70 and a beta of 0.69. International Business Machines Corporation has a twelve month low of $192.86 and a twelve month high of $296.16.

International Business Machines (NYSE:IBM - Get Free Report) last posted its quarterly 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 firm had revenue of $16.98 billion during the quarter, compared to the consensus estimate of $16.58 billion. International Business Machines had a return on equity of 37.62% and a net margin of 9.11%. The business's revenue was up 7.7% compared to the same quarter last year. During the same period last year, the company earned $2.43 earnings per share. Analysts anticipate that International Business Machines Corporation will post 10.78 EPS for the current fiscal year.

Analysts Set New Price Targets

IBM has been the topic of several analyst reports. KGI Securities set a $242.00 target price on International Business Machines and gave the company a "hold" rating in a research note on Thursday, April 24th. Jefferies Financial Group reaffirmed a "hold" rating on shares of International Business Machines in a research report on Wednesday, April 23rd. The Goldman Sachs Group raised their price target on International Business Machines from $270.00 to $310.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Erste Group Bank lowered International Business Machines from a "buy" rating to a "hold" rating in a research report on Thursday. Finally, Wedbush raised their price target 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. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, International Business Machines has an average rating of "Moderate Buy" and a consensus price target of $268.75.

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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