Sit Investment Associates Inc. Sells 5,790 Shares of International Business Machines Corporation (NYSE:IBM)

Key Points

• Sit Investment Associates Inc. has reduced its stake in International Business Machines Corporation (IBM) by 15.9%, selling 5,790 shares, and now holds approximately $7.63 million worth of shares in the company.
• IBM reported earnings of $2.80 per share for the last quarter, exceeding analysts' expectations of $2.65, with a revenue increase of 7.7% year-over-year.
• Wall Street analysts rate IBM with an average rating of "Moderate Buy" and an average target price of $268.75, indicating a generally positive outlook on the stock's performance.

Sit Investment Associates Inc. lowered its stake in shares of International Business Machines Corporation (NYSE:IBM - Free Report) by 15.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,667 shares of the technology company's stock after selling 5,790 shares during the period. Sit Investment Associates Inc.'s holdings in International Business Machines were worth $7,626,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised 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 during the period. MSH Capital Advisors LLC acquired a new stake in shares of International Business Machines during the fourth quarter worth about $470,000. Gratus Wealth Advisors LLC raised its position 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 purchasing an additional 2,423 shares during the period. First Commonwealth Financial Corp PA acquired a new stake in shares of International Business Machines during the fourth quarter worth about $290,000. Finally, GKV Capital Management Co. Inc. acquired a new stake in shares of International Business Machines during the fourth quarter worth about $154,000. Institutional investors 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 current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 2.00. The firm has a market capitalization of $220.56 billion, a PE ratio of 38.52, a PEG 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 business's 50 day simple moving average is $273.87 and its 200 day simple moving average is $258.36.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on IBM. KGI Securities set a $242.00 price target on International Business Machines and gave the stock a "hold" rating in a research report on Thursday, April 24th. UBS Group lifted their target price on International Business Machines from $195.00 to $200.00 and gave the company a "sell" rating in a research report on Thursday, July 24th. Melius Research raised International Business Machines to a "strong-buy" rating in a research report on Monday, July 7th. Erste Group Bank lowered International Business Machines from a "buy" rating to a "hold" rating in a research report on Thursday. Finally, Royal Bank Of Canada lifted their target price on International Business Machines from $285.00 to $315.00 and gave the company an "outperform" rating in a research report on Thursday, July 17th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price 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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