Pinnacle Associates Ltd. raised its position in International Business Machines Corporation (NYSE:IBM) by 27.8% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 89,404 shares of the technology company’s stock after acquiring an additional 19,473 shares during the period. Pinnacle Associates Ltd.’s holdings in International Business Machines Corporation were worth $15,569,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in IBM. CKW Financial Group lifted its stake in International Business Machines Corporation by 14.8% in the 1st quarter. CKW Financial Group now owns 938 shares of the technology company’s stock valued at $163,000 after acquiring an additional 121 shares in the last quarter. Grisanti Capital Management LLC lifted its stake in International Business Machines Corporation by 2.0% in the 1st quarter. Grisanti Capital Management LLC now owns 1,027 shares of the technology company’s stock valued at $179,000 after acquiring an additional 20 shares in the last quarter. Capital Management Associates NY bought a new stake in International Business Machines Corporation in the 1st quarter valued at approximately $200,000. Chicago Equity Partners LLC bought a new stake in International Business Machines Corporation in the 1st quarter valued at approximately $207,000. Finally, Retirement Planning Group bought a new stake in International Business Machines Corporation in the 1st quarter valued at approximately $212,000. Hedge funds and other institutional investors own 57.94% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: This story was originally published by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are viewing this story on another website, it was copied illegally and reposted in violation of United States & international trademark and copyright legislation. The original version of this story can be accessed at https://www.thecerbatgem.com/2017/09/06/pinnacle-associates-ltd-grows-holdings-in-international-business-machines-corporation-ibm.html.

Several research firms have commented on IBM. Vetr cut International Business Machines Corporation from a “hold” rating to a “sell” rating and set a $150.26 target price on the stock. in a research note on Monday, June 26th. BidaskClub upgraded International Business Machines Corporation from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 13th. Guggenheim restated a “hold” rating on shares of International Business Machines Corporation in a research note on Friday, July 14th. Drexel Hamilton restated a “buy” rating and issued a $200.00 target price on shares of International Business Machines Corporation in a research note on Tuesday, July 18th. Finally, Cantor Fitzgerald restated a “hold” rating and issued a $154.00 target price (down previously from $166.00) on shares of International Business Machines Corporation in a research note on Wednesday, July 19th. Seven analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $157.12.

Shares of International Business Machines Corporation (NYSE IBM) traded up 0.89% on Wednesday, reaching $144.31. The company’s stock had a trading volume of 1,316,152 shares. The stock has a market cap of $134.49 billion, a P/E ratio of 11.98 and a beta of 0.97. International Business Machines Corporation has a 52-week low of $139.13 and a 52-week high of $182.79. The firm’s 50 day moving average is $143.84 and its 200-day moving average is $158.03.

International Business Machines Corporation (NYSE:IBM) last announced its quarterly earnings results on Tuesday, July 18th. The technology company reported $2.97 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.74 by $0.23. The company had revenue of $19.29 billion during the quarter, compared to analysts’ expectations of $19.45 billion. International Business Machines Corporation had a return on equity of 71.53% and a net margin of 14.58%. The firm’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the previous year, the business earned $2.95 earnings per share. On average, equities research analysts forecast that International Business Machines Corporation will post $13.77 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Saturday, September 9th. Stockholders of record on Thursday, August 10th will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 4.19%. The ex-dividend date is Tuesday, August 8th. International Business Machines Corporation’s dividend payout ratio (DPR) is presently 49.88%.

About International Business Machines Corporation

International Business Machines Corporation (IBM) is a technology company. The Company operates through five segments: Cognitive Solutions, Global Business Services (GBS), Technology Services & Cloud Platforms, Systems and Global Financing. The Cognitive Solutions segment delivers a spectrum of capabilities, from descriptive, predictive and prescriptive analytics to cognitive systems.

Institutional Ownership by Quarter for International Business Machines Corporation (NYSE:IBM)

Receive News & Stock Ratings for International Business Machines Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for International Business Machines Corporation and related stocks with our FREE daily email newsletter.