Factory Mutual Insurance Co. Sells 51,500 Shares of Apple Inc. (AAPL)
Factory Mutual Insurance Co. lowered its stake in shares of Apple Inc. (NASDAQ:AAPL) by 2.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,896,800 shares of the iPhone maker’s stock after selling 51,500 shares during the quarter. Apple comprises approximately 3.2% of Factory Mutual Insurance Co.’s holdings, making the stock its largest holding. Factory Mutual Insurance Co.’s holdings in Apple were worth $273,177,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the stock. Stonehearth Capital Management LLC increased its position in Apple by 0.8% during the first quarter. Stonehearth Capital Management LLC now owns 2,378 shares of the iPhone maker’s stock worth $342,000 after acquiring an additional 20 shares during the period. Sippican Capital Advisors increased its position in Apple by 0.5% during the first quarter. Sippican Capital Advisors now owns 4,912 shares of the iPhone maker’s stock worth $706,000 after acquiring an additional 26 shares during the period. Cordasco Financial Network increased its position in Apple by 1.0% during the first quarter. Cordasco Financial Network now owns 3,184 shares of the iPhone maker’s stock worth $457,000 after acquiring an additional 31 shares during the period. Lbmc Investment Advisors LLC increased its position in Apple by 1.1% during the first quarter. Lbmc Investment Advisors LLC now owns 5,386 shares of the iPhone maker’s stock worth $774,000 after acquiring an additional 59 shares during the period. Finally, Needelman Asset Management Inc. increased its position in Apple by 1.0% during the second quarter. Needelman Asset Management Inc. now owns 6,081 shares of the iPhone maker’s stock worth $876,000 after acquiring an additional 60 shares during the period. 60.35% of the stock is currently owned by institutional investors and hedge funds.
AAPL has been the topic of a number of research reports. Morgan Stanley boosted their target price on shares of Apple from $177.00 to $182.00 and gave the stock an “overweight” rating in a research report on Monday, July 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $175.00 target price (up previously from $165.00) on shares of Apple in a research report on Wednesday, August 2nd. They noted that the move was a valuation call. Cleveland Research raised shares of Apple from a “neutral” rating to a “buy” rating and set a $197.00 target price on the stock in a research report on Tuesday, August 29th. Bank of America Corporation reaffirmed a “buy” rating and set a $180.00 target price (up previously from $175.00) on shares of Apple in a research report on Wednesday, August 2nd. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $180.00 target price on shares of Apple in a research report on Monday, July 10th. Ten analysts have rated the stock with a hold rating and forty-four have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $188.11.
In other Apple news, Director Arthur D. Levinson sold 35,000 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $157.58, for a total value of $5,515,300.00. Following the completion of the sale, the director now owns 1,168,283 shares in the company, valued at approximately $184,098,035.14. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Timothy D. Cook sold 268,623 shares of the stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $160.63, for a total value of $43,148,912.49. The disclosure for this sale can be found here. In the last quarter, insiders sold 432,930 shares of company stock valued at $69,008,577. Company insiders own 0.08% of the company’s stock.
Shares of Apple Inc. (NASDAQ:AAPL) traded down 1.25% during trading on Thursday, reaching $154.12. The company’s stock had a trading volume of 21,555,108 shares. The stock’s 50 day moving average price is $159.51 and its 200-day moving average price is $149.86. Apple Inc. has a 52-week low of $104.08 and a 52-week high of $164.94. The stock has a market cap of $796.07 billion, a price-to-earnings ratio of 17.50 and a beta of 1.27. Apple also was the target of unusually large options trading on Wednesday. Stock traders acquired 174,155 put options on the stock. This represents an increase of approximately 102% compared to the typical volume of 86,200 put options.
Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.10. Apple had a return on equity of 35.40% and a net margin of 20.87%. The business had revenue of $45.41 billion during the quarter, compared to analysts’ expectations of $44.94 billion. During the same quarter last year, the business posted $1.42 EPS. The business’s revenue was up 7.2% on a year-over-year basis. Equities analysts anticipate that Apple Inc. will post $9.01 EPS for the current year.
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Apple Company Profile
Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.
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