Salem Capital Management Inc. Maintains Position in Apple Inc. (AAPL)
Salem Capital Management Inc. held its stake in shares of Apple Inc. (NASDAQ:AAPL) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,575 shares of the iPhone maker’s stock at the end of the 2nd quarter. Salem Capital Management Inc.’s holdings in Apple were worth $227,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. Hefty Wealth Partners boosted its stake in Apple by 27.6% during the 2nd quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock valued at $115,000 after purchasing an additional 174 shares during the period. American Beacon Advisors Inc. bought a new stake in Apple during the 1st quarter valued at approximately $117,000. Portfolio Solutions LLC bought a new stake in Apple during the 1st quarter valued at approximately $169,000. Fox Run Management L.L.C. bought a new stake in Apple during the 1st quarter valued at approximately $201,000. Finally, Stone House Investment Management LLC bought a new stake in Apple during the 1st quarter valued at approximately $225,000. Hedge funds and other institutional investors own 60.35% of the company’s stock.
Shares of Apple Inc. (NASDAQ AAPL) traded down 0.98% during trading on Friday, reaching $151.89. 46,645,443 shares of the company traded hands. The firm’s 50 day moving average is $159.51 and its 200-day moving average is $149.86. Apple Inc. has a 12-month low of $104.08 and a 12-month high of $164.94. The stock has a market capitalization of $784.55 billion, a P/E ratio of 17.24 and a beta of 1.27. Apple also was the target of unusually large options trading activity on Wednesday. Traders bought 174,155 put options on the stock. This is an increase of approximately 102% compared to the typical daily volume of 86,200 put options.
Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, topping the consensus estimate of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.40%. The business had revenue of $45.41 billion for the quarter, compared to analyst estimates of $44.94 billion. During the same quarter in the previous year, the firm posted $1.42 earnings per share. Apple’s quarterly revenue was up 7.2% on a year-over-year basis. On average, equities research analysts anticipate that Apple Inc. will post $9.01 earnings per share for the current fiscal year.
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Several analysts recently weighed in on AAPL shares. Morgan Stanley increased their target price on Apple from $177.00 to $182.00 and gave the company an “overweight” rating in a research note on Monday, July 17th. Needham & Company LLC reiterated a “buy” rating and issued a $175.00 price objective (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 upgraded Apple from a “neutral” rating to a “buy” rating and set a $197.00 price objective for the company in a research report on Tuesday, August 29th. Bank of America Corporation reiterated a “buy” rating and issued a $180.00 price objective (up previously from $175.00) on shares of Apple in a research report on Wednesday, August 2nd. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $180.00 price objective on shares of Apple in a research report on Monday, July 10th. Ten equities research analysts have rated the stock with a hold rating, forty-three have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $188.37.
In other news, CEO Timothy D. Cook sold 268,623 shares of the company’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $160.63, for a total value of $43,148,912.49. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Daniel J. Riccio sold 11,949 shares of the company’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $142.86, for a total transaction of $1,707,034.14. The disclosure for this sale can be found here. Insiders have sold 432,930 shares of company stock worth $69,008,577 in the last three months. 0.08% of the stock is currently owned by insiders.
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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