IBM Retirement Fund Raises Holdings in Facebook, Inc. (FB)
IBM Retirement Fund boosted its position in shares of Facebook, Inc. (NASDAQ:FB) by 79.8% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 57,143 shares of the social networking company’s stock after acquiring an additional 25,353 shares during the quarter. Facebook comprises about 1.8% of IBM Retirement Fund’s portfolio, making the stock its 6th largest position. IBM Retirement Fund’s holdings in Facebook were worth $9,641,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. NGAM Advisors L.P. lifted its position in Facebook by 3.0% during the 2nd quarter. NGAM Advisors L.P. now owns 1,112,568 shares of the social networking company’s stock worth $167,975,000 after acquiring an additional 32,392 shares during the period. Underhill Investment Management LLC acquired a new stake in Facebook during the 2nd quarter worth about $313,000. Sumitomo Life Insurance Co. lifted its position in Facebook by 11.7% during the 2nd quarter. Sumitomo Life Insurance Co. now owns 90,930 shares of the social networking company’s stock worth $13,729,000 after acquiring an additional 9,557 shares during the period. Bowling Portfolio Management LLC lifted its position in Facebook by 13.1% during the 2nd quarter. Bowling Portfolio Management LLC now owns 15,468 shares of the social networking company’s stock worth $2,335,000 after acquiring an additional 1,787 shares during the period. Finally, Arthur M. Cohen & Associates LLC lifted its position in Facebook by 7.7% during the 2nd quarter. Arthur M. Cohen & Associates LLC now owns 15,728 shares of the social networking company’s stock worth $2,334,000 after acquiring an additional 1,130 shares during the period. 57.26% of the stock is owned by institutional investors.
In related news, VP Colin Stretch sold 750 shares of the company’s stock in a transaction that occurred on Tuesday, July 11th. The shares were sold at an average price of $153.36, for a total value of $115,020.00. Following the completion of the sale, the vice president now owns 85,406 shares in the company, valued at approximately $13,097,864.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mark Zuckerberg sold 249,527 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $170.32, for a total transaction of $42,499,438.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,900,933 shares of company stock valued at $2,118,781,506. Company insiders own 19.08% of the company’s stock.
A number of analysts have commented on the company. BidaskClub raised Facebook from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 13th. Robert W. Baird reaffirmed an “outperform” rating and set a $185.00 price target (up previously from $163.00) on shares of Facebook in a research report on Thursday, July 27th. Mizuho reissued a “buy” rating on shares of Facebook in a report on Monday, August 7th. MKM Partners reissued a “buy” rating and issued a $200.00 price objective (up previously from $180.00) on shares of Facebook in a report on Monday, August 7th. Finally, Pivotal Research cut Facebook from a “hold” rating to a “sell” rating in a report on Tuesday, August 8th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, forty-three have assigned a buy rating and three have issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $185.38.
Facebook, Inc. (NASDAQ:FB) opened at 172.23 on Friday. The stock has a market capitalization of $500.19 billion, a PE ratio of 38.55 and a beta of 0.70. Facebook, Inc. has a 52 week low of $113.55 and a 52 week high of $175.49. The stock’s 50 day moving average is $169.94 and its 200-day moving average is $157.13.
Facebook (NASDAQ:FB) last released its earnings results on Wednesday, July 26th. The social networking company reported $1.32 EPS for the quarter, beating the consensus estimate of $1.13 by $0.19. Facebook had a net margin of 38.84% and a return on equity of 21.73%. The business had revenue of $9.32 billion during the quarter, compared to analyst estimates of $9.19 billion. During the same period in the prior year, the business earned $0.97 earnings per share. The business’s quarterly revenue was up 44.8% on a year-over-year basis. Equities research analysts forecast that Facebook, Inc. will post $5.34 EPS for the current year.
Facebook, Inc is focused on building products that enable people to connect and share through mobile devices, personal computers and other surfaces. The Company’s products include Facebook, Instagram, Messenger, WhatsApp and Oculus. Facebook enables people to connect, share, discover and communicate with each other on mobile devices and personal computers.
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