Hanson & Doremus Investment Management lowered its stake in shares of IBM (NYSE:IBM) by 13.3% in the first quarter, HoldingsChannel.com reports. The firm owned 18,759 shares of the technology company’s stock after selling 2,875 shares during the period. IBM accounts for approximately 0.9% of Hanson & Doremus Investment Management’s portfolio, making the stock its 24th largest holding. Hanson & Doremus Investment Management’s holdings in IBM were worth $2,647,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of IBM. Swedbank boosted its position in IBM by 3.2% in the 4th quarter. Swedbank now owns 1,159,250 shares of the technology company’s stock valued at $131,030,000 after buying an additional 35,526 shares during the period. MUFG Securities EMEA plc boosted its position in IBM by 44.8% in the 4th quarter. MUFG Securities EMEA plc now owns 216,780 shares of the technology company’s stock valued at $24,641,000 after buying an additional 67,055 shares during the period. Oak Associates Ltd. OH boosted its position in IBM by 1.3% in the 4th quarter. Oak Associates Ltd. OH now owns 184,274 shares of the technology company’s stock valued at $20,946,000 after buying an additional 2,403 shares during the period. Accident Compensation Corp boosted its position in IBM by 2.9% in the 4th quarter. Accident Compensation Corp now owns 52,981 shares of the technology company’s stock valued at $6,022,000 after buying an additional 1,500 shares during the period. Finally, DAVENPORT & Co LLC raised its holdings in shares of IBM by 2.8% in the 1st quarter. DAVENPORT & Co LLC now owns 52,049 shares of the technology company’s stock valued at $7,344,000 after purchasing an additional 1,441 shares in the last quarter. 55.58% of the stock is owned by hedge funds and other institutional investors.

In related news, insider Diane J. Gherson sold 5,754 shares of IBM stock in a transaction on Wednesday, February 6th. The shares were sold at an average price of $135.67, for a total transaction of $780,645.18. Following the sale, the insider now directly owns 23,117 shares in the company, valued at approximately $3,136,283.39. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Diane J. Gherson sold 1,989 shares of IBM stock in a transaction on Wednesday, February 13th. The stock was sold at an average price of $137.25, for a total transaction of $272,990.25. The disclosure for this sale can be found here. Insiders have sold a total of 20,867 shares of company stock worth $2,877,569 over the last quarter. 0.19% of the stock is owned by company insiders.

NYSE:IBM traded up $1.12 during midday trading on Tuesday, hitting $140.01. 1,223,728 shares of the company were exchanged, compared to its average volume of 4,258,824. IBM has a fifty-two week low of $105.94 and a fifty-two week high of $154.36. The company has a debt-to-equity ratio of 2.61, a current ratio of 1.36 and a quick ratio of 1.24. The firm has a market capitalization of $124.50 billion, a P/E ratio of 10.14, a P/E/G ratio of 2.55 and a beta of 1.25.

IBM (NYSE:IBM) last announced its quarterly earnings results on Tuesday, April 16th. The technology company reported $2.25 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.22 by $0.03. IBM had a net margin of 10.98% and a return on equity of 68.76%. The firm had revenue of $18.18 billion for the quarter, compared to analyst estimates of $18.53 billion. During the same period last year, the business earned $2.45 EPS. IBM’s revenue for the quarter was down 4.7% compared to the same quarter last year. On average, sell-side analysts anticipate that IBM will post 13.89 EPS for the current year.

A number of equities research analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of IBM from a “sell” rating to a “hold” rating in a report on Monday. ValuEngine lowered shares of IBM from a “hold” rating to a “sell” rating in a report on Thursday, April 18th. UBS Group set a $160.00 price objective on shares of IBM and gave the company a “buy” rating in a report on Wednesday, April 17th. BMO Capital Markets raised their price objective on shares of IBM from $147.00 to $155.00 and gave the company a “market perform” rating in a report on Wednesday, April 17th. They noted that the move was a valuation call. Finally, Citigroup raised their price objective on shares of IBM from $130.00 to $140.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $155.72.

COPYRIGHT VIOLATION WARNING: This story was first published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this story on another website, it was copied illegally and reposted in violation of United States and international copyright and trademark law. The correct version of this story can be accessed at https://www.thecerbatgem.com/2019/04/23/ibm-ibm-shares-sold-by-hanson-doremus-investment-management.html.

IBM Company Profile

International Business Machines Corporation operates as an integrated technology and services company worldwide. Its Cognitive Solutions segment offers a portfolio of enterprise artificial intelligence platforms, such as analytics and data management platforms, cloud data services, talent management, and industry solutions primarily under the Watson Platform, Watson Health, and Watson Internet of Things names.

See Also: Are 12b-1 Fees Affecting Your Mutual Fund Performance?

Want to see what other hedge funds are holding IBM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for IBM (NYSE:IBM).

Institutional Ownership by Quarter for IBM (NYSE:IBM)

Receive News & Ratings for IBM Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for IBM and related companies with MarketBeat.com's FREE daily email newsletter.