L2 Asset Management LLC Sells 3,452 Shares of International Business Machines Corporation $IBM

L2 Asset Management LLC lessened its position in International Business Machines Corporation (NYSE:IBM) by 12.4% during the 4th quarter, HoldingsChannel.com reports. The fund owned 24,279 shares of the technology company’s stock after selling 3,452 shares during the period. International Business Machines accounts for about 1.0% of L2 Asset Management LLC’s investment portfolio, making the stock its 29th largest holding. L2 Asset Management LLC’s holdings in International Business Machines were worth $7,192,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of IBM. Basepoint Wealth LLC bought a new position in shares of International Business Machines during the 4th quarter worth about $25,000. Family CFO Inc bought a new position in shares of International Business Machines during the 4th quarter worth about $25,000. Joseph Group Capital Management bought a new position in shares of International Business Machines during the 4th quarter worth about $28,000. Cornerstone Financial Management LLC bought a new position in shares of International Business Machines during the 4th quarter worth about $28,000. Finally, SWAN Capital LLC bought a new position in shares of International Business Machines during the 3rd quarter worth about $28,000. Institutional investors own 58.96% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on IBM. Roth Mkm restated a “buy” rating on shares of International Business Machines in a report on Wednesday, June 3rd. Oppenheimer dropped their price objective on shares of International Business Machines from $380.00 to $320.00 and set an “outperform” rating on the stock in a report on Thursday, April 16th. DZ Bank upgraded shares of International Business Machines from a “hold” rating to a “buy” rating and set a $295.00 price objective on the stock in a report on Friday, April 24th. BMO Capital Markets dropped their price objective on shares of International Business Machines from $290.00 to $270.00 and set a “market perform” rating on the stock in a report on Thursday, April 23rd. Finally, UBS Group upgraded shares of International Business Machines from a “sell” rating to a “neutral” rating and set a $236.00 price objective on the stock in a report on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $304.17.

International Business Machines Stock Performance

NYSE IBM opened at $268.19 on Tuesday. The stock has a market cap of $252.07 billion, a P/E ratio of 23.71, a PEG ratio of 2.82 and a beta of 0.66. The company’s 50-day simple moving average is $250.42 and its 200 day simple moving average is $269.84. International Business Machines Corporation has a twelve month low of $212.34 and a twelve month high of $332.46. The company has a quick ratio of 0.76, a current ratio of 0.80 and a debt-to-equity ratio of 1.75.

International Business Machines (NYSE:IBM) last posted its earnings results on Wednesday, April 22nd. The technology company reported $1.91 earnings per share for the quarter, beating analysts’ consensus estimates of $1.81 by $0.10. The business had revenue of $15.92 billion for the quarter, compared to analysts’ expectations of $15.60 billion. International Business Machines had a net margin of 15.61% and a return on equity of 37.23%. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.60 earnings per share. As a group, research analysts forecast that International Business Machines Corporation will post 12.38 earnings per share for the current fiscal year.

International Business Machines Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 8th were paid a $1.69 dividend. The ex-dividend date of this dividend was Friday, May 8th. This is an increase from International Business Machines’s previous quarterly dividend of $1.68. This represents a $6.76 dividend on an annualized basis and a yield of 2.5%. International Business Machines’s payout ratio is presently 59.77%.

About International Business Machines

International Business Machines Corporation (IBM) is a global technology and consulting company headquartered in Armonk, New York. Founded in 1911 as the Computing-Tabulating-Recording Company (CTR) and renamed IBM in 1924, the company has evolved from early electromechanical machines to a diversified technology provider serving enterprises and governments worldwide. IBM is publicly traded on the New York Stock Exchange under the ticker symbol IBM.

IBM’s principal businesses encompass cloud computing and software, infrastructure and systems, consulting and technology services, and research and development.