Kornitzer Capital Management Inc. KS Trims Stake in International Business Machines Co. (NYSE:IBM)

Kornitzer Capital Management Inc. KS reduced its stake in shares of International Business Machines Co. (NYSE:IBM) by 1.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 264,891 shares of the technology company’s stock after selling 4,024 shares during the quarter. International Business Machines accounts for 1.1% of Kornitzer Capital Management Inc. KS’s holdings, making the stock its 17th largest position. Kornitzer Capital Management Inc. KS’s holdings in International Business Machines were worth $58,562,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Hazlett Burt & Watson Inc. raised its position in International Business Machines by 1,054.5% during the third quarter. Hazlett Burt & Watson Inc. now owns 127 shares of the technology company’s stock valued at $29,000 after acquiring an additional 116 shares in the last quarter. FPC Investment Advisory Inc. purchased a new position in International Business Machines during the first quarter valued at approximately $26,000. ESL Trust Services LLC purchased a new position in International Business Machines during the first quarter valued at approximately $28,000. Oliver Lagore Vanvalin Investment Group purchased a new position in International Business Machines during the second quarter valued at approximately $36,000. Finally, Wolff Wiese Magana LLC raised its position in International Business Machines by 37.0% during the second quarter. Wolff Wiese Magana LLC now owns 222 shares of the technology company’s stock valued at $38,000 after acquiring an additional 60 shares in the last quarter. 58.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on IBM shares. UBS Group lifted their price target on International Business Machines from $130.00 to $145.00 and gave the company a “sell” rating in a research report on Wednesday, September 4th. Stifel Nicolaus boosted their price objective on International Business Machines from $205.00 to $246.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. StockNews.com cut International Business Machines from a “buy” rating to a “hold” rating in a research report on Friday, October 25th. Royal Bank of Canada restated an “outperform” rating and issued a $250.00 price objective on shares of International Business Machines in a research report on Thursday, October 24th. Finally, BMO Capital Markets boosted their price objective on International Business Machines from $235.00 to $260.00 and gave the company a “market perform” rating in a research report on Thursday, October 24th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, International Business Machines currently has an average rating of “Hold” and a consensus target price of $208.12.

International Business Machines Trading Up 0.4 %

NYSE IBM traded up $0.92 on Thursday, reaching $214.52. 175,594 shares of the company were exchanged, compared to its average volume of 4,233,883. The business’s fifty day moving average price is $217.49 and its 200 day moving average price is $191.86. The stock has a market capitalization of $198.36 billion, a P/E ratio of 31.09, a price-to-earnings-growth ratio of 4.64 and a beta of 0.71. The company has a current ratio of 1.06, a quick ratio of 1.01 and a debt-to-equity ratio of 2.16. International Business Machines Co. has a fifty-two week low of $145.28 and a fifty-two week high of $237.37.

International Business Machines (NYSE:IBM) last released its quarterly earnings data on Wednesday, October 23rd. The technology company reported $2.30 earnings per share for the quarter, topping analysts’ consensus estimates of $2.27 by $0.03. International Business Machines had a return on equity of 40.52% and a net margin of 10.22%. The company had revenue of $14.97 billion for the quarter, compared to analyst estimates of $15.08 billion. During the same quarter in the previous year, the company posted $2.20 earnings per share. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. Analysts forecast that International Business Machines Co. will post 10.11 earnings per share for the current year.

International Business Machines Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, November 12th will be paid a $1.67 dividend. This represents a $6.68 annualized dividend and a dividend yield of 3.11%. The ex-dividend date is Tuesday, November 12th. International Business Machines’s dividend payout ratio (DPR) is presently 97.23%.

About International Business Machines

International Business Machines Corporation, together with its subsidiaries, provides integrated solutions and services worldwide. The company operates through Software, Consulting, Infrastructure, and Financing segments. The Software segment offers a hybrid cloud and AI platforms that allows clients to realize their digital and AI transformations across the applications, data, and environments in which they operate.