Summit Asset Management LLC Sells 422 Shares of International Business Machines Co. (NYSE:IBM)

Summit Asset Management LLC lessened its holdings in International Business Machines Co. (NYSE:IBM) by 7.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,347 shares of the technology company’s stock after selling 422 shares during the period. Summit Asset Management LLC’s holdings in International Business Machines were worth $1,175,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Compass Financial Services Inc bought a new position in International Business Machines in the fourth quarter valued at about $26,000. Hazlett Burt & Watson Inc. grew its position in International Business Machines by 1,054.5% in 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 during the last quarter. Hara Capital LLC bought a new position in International Business Machines in the third quarter valued at about $29,000. Avondale Wealth Management grew its position in International Business Machines by 56.0% in the fourth quarter. Avondale Wealth Management now owns 156 shares of the technology company’s stock valued at $34,000 after acquiring an additional 56 shares during the last quarter. Finally, Valued Wealth Advisors LLC grew its position in International Business Machines by 134.3% in the fourth quarter. Valued Wealth Advisors LLC now owns 157 shares of the technology company’s stock valued at $35,000 after acquiring an additional 90 shares during the last quarter. Institutional investors own 58.96% of the company’s stock.

Wall Street Analyst Weigh In

IBM has been the topic of several research reports. Sanford C. Bernstein boosted their price target on International Business Machines from $210.00 to $215.00 and gave the stock a “market perform” rating in a report on Friday, January 3rd. Bank of America boosted their price target on International Business Machines from $260.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Wedbush initiated coverage on International Business Machines in a report on Monday, February 3rd. They set an “outperform” rating on the stock. UBS Group boosted their price target on International Business Machines from $150.00 to $160.00 and gave the stock a “sell” rating in a report on Tuesday, January 14th. Finally, Oppenheimer initiated coverage on International Business Machines in a report on Tuesday, February 11th. They set an “outperform” rating and a $320.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $231.44.

International Business Machines Price Performance

Shares of IBM opened at $261.77 on Friday. International Business Machines Co. has a 52-week low of $162.62 and a 52-week high of $265.72. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.00 and a current ratio of 1.04. The business’s 50 day moving average price is $235.27 and its two-hundred day moving average price is $222.05. The firm has a market cap of $242.05 billion, a PE ratio of 40.84, a price-to-earnings-growth ratio of 5.81 and a beta of 0.76.

International Business Machines (NYSE:IBM) last issued its quarterly earnings results on Wednesday, January 29th. The technology company reported $3.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.77 by $0.15. International Business Machines had a return on equity of 38.99% and a net margin of 9.60%. On average, equities analysts anticipate that International Business Machines Co. will post 10.78 EPS for the current year.

International Business Machines Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Monday, February 10th will be issued a dividend of $1.67 per share. The ex-dividend date is Monday, February 10th. This represents a $6.68 annualized dividend and a dividend yield of 2.55%. International Business Machines’s dividend payout ratio is 104.21%.

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.