Kornitzer Capital Management Inc. KS Cuts Stock Position in International Business Machines Co. (NYSE:IBM)

Kornitzer Capital Management Inc. KS lessened its position in International Business Machines Co. (NYSE:IBM) by 1.5% during the 3rd quarter, Holdings Channel.com reports. 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 approximately 1.1% of Kornitzer Capital Management Inc. KS’s portfolio, making the stock its 17th biggest 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.

Several other institutional investors and hedge funds have also recently modified their holdings of IBM. Central Pacific Bank Trust Division purchased a new stake in shares of International Business Machines in the 1st quarter valued at $226,000. VitalStone Financial LLC purchased a new stake in International Business Machines during the 1st quarter worth about $84,000. Empirical Finance LLC increased its holdings in International Business Machines by 3.5% during the 1st quarter. Empirical Finance LLC now owns 32,692 shares of the technology company’s stock worth $6,243,000 after purchasing an additional 1,113 shares during the period. Envestnet Portfolio Solutions Inc. increased its holdings in International Business Machines by 37.8% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 54,411 shares of the technology company’s stock worth $10,390,000 after purchasing an additional 14,929 shares during the period. Finally, LSV Asset Management increased its holdings in International Business Machines by 4.8% during the 1st quarter. LSV Asset Management now owns 1,788,047 shares of the technology company’s stock worth $341,445,000 after purchasing an additional 81,887 shares during the period. Hedge funds and other institutional investors own 58.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on IBM shares. Hsbc Global Res upgraded International Business Machines to a “moderate sell” rating in a report on Friday, July 26th. Morgan Stanley cut their price target on International Business Machines from $217.00 to $208.00 and set an “equal weight” rating on the stock in a report on Thursday, October 24th. Stifel Nicolaus upped their price target on International Business Machines from $205.00 to $246.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. BMO Capital Markets upped their price target on International Business Machines from $235.00 to $260.00 and gave the stock a “market perform” rating in a report on Thursday, October 24th. Finally, Jefferies Financial Group increased their price objective on International Business Machines from $200.00 to $245.00 and gave the company a “hold” rating in a report on Monday, October 21st. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, International Business Machines presently has an average rating of “Hold” and a consensus price target of $208.12.

International Business Machines Stock Performance

International Business Machines stock traded up $0.92 during mid-day trading on Thursday, reaching $214.52. 175,594 shares of the company were exchanged, compared to its average volume of 4,233,883. International Business Machines Co. has a twelve month low of $145.28 and a twelve month high of $237.37. The firm’s 50-day simple moving average is $217.49 and its two-hundred day simple moving average is $191.86. The company has a debt-to-equity ratio of 2.16, a quick ratio of 1.01 and a current ratio of 1.06. The firm has a market cap of $198.36 billion, a PE ratio of 31.09, a price-to-earnings-growth ratio of 4.64 and a beta of 0.71.

International Business Machines (NYSE:IBM) last issued its earnings results on Wednesday, October 23rd. The technology company reported $2.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.27 by $0.03. The business had revenue of $14.97 billion during the quarter, compared to the consensus estimate of $15.08 billion. International Business Machines had a return on equity of 40.52% and a net margin of 10.22%. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the prior year, the business posted $2.20 EPS. Equities analysts predict that International Business Machines Co. will post 10.11 earnings per share for the current fiscal year.

International Business Machines Announces Dividend

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