Hodges Capital Management Inc. Sells 12,619 Shares of International Business Machines Corporation $IBM

Hodges Capital Management Inc. trimmed its holdings in shares of International Business Machines Corporation (NYSE:IBM) by 55.8% during the third quarter, Holdings Channel.com reports. The fund owned 9,988 shares of the technology company’s stock after selling 12,619 shares during the quarter. Hodges Capital Management Inc.’s holdings in International Business Machines were worth $2,818,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of International Business Machines by 0.8% in the third quarter. Vanguard Group Inc. now owns 95,776,307 shares of the technology company’s stock valued at $27,024,243,000 after buying an additional 724,832 shares during the period. State Street Corp raised its holdings in International Business Machines by 0.3% in the 2nd quarter. State Street Corp now owns 54,536,963 shares of the technology company’s stock valued at $16,076,406,000 after acquiring an additional 147,721 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of International Business Machines by 1.9% during the 2nd quarter. Geode Capital Management LLC now owns 21,936,235 shares of the technology company’s stock valued at $6,444,527,000 after acquiring an additional 400,131 shares during the period. Legal & General Group Plc grew its holdings in shares of International Business Machines by 3.4% during the 2nd quarter. Legal & General Group Plc now owns 7,126,503 shares of the technology company’s stock worth $2,100,751,000 after purchasing an additional 234,318 shares in the last quarter. Finally, Norges Bank bought a new position in shares of International Business Machines in the second quarter worth $2,011,122,000. Institutional investors own 58.96% of the company’s stock.

Insider Activity

In related news, Director David N. Farr purchased 1,000 shares of the stock in a transaction that occurred on Friday, January 30th. The stock was acquired at an average cost of $304.00 per share, with a total value of $304,000.00. Following the transaction, the director owned 9,258 shares of the company’s stock, valued at $2,814,432. This represents a 12.11% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.18% of the stock is currently owned by insiders.

International Business Machines Trading Down 1.6%

IBM opened at $258.25 on Wednesday. The company has a fifty day moving average price of $297.26 and a two-hundred day moving average price of $284.32. International Business Machines Corporation has a 1-year low of $214.50 and a 1-year high of $324.90. The company has a current ratio of 0.96, a quick ratio of 0.92 and a debt-to-equity ratio of 1.67. The company has a market cap of $241.39 billion, a P/E ratio of 23.16, a price-to-earnings-growth ratio of 2.63 and a beta of 0.69.

International Business Machines (NYSE:IBM) last announced its quarterly earnings results on Wednesday, January 28th. The technology company reported $4.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.33 by $0.19. International Business Machines had a return on equity of 38.15% and a net margin of 15.69%.The business had revenue of $19.69 billion for the quarter, compared to analyst estimates of $19.23 billion. During the same quarter in the prior year, the company earned $3.92 earnings per share. The company’s quarterly revenue was up 12.2% on a year-over-year basis. Analysts predict that International Business Machines Corporation will post 10.78 EPS for the current fiscal year.

International Business Machines Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Tuesday, February 10th will be given a $1.68 dividend. The ex-dividend date of this dividend is Tuesday, February 10th. This represents a $6.72 annualized dividend and a yield of 2.6%. International Business Machines’s dividend payout ratio (DPR) is presently 60.27%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Bank of America upped their price objective on shares of International Business Machines from $315.00 to $335.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. Argus set a $360.00 target price on International Business Machines in a research note on Friday, January 30th. Wedbush raised their price target on shares of International Business Machines from $325.00 to $340.00 and gave the company an “outperform” rating in a research note on Thursday, January 29th. Stifel Nicolaus boosted their price objective on International Business Machines from $325.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday, January 29th. Finally, Evercore upped their price target on shares of International Business Machines from $330.00 to $345.00 and gave the company an “outperform” rating in a research report on Thursday, January 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, International Business Machines currently has an average rating of “Moderate Buy” and an average target price of $330.07.

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.