Pinnacle West Asset Management Inc. Acquires Shares of 5,940 International Business Machines Corporation $IBM

Pinnacle West Asset Management Inc. bought a new position in shares of International Business Machines Corporation (NYSE:IBM) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,940 shares of the technology company’s stock, valued at approximately $1,670,000.

A number of other institutional investors have also recently modified their holdings of the business. Basepoint Wealth LLC acquired a new stake in shares of International Business Machines during the 4th quarter valued at approximately $25,000. Portus Wealth Advisors LLC acquired a new position in shares of International Business Machines in the first quarter worth $26,000. Harborfront Financial Group LLC purchased a new position in International Business Machines in the 2nd quarter valued at about $27,000. Cornerstone Financial Management LLC acquired a new stake in International Business Machines during the fourth quarter worth approximately $28,000. Finally, Hara Capital LLC acquired a new stake in shares of International Business Machines during the second quarter worth $28,000. 58.96% of the stock is currently owned by hedge funds and other institutional investors.

International Business Machines Trading Down 0.0%

NYSE IBM opened at $234.87 on Monday. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.74 and a current ratio of 0.79. International Business Machines Corporation has a one year low of $199.19 and a one year high of $332.46. The company has a 50-day simple moving average of $241.67 and a 200-day simple moving average of $247.02. The firm has a market capitalization of $221.28 billion, a PE ratio of 20.84, a price-to-earnings-growth ratio of 2.24 and a beta of 0.71.

International Business Machines (NYSE:IBM) last issued its quarterly earnings data on Wednesday, July 22nd. The technology company reported $2.93 EPS for the quarter, hitting analysts’ consensus estimates of $2.93. The firm had revenue of $17.16 billion during the quarter, compared to the consensus estimate of $17.46 billion. International Business Machines had a return on equity of 35.65% and a net margin of 15.52%.The firm’s revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the business earned $2.80 EPS. On average, equities analysts forecast that International Business Machines Corporation will post 12.33 earnings per share for the current year.

International Business Machines Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Monday, August 10th will be given a dividend of $1.69 per share. This represents a $6.76 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, August 10th. International Business Machines’s payout ratio is 59.98%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on IBM. Argus dropped their price objective on International Business Machines from $360.00 to $280.00 and set a “buy” rating for the company in a report on Thursday, July 16th. Barclays reduced their price target on International Business Machines from $288.00 to $262.00 and set an “overweight” rating on the stock in a research report on Thursday, July 23rd. Jefferies Financial Group dropped their price objective on shares of International Business Machines from $320.00 to $260.00 and set a “buy” rating on the stock in a research note on Tuesday, July 21st. BMO Capital Markets decreased their target price on shares of International Business Machines from $270.00 to $230.00 and set a “market perform” rating for the company in a research note on Thursday, July 23rd. Finally, Needham & Company LLC started coverage on shares of International Business Machines in a research report on Wednesday, June 3rd. They issued a “buy” rating for the company. Sixteen research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $265.90.

Insider Activity

In related news, SVP Robert Thomas sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $230.32, for a total transaction of $5,758,000.00. Following the transaction, the senior vice president owned 47,800 shares in the company, valued at $11,009,296. This trade represents a 34.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.27% of the stock is owned by company insiders.

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.