Westport Asset Management Inc. Acquires New Position in International Business Machines Corporation $IBM

Westport Asset Management Inc. acquired a new stake in shares of International Business Machines Corporation (NYSE:IBM) in the 2nd quarter, HoldingsChannel reports. The firm acquired 10,000 shares of the technology company’s stock, valued at approximately $2,812,000. International Business Machines accounts for approximately 1.1% of Westport Asset Management Inc.’s portfolio, making the stock its 29th largest holding.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Notis McConarty Edward acquired a new stake in shares of International Business Machines in the 2nd quarter valued at $225,000. Asahi Life Asset Management CO. LTD. acquired a new position in shares of International Business Machines during the 2nd quarter worth $2,122,000. Somerville Kurt F acquired a new position in shares of International Business Machines during the 2nd quarter worth $838,000. MSH Capital Advisors LLC bought a new stake in shares of International Business Machines during the 2nd quarter worth $740,000. Finally, MidAtlantic Capital Management Inc. bought a new stake in shares of International Business Machines during the 2nd quarter worth $215,000. 58.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on IBM. Stifel Nicolaus decreased their target price on International Business Machines from $290.00 to $235.00 and set a “buy” rating on the stock in a research report on Monday, July 20th. The Goldman Sachs Group set a $270.00 target price on shares of International Business Machines in a report on Thursday, July 23rd. Argus reduced their price target on shares of International Business Machines from $360.00 to $280.00 and set a “buy” rating on the stock in a research note on Thursday, July 16th. Bank of America lifted their price target on shares of International Business Machines from $315.00 to $330.00 and gave the company a “buy” rating in a report on Monday, July 6th. Finally, Craig Hallum started coverage on shares of International Business Machines in a research report on Wednesday, August 19th. They set a “buy” rating for the company. Sixteen investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $265.90.

Insider Transactions at International Business Machines

In related news, SVP Robert Thomas sold 25,000 shares of International Business Machines 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 sale, the senior vice president directly owned 47,800 shares in the company, valued at $11,009,296. This trade represents a 34.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.27% of the stock is currently owned by company insiders.

International Business Machines Trading Up 0.1%

Shares of IBM stock opened at $234.87 on Friday. The firm has a market capitalization of $221.28 billion, a P/E ratio of 20.84, a P/E/G ratio of 2.24 and a beta of 0.71. International Business Machines Corporation has a twelve month low of $199.19 and a twelve month high of $332.46. The company has a quick ratio of 0.74, a current ratio of 0.79 and a debt-to-equity ratio of 1.63. The stock’s fifty day simple moving average is $241.67 and its 200 day simple moving average is $247.13.

International Business Machines (NYSE:IBM) last posted its earnings results on Wednesday, July 22nd. The technology company reported $2.93 EPS for the quarter, meeting the consensus estimate of $2.93. International Business Machines had a return on equity of 35.65% and a net margin of 15.52%.The firm had revenue of $17.16 billion during the quarter, compared to the consensus estimate of $17.46 billion. During the same period last year, the company earned $2.80 earnings per share. The business’s quarterly revenue was up 1.1% on a year-over-year basis. As a group, sell-side analysts predict that International Business Machines Corporation will post 12.33 EPS for the current fiscal year.

International Business Machines Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Monday, August 10th will be paid a $1.69 dividend. The ex-dividend date of this dividend is Monday, August 10th. This represents a $6.76 annualized dividend and a dividend yield of 2.9%. International Business Machines’s dividend payout ratio is currently 59.98%.

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.