Peapack Gladstone Financial Corp Sells 7,095 Shares of International Business Machines Co. (NYSE:IBM)

Peapack Gladstone Financial Corp cut its holdings in International Business Machines Co. (NYSE:IBM - Free Report) by 4.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 153,164 shares of the technology company's stock after selling 7,095 shares during the quarter. Peapack Gladstone Financial Corp's holdings in International Business Machines were worth $33,862,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. International Assets Investment Management LLC boosted its holdings in shares of International Business Machines by 20,324.5% during the 3rd quarter. International Assets Investment Management LLC now owns 2,715,636 shares of the technology company's stock worth $600,373,000 after buying an additional 2,702,340 shares during the period. Holocene Advisors LP bought a new stake in shares of International Business Machines during the 3rd quarter worth $573,306,000. State Street Corp boosted its holdings in shares of International Business Machines by 2.2% during the 3rd quarter. State Street Corp now owns 55,671,883 shares of the technology company's stock worth $12,307,940,000 after buying an additional 1,200,803 shares during the period. Thrivent Financial for Lutherans boosted its holdings in shares of International Business Machines by 306.3% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,401,798 shares of the technology company's stock worth $242,441,000 after buying an additional 1,056,759 shares during the period. Finally, Eagle Asset Management Inc. boosted its holdings in shares of International Business Machines by 587.1% during the 3rd quarter. Eagle Asset Management Inc. now owns 628,213 shares of the technology company's stock worth $134,262,000 after buying an additional 536,785 shares during the period. 58.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on IBM. Morgan Stanley reduced their price target on shares of International Business Machines from $217.00 to $208.00 and set an "equal weight" rating for the company in a report on Thursday, October 24th. The Goldman Sachs Group increased their price target on shares of International Business Machines from $220.00 to $250.00 and gave the company a "buy" rating in a report on Monday, September 30th. Bank of America increased their price target on shares of International Business Machines from $209.00 to $250.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. StockNews.com downgraded shares of International Business Machines from a "buy" rating to a "hold" rating in a report on Wednesday, November 20th. Finally, Evercore ISI increased their price target on shares of International Business Machines from $215.00 to $240.00 and gave the company an "outperform" rating in a report on Wednesday, September 11th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $208.12.

International Business Machines Price Performance

Shares of International Business Machines stock traded down $1.44 during mid-day trading on Friday, reaching $230.82. 2,716,666 shares of the stock were exchanged, compared to its average volume of 4,227,830. The company has a market cap of $213.43 billion, a price-to-earnings ratio of 33.81, a price-to-earnings-growth ratio of 5.17 and a beta of 0.73. The company has a current ratio of 1.06, a quick ratio of 1.01 and a debt-to-equity ratio of 2.16. The firm has a 50-day simple moving average of $222.57 and a 200 day simple moving average of $201.12. International Business Machines Co. has a fifty-two week low of $157.88 and a fifty-two week high of $239.35.

International Business Machines (NYSE:IBM - Get Free Report) last announced 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 analysts' expectations of $15.08 billion. International Business Machines had a net margin of 10.22% and a return on equity of 40.52%. The firm's revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter last year, the company posted $2.20 EPS. On average, sell-side analysts predict that International Business Machines Co. will post 10.12 EPS for the current fiscal year.

International Business Machines Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Tuesday, November 12th were given a $1.67 dividend. This represents a $6.68 annualized dividend and a yield of 2.89%. The ex-dividend date of this dividend was Tuesday, November 12th. International Business Machines's payout ratio is presently 97.23%.

Insider Buying and Selling at International Business Machines

In other news, SVP Nickle Jaclyn Lamoreaux sold 3,600 shares of the firm's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $215.20, for a total value of $774,720.00. Following the transaction, the senior vice president now owns 25,390 shares of the company's stock, valued at approximately $5,463,928. This trade represents a 12.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.07% of the company's stock.

International Business Machines Profile

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.