Westport Asset Management Inc. Invests $2.81 Million in International Business Machines Corporation $IBM

Westport Asset Management Inc. bought a new position in shares of International Business Machines Corporation (NYSE:IBM) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 10,000 shares of the technology company’s stock, valued at approximately $2,812,000. International Business Machines comprises about 1.1% of Westport Asset Management Inc.’s portfolio, making the stock its 29th biggest holding.

Other hedge funds have also added to or reduced their stakes in the company. Basepoint Wealth LLC acquired a new position in shares of International Business Machines in the fourth quarter valued at $25,000. Cornerstone Financial Management LLC acquired a new stake in shares of International Business Machines during the 4th quarter worth about $28,000. Harborfront Financial Group LLC acquired a new stake in shares of International Business Machines during the 2nd quarter worth about $27,000. SWAN Capital LLC bought a new stake in shares of International Business Machines during the 3rd quarter worth about $28,000. Finally, Bare Financial Services Inc boosted its holdings in shares of International Business Machines by 114.6% during the 2nd quarter. Bare Financial Services Inc now owns 103 shares of the technology company’s stock worth $29,000 after buying an additional 55 shares during the period. Institutional investors and hedge funds own 58.96% of the company’s stock.

International Business Machines Trading Up 0.1%

Shares of IBM stock opened at $234.87 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.74 and a debt-to-equity ratio of 1.63. The stock has a market cap of $221.28 billion, a P/E ratio of 20.84, a price-to-earnings-growth ratio of 2.24 and a beta of 0.71. The stock has a 50 day simple moving average of $241.67 and a 200 day simple moving average of $247.13. International Business Machines Corporation has a 1 year low of $199.19 and a 1 year high of $332.46.

International Business Machines (NYSE:IBM) last posted 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 for the quarter, compared to analyst estimates of $17.46 billion. International Business Machines had a return on equity of 35.65% and a net margin of 15.52%.The company’s revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the company earned $2.80 EPS. On average, research analysts predict that International Business Machines Corporation will post 12.33 earnings per share for the current fiscal year.

International Business Machines Announces Dividend

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

Insider Activity at International Business Machines

In related news, SVP Robert Thomas sold 25,000 shares of the business’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $230.32, for a total value of $5,758,000.00. Following the completion of the transaction, the senior vice president owned 47,800 shares of the company’s stock, valued at $11,009,296. The trade was a 34.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on IBM. Weiss Ratings cut shares of International Business Machines from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, June 24th. Wedbush set a $350.00 price objective on International Business Machines in a report on Tuesday, June 2nd. Bank of America upped their target price on International Business Machines from $315.00 to $330.00 and gave the company a “buy” rating in a research report on Monday, July 6th. Piper Sandler raised International Business Machines to an “overweight” rating in a report on Tuesday, June 23rd. Finally, Sanford C. Bernstein restated a “market perform” rating on shares of International Business Machines in a research note on Thursday, July 16th. Sixteen equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, International Business Machines has an average rating of “Moderate Buy” and an average target price of $265.90.

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.