Clearbridge Investments LLC increased its stake in International Business Machines Co. (NYSE: IBM) by 32.7% during the fourth quarter, according to a recent filing with the Securities and Exchange Commission. The company now owns 45,653 shares of IBM, valued at $7,467,000.
Other institutional investors and hedge funds have also made adjustments to their holdings in IBM. Naples Money Management LLC bought a new stake in IBM worth $28,000, while Stone House Investment Management LLC, Financial Gravity Asset Management Inc., Cordant Inc., and Newton One Investments LLC also increased their holdings.
IBM’s stock opened at $170.89 on Friday, with a 52-week low of $125.01 and a high of $199.18. The company has a market capitalization of $156.98 billion, a P/E ratio of 19.35, and a beta of 0.74. IBM reported earnings of $1.68 per share for the quarter, surpassing analysts’ estimates. The company also announced an increased quarterly dividend.
Several equity research analysts have provided recommendations for IBM, with varying price targets and ratings. The stock currently has an average rating of “Hold” with a consensus price target of $181.29.
International Business Machines Corporation offers integrated solutions and services globally, operating through Software, Consulting, Infrastructure, and Financing segments. The software segment focuses on hybrid cloud and AI platforms to support digital and AI transformations for customers.
For more information and updates on IBM, investors can visit HoldingsChannel.com for the latest filings and insider trading details. Additionally, MarketBeat.com offers a daily email newsletter for news and ratings on IBM and related companies.
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https://www.defenseworld.net/2024/05/26/clearbridge-investments-llc-boosts-stock-position-in-international-business-machines-co-nyseibm.html
