Apple Inc. $AAPL Stock: OLD Second National Bank of Aurora Cuts Holdings

OLD Second National Bank of Aurora cut its position in shares of Apple Inc. (NASDAQ:AAPL) by 8.1% in the third quarter, Holdings Channel.com reports. The institutional investor owned 49,516 shares of the iPhone maker’s stock after selling 4,389 shares during the period. Apple comprises 3.3% of OLD Second National Bank of Aurora’s holdings, making the stock its 5th largest position. OLD Second National Bank of Aurora’s holdings in Apple were worth $16,490,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Avenir Tech Ltd purchased a new stake in shares of Apple in the 2nd quarter valued at approximately $29,000. Ironwood Wealth Management Inc. acquired a new position in Apple in the 3rd quarter worth approximately $34,000. Longfellow Investment Management Co. LLC purchased a new position in Apple during the 2nd quarter worth approximately $30,000. ABS Investment Management LLC purchased a new position in Apple during the 2nd quarter worth approximately $376,168,000. Finally, Bamco Inc. NY purchased a new position in Apple during the 2nd quarter worth approximately $118,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Apple Stock Performance

Shares of AAPL opened at $355.63 on Thursday. The company’s 50 day moving average price is $337.88 and its 200 day moving average price is $300.06. Apple Inc. has a 52 week low of $243.42 and a 52 week high of $355.91. The company has a market capitalization of $5.17 trillion, a PE ratio of 39.65, a PEG ratio of 3.35 and a beta of 1.07. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.94 and a current ratio of 1.02.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Monday, November 2nd. The iPhone maker reported $2.10 earnings per share for the quarter, beating the consensus estimate of $1.99 by $0.11. Apple had a net margin of 27.60% and a return on equity of 125.35%. The firm had revenue of $114.48 billion for the quarter, compared to analyst estimates of $113.40 billion. During the same quarter in the prior year, the business earned $1.85 EPS. The company’s revenue for the quarter was up 11.7% compared to the same quarter last year. Research analysts expect that Apple Inc. will post 9.45 EPS for the current fiscal year.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, November 12th will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Thursday, November 12th. Apple’s payout ratio is currently 12.04%.

Insider Activity at Apple

In other news, CEO John Ternus sold 25,412 shares of the company’s stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $332.94, for a total value of $8,460,671.28. Following the transaction, the chief executive officer directly owned 59,567 shares of the company’s stock, valued at approximately $19,832,236.98. This represents a 29.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Jennifer Newstead sold 2,399 shares of the company’s stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $332.01, for a total transaction of $796,491.99. Following the completion of the transaction, the senior vice president directly owned 39,593 shares in the company, valued at $13,145,271.93. This trade represents a 5.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 290,212 shares of company stock valued at $96,639,685. Insiders own 0.06% of the company’s stock.

Apple News Summary

These are some of the AAPL news items that stood out recently:

• Positive Sentiment: China Renaissance upgraded Apple to Buy from Hold and raised its price target to $425, citing growth potential from Apple’s first foldable iPhone. The bullish outlook helped support shares. Analyst raises Apple price target to $425
• Positive Sentiment: Reports point to strong iPhone demand and a record quarterly revenue result, while the foldable iPhone could provide a new growth opportunity. A faster Siri AI roadmap may also strengthen Apple’s longer-term product story.
• Negative Sentiment: Memory-chip prices are creating a margin headwind. Apple’s December-quarter gross-margin outlook of 45%–46% was reported below analysts’ 46.3% expectation, tempering the positive impact of strong sales. Apple faces memory-cost pressure despite record quarter

Analysts Set New Price Targets

Several analysts have issued reports on AAPL shares. Phillip Securities downgraded shares of Apple from a “hold” rating to a “moderate sell” rating in a research note on Friday, November 6th. CICC Research raised their target price on Apple from $310.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Maxim Group lifted their price target on Apple from $350.00 to $380.00 and gave the company a “buy” rating in a report on Friday, July 31st. Guggenheim set a $400.00 price target on Apple in a research report on Tuesday, November 3rd. Finally, Sanford C. Bernstein upped their price target on Apple from $370.00 to $380.00 and gave the company a “buy” rating in a research report on Wednesday, November 4th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating, twelve have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $347.11.

About Apple

Apple Inc. designs, manufactures and markets consumer electronics, software and digital services. Its products include the iPhone, Mac computers, iPad, Apple Watch and AirPods, along with operating systems and applications such as iOS, macOS and iPadOS. The company also offers services including the App Store, Apple Music, Apple TV+, iCloud and Apple Pay. These products and services are integrated across Apple’s devices and are sold to consumers, businesses and institutions around the world. Founded in 1976 and headquartered in Cupertino, California, Apple serves customers globally through online and retail stores, wireless carriers and other resellers.