Cantor Fitzgerald Cuts IBM (IBM) Price Target to $140.00

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IBM (NYSE:IBM) had its target price reduced by Cantor Fitzgerald from $152.00 to $140.00 in a research note issued to investors on Wednesday morning, The Fly reports. They currently have a neutral rating on the technology company’s stock. Cantor Fitzgerald also issued estimates for IBM’s FY2019 earnings at $13.96 EPS.

Other equities research analysts have also recently issued reports about the company. Morgan Stanley reduced their target price on IBM from $198.00 to $185.00 and set a $149.24 rating on the stock in a report on Thursday, July 19th. JPMorgan Chase & Co. reissued a $149.24 rating and set a $157.00 price objective on shares of IBM in a research note on Thursday, July 19th. BMO Capital Markets reduced their price objective on IBM from $175.00 to $172.00 and set a $149.24 rating on the stock in a research note on Thursday, July 19th. Nomura began coverage on IBM in a research note on Wednesday, June 27th. They set a buy rating and a $160.00 price objective on the stock. Finally, Bank of America reissued a buy rating and set a $200.00 price objective on shares of IBM in a research note on Thursday, July 19th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and ten have issued a buy rating to the company’s stock. IBM presently has a consensus rating of Hold and a consensus price target of $167.39.

Shares of IBM stock traded down $1.45 during trading hours on Wednesday, hitting $129.10. The stock had a trading volume of 7,720,962 shares, compared to its average volume of 6,628,948. IBM has a one year low of $127.96 and a one year high of $171.13. The company has a current ratio of 1.31, a quick ratio of 1.27 and a debt-to-equity ratio of 1.81. The stock has a market capitalization of $119.16 billion, a price-to-earnings ratio of 9.36, a price-to-earnings-growth ratio of 1.90 and a beta of 0.87.

IBM (NYSE:IBM) last issued its earnings results on Tuesday, October 16th. The technology company reported $3.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.40 by $0.02. IBM had a return on equity of 69.98% and a net margin of 7.12%. The firm had revenue of $18.76 billion for the quarter, compared to analysts’ expectations of $19.04 billion. During the same period in the previous year, the firm posted $3.30 earnings per share. The business’s revenue was down 2.1% compared to the same quarter last year. As a group, research analysts predict that IBM will post 13.82 EPS for the current fiscal year.

In other news, insider Diane J. Gherson sold 11,451 shares of the company’s stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $145.42, for a total transaction of $1,665,204.42. Following the transaction, the insider now owns 19,114 shares of the company’s stock, valued at $2,779,557.88. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.17% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Swedbank grew its stake in shares of IBM by 214.6% during the third quarter. Swedbank now owns 1,123,724 shares of the technology company’s stock valued at $169,918,000 after buying an additional 766,478 shares during the last quarter. Coastline Trust Co grew its stake in shares of IBM by 14.7% during the second quarter. Coastline Trust Co now owns 19,353 shares of the technology company’s stock valued at $2,704,000 after buying an additional 2,475 shares during the last quarter. Schroder Investment Management Group grew its stake in shares of IBM by 24.1% during the second quarter. Schroder Investment Management Group now owns 1,854,109 shares of the technology company’s stock valued at $259,649,000 after buying an additional 359,868 shares during the last quarter. Adams Asset Advisors LLC grew its stake in shares of IBM by 14.0% during the third quarter. Adams Asset Advisors LLC now owns 48,705 shares of the technology company’s stock valued at $7,364,000 after buying an additional 5,970 shares during the last quarter. Finally, Berkshire Asset Management LLC PA boosted its holdings in shares of IBM by 2.4% in the third quarter. Berkshire Asset Management LLC PA now owns 20,690 shares of the technology company’s stock valued at $3,129,000 after purchasing an additional 481 shares during the period. 55.42% of the stock is currently owned by hedge funds and other institutional investors.

IBM Company Profile

International Business Machines Corporation operates as an integrated technology and services company worldwide. Its Cognitive Solutions segment offers Watson, a cognitive computing platform that interacts in natural language, processes big data, and learns from interactions with people and computers.

Further Reading: Leveraged Buyout (LBO) Explained

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