Grassi Investment Management Lowers stake in International Business Machines Corp. (IBM)

International Business Machines Corp. (IBM) : Grassi Investment Management reduced its stake in International Business Machines Corp. by 2.13% during the most recent quarter end. The investment management company now holds a total of 45,794 shares of International Business Machines Corp. which is valued at $7,088,453 after selling 999 shares in International Business Machines Corp. , the firm said in a disclosure report filed with the SEC on Oct 12, 2016.International Business Machines Corp. makes up approximately 1.37% of Grassi Investment Management’s portfolio.

Other Hedge Funds, Including , Legal General Group Plc boosted its stake in IBM in the latest quarter, The investment management firm added 4,618 additional shares and now holds a total of 4,771,551 shares of International Business Machines Corp. which is valued at $738,588,379. International Business Machines Corp. makes up approx 0.76% of Legal General Group Plc’s portfolio.Macnealy Hoover Investment Management Inc reduced its stake in IBM by selling 50 shares or 0.4% in the most recent quarter. The Hedge Fund company now holds 12,581 shares of IBM which is valued at $1,975,469. International Business Machines Corp. makes up approx 0.37% of Macnealy Hoover Investment Management Inc’s portfolio.Fisher Asset Management boosted its stake in IBM in the latest quarter, The investment management firm added 568 additional shares and now holds a total of 21,282 shares of International Business Machines Corp. which is valued at $3,341,700. International Business Machines Corp. makes up approx 0.01% of Fisher Asset Management’s portfolio.Boltwood Capital Management boosted its stake in IBM in the latest quarter, The investment management firm added 587 additional shares and now holds a total of 3,933 shares of International Business Machines Corp. which is valued at $617,796. International Business Machines Corp. makes up approx 0.50% of Boltwood Capital Management’s portfolio.

International Business Machines Corp. closed down -2.23 points or -1.42% at $154.79 with 29,01,326 shares getting traded on Tuesday. Post opening the session at $156.73, the shares hit an intraday low of $153.89 and an intraday high of $156.95 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, International Business Machines Corp. reported $2.95 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Jul 18, 2016. Analyst had a consensus of $2.89. The company had revenue of $20238.00 million for the quarter, compared to analysts expectations of $20063.32 million. The company’s revenue was down -2.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $3.84 EPS.

Many Wall Street Analysts have commented on International Business Machines Corp.. International Business Machines Corp. was Upgraded by Societe Generale to ” Hold” on Sep 26, 2016. International Business Machines Corp. was Downgraded by Standpoint Research to ” Hold” on Jul 25, 2016. Company shares were Reiterated by Drexel Hamilton on Jul 19, 2016 to “Buy”, Firm has raised the Price Target to $ 186 from a previous price target of $166 .

International Business Machines Corporation is a technology company. The Company operates in five business segments: Global Technology Services (GTS) which includes Strategic Outsourcing Integrated Technology Services Cloud and Technology Support Services and also provides information technology (IT) infrastructure and business process services; Global Business Services (GBS) which offers its services across Consulting and Systems Integration Global Process Services and Application Management Services; Software which consists of middleware and operating systems software; Systems and Technology (STG) which provides infrastructure technologies and Global Financing which provides financing solutions for products or services that are critical to the end users’ business operations. Its IBM Watson Health Cloud platform collects clinical research and social data from a range of health sources and creates a cloud-based data sharing hub.

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