Great Lakes Advisors Buys New Stake in IBM Amid Ongoing Institutional Support

Great Lakes Advisors LLC has taken a significant stake in IBM by purchasing 21,502 shares worth $6,047,000 during the second quarter. This move is part of a broader trend of institutional investors increasing their holdings in the company.

Institutional investors now own nearly 59% of IBM stock, with other notable buyers including Virginia Retirement Systems and Assetmark. Great Lakes Advisors' new position in IBM suggests that there is still confidence in the company's prospects despite its shares trading below their moving averages.

IBM recently reported earnings of $2.93 per share, matching analyst estimates, but revenue growth remains thin at 1.1% year-over-year. The company has a market cap of over $220 billion and a P/E ratio of 20.76.