Neville Rodie & Shaw Trims IBM Stake by 3.7% in Third Quarter

Neville Rodie & Shaw Inc. reduced its stake in International Business Machines Corporation (NYSE: IBM) by 3.7% during the third quarter, according to its latest SEC filing. The firm sold 2,653 shares, bringing its total holdings to 69,394 shares, which now represent about 1.1% of its portfolio. The value of these holdings was $15,262,000 as of the most recent filing.

Other institutional investors have also adjusted their positions in IBM. Assetmark Inc. increased its stake by 24.8% during the first quarter, while Beacon Investment Advisory Services Inc. boosted its holdings by 939.4% in the second quarter. Flputnam Investment Management Co. initiated a new position worth approximately $15,237,000 in the second quarter. St. Louis Financial Planners Asset Management LLC grew its position by 34.6% during the second quarter, and Evercore Wealth Management LLC increased its stake by 9.0% in the first quarter.

IBM's stock traded down $1.59 on Monday, reaching $221.05. The company has a market capitalization of $208.26 billion, a price-to-earnings ratio of 19.62, and a beta of 0.73. The stock has a 52-week low of $199.19 and a high of $332.46. IBM recently reported earnings of $2.93 per share for the quarter, meeting consensus estimates, with revenue of $17.16 billion.

The company also disclosed a quarterly dividend of $1.69 per share, paid on September 10th, representing a yield of 3.1%. Wall Street analysts have issued mixed ratings, with an average price target of $253.52. Morgan Stanley cut its target price to $190.00, while Bank of America reduced its target to $280.00. IBM has a consensus rating of 'Moderate Buy' among analysts.