OMERS Administration Corp Joins Institutional Investors in IBM Bet
OMERS Administration Corp acquired a new position in International Business Machines Corporation (NYSE:IBM) in the second quarter, buying 79,635 shares valued at approximately $22.39 million.
This is not an isolated move; several other large investors have also recently changed their positions in IBM. BlackRock Inc., for example, acquired a new stake in the company in the same quarter, valued at around $21.59 billion. Bank of New York Mellon Corp and Norges Bank also bought new positions in IBM during the second and fourth quarters respectively.
IBM's institutional ownership stands at 58.96%, with several analysts weighing in on the stock's performance. KeyCorp downgraded International Business Machines to a 'sector weight' rating, while Robert W. Baird started coverage on the company with a 'neutral' rating and a $230 price target.
The firm recently released its earnings results for the quarter, reporting $2.93 earnings per share and a revenue of $17.16 billion. International Business Machines also announced a quarterly dividend of $1.69 per share, payable on September 10th to stockholders of record as of August 10th.