Benson Investment Management Company Inc. Lowers Position in Apple Inc. (NASDAQ:AAPL)


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Benson Investment Management Company Inc. cut its stake in Apple Inc. (NASDAQ:AAPL) by 2.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 81,830 shares of the iPhone maker’s stock after selling 2,354 shares during the period. Apple accounts for about 6.6% of Benson Investment Management Company Inc.’s portfolio, making the stock its largest position. Benson Investment Management Company Inc.’s holdings in Apple were worth $10,858,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in AAPL. Lountzis Asset Management LLC acquired a new stake in Apple in the 2nd quarter worth approximately $26,000. Fure Financial Corp acquired a new stake in Apple in the 3rd quarter worth approximately $37,000. Ruggie Capital Group acquired a new stake in Apple in the 3rd quarter worth approximately $41,000. Pacific Financial Group Inc. acquired a new stake in Apple in the 3rd quarter worth approximately $46,000. Finally, GW&K Investment Management LLC boosted its stake in Apple by 300.0% in the 3rd quarter. GW&K Investment Management LLC now owns 400 shares of the iPhone maker’s stock worth $46,000 after purchasing an additional 300 shares in the last quarter. Institutional investors own 57.77% of the company’s stock.

In other news, insider Chris Kondo sold 14,840 shares of Apple stock in a transaction that occurred on Friday, October 16th. The shares were sold at an average price of $121.34, for a total transaction of $1,800,685.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Deirdre O’brien sold 31,200 shares of the company’s stock in a transaction that occurred on Friday, October 16th. The shares were sold at an average price of $119.80, for a total value of $3,737,760.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 63,040 shares of company stock valued at $7,415,586. 0.06% of the stock is owned by company insiders.

Several analysts have commented on the stock. Credit Suisse Group lifted their price objective on shares of Apple from $106.00 to $120.00 and gave the company a “neutral” rating in a research note on Monday, January 4th. Atlantic Securities assumed coverage on shares of Apple in a research note on Monday, October 26th. They set an “overweight” rating and a $150.00 price objective for the company. Citigroup lifted their price objective on shares of Apple from $112.50 to $125.00 and gave the company a “buy” rating in a research note on Monday, September 21st. Zacks Investment Research cut shares of Apple from a “buy” rating to a “hold” rating and set a $121.00 price objective for the company. in a research note on Tuesday, September 29th. Finally, Loop Capital upgraded shares of Apple from a “hold” rating to a “buy” rating and lifted their price objective for the company from $110.00 to $131.00 in a research note on Monday, November 30th. Three equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and twenty-seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $118.61.

Apple stock opened at $130.89 on Thursday. Apple Inc. has a 52-week low of $53.15 and a 52-week high of $138.79. The firm has a market capitalization of $2.20 trillion, a price-to-earnings ratio of 40.15, a PEG ratio of 2.85 and a beta of 1.28. The company has a fifty day simple moving average of $126.77 and a 200-day simple moving average of $115.12. The company has a quick ratio of 1.33, a current ratio of 1.36 and a debt-to-equity ratio of 1.51.

Apple (NASDAQ:AAPL) last released its earnings results on Tuesday, November 3rd. The iPhone maker reported $0.73 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.03. Apple had a net margin of 20.91% and a return on equity of 75.15%. The business had revenue of $64.70 billion during the quarter, compared to analyst estimates of $63.33 billion. During the same quarter in the prior year, the firm earned $3.03 earnings per share. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. On average, research analysts anticipate that Apple Inc. will post 4.03 EPS for the current fiscal year.

Apple Company Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, iPod touch, and other Apple-branded and third-party accessories.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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