Hodges Capital Management Inc. Cuts Stock Position in Apple Inc. (NASDAQ:AAPL)

Hodges Capital Management Inc. lowered its position in Apple Inc. (NASDAQ:AAPLGet Rating) by 18.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 62,899 shares of the iPhone maker’s stock after selling 13,809 shares during the period. Apple makes up about 1.4% of Hodges Capital Management Inc.’s portfolio, making the stock its 16th largest position. Hodges Capital Management Inc.’s holdings in Apple were worth $8,694,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bluestem Financial Advisors LLC grew its position in Apple by 5,935.2% during the 2nd quarter. Bluestem Financial Advisors LLC now owns 233,803 shares of the iPhone maker’s stock worth $35,000 after purchasing an additional 229,929 shares during the last quarter. HBC Financial Services PLLC grew its position in Apple by 21.7% during the 1st quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock worth $49,000 after purchasing an additional 80 shares during the last quarter. Ramsey Quantitative Systems purchased a new stake in Apple during the 2nd quarter worth approximately $55,000. Morgan Dempsey Capital Management LLC purchased a new stake in Apple during the 3rd quarter worth approximately $55,000. Finally, Newfound Research LLC purchased a new stake in Apple during the 3rd quarter worth approximately $67,000. Hedge funds and other institutional investors own 57.60% of the company’s stock.

Insider Activity at Apple

In related news, insider Chris Kondo sold 20,200 shares of the company’s stock in a transaction dated Tuesday, November 22nd. The shares were sold at an average price of $148.72, for a total value of $3,004,144.00. Following the completion of the sale, the insider now owns 31,505 shares of the company’s stock, valued at $4,685,423.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Apple news, CFO Luca Maestri sold 176,299 shares of Apple stock in a transaction dated Friday, October 28th. The shares were sold at an average price of $155.95, for a total transaction of $27,493,829.05. Following the completion of the sale, the chief financial officer now directly owns 110,673 shares in the company, valued at $17,259,454.35. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Chris Kondo sold 20,200 shares of the business’s stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $148.72, for a total transaction of $3,004,144.00. Following the completion of the sale, the insider now directly owns 31,505 shares in the company, valued at $4,685,423.60. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by insiders.

Apple Price Performance

Apple stock opened at $135.94 on Wednesday. Apple Inc. has a 52-week low of $124.17 and a 52-week high of $179.61. The firm has a market capitalization of $2.16 trillion, a price-to-earnings ratio of 22.25, a PEG ratio of 1.74 and a beta of 1.24. The company has a fifty day simple moving average of $139.18 and a 200-day simple moving average of $148.28. The company has a quick ratio of 0.85, a current ratio of 0.88 and a debt-to-equity ratio of 1.95.

Apple (NASDAQ:AAPLGet Rating) last announced its quarterly earnings data on Thursday, October 27th. The iPhone maker reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.03. Apple had a net margin of 25.31% and a return on equity of 160.90%. The firm had revenue of $90.15 billion during the quarter, compared to analyst estimates of $88.77 billion. During the same quarter in the prior year, the firm posted $1.24 earnings per share. Apple’s quarterly revenue was up 7.8% on a year-over-year basis. On average, equities analysts anticipate that Apple Inc. will post 6.19 EPS for the current fiscal year.

Apple Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 10th. Investors of record on Monday, November 7th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.68%. The ex-dividend date of this dividend was Friday, November 4th. Apple’s dividend payout ratio is currently 15.06%.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Fundamental Research boosted their target price on shares of Apple to $168.50 and gave the stock a “buy” rating in a research report on Tuesday, November 8th. StockNews.com cut shares of Apple from a “buy” rating to a “hold” rating in a research note on Saturday, November 5th. KeyCorp restated a “buy” rating and set a $175.00 price objective on shares of Apple in a research note on Tuesday, November 8th. Sanford C. Bernstein decreased their price objective on shares of Apple from $170.00 to $125.00 in a research note on Monday, January 9th. Finally, Bank Of America (Bofa) cut shares of Apple from a “buy” rating to a “neutral” rating and decreased their target price for the company from $189.00 to $160.00 in a research note on Friday, September 30th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $171.22.

Apple Company Profile

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Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, 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, and HomePod.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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