Glassy Mountain Advisors Inc. Sells 2,245 Shares of Apple Inc. $AAPL

Glassy Mountain Advisors Inc. lowered its stake in shares of Apple Inc. (NASDAQ:AAPL) by 3.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 67,000 shares of the iPhone maker’s stock after selling 2,245 shares during the period. Apple makes up 5.3% of Glassy Mountain Advisors Inc.’s investment portfolio, making the stock its 2nd biggest holding. Glassy Mountain Advisors Inc.’s holdings in Apple were worth $14,883,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in AAPL. Arlington Trust Co LLC raised its holdings in Apple by 1.0% during the first quarter. Arlington Trust Co LLC now owns 66,701 shares of the iPhone maker’s stock worth $14,816,000 after buying an additional 657 shares during the last quarter. Vishria Bird Financial Group LLC raised its holdings in Apple by 0.3% during the first quarter. Vishria Bird Financial Group LLC now owns 105,376 shares of the iPhone maker’s stock worth $23,407,000 after buying an additional 300 shares during the last quarter. Alley Investment Management Company LLC raised its holdings in Apple by 0.4% during the first quarter. Alley Investment Management Company LLC now owns 135,005 shares of the iPhone maker’s stock worth $29,989,000 after buying an additional 544 shares during the last quarter. Instrumental Wealth LLC raised its holdings in Apple by 11.8% during the first quarter. Instrumental Wealth LLC now owns 8,411 shares of the iPhone maker’s stock worth $1,760,000 after buying an additional 886 shares during the last quarter. Finally, Horizon Financial Services LLC raised its holdings in Apple by 20,644.1% during the first quarter. Horizon Financial Services LLC now owns 747,203 shares of the iPhone maker’s stock worth $165,976,000 after buying an additional 743,601 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on AAPL shares. BMO Capital Markets restated a “buy” rating on shares of Apple in a report on Wednesday, August 13th. Scotiabank downgraded shares of Apple to a “market perform” rating in a report on Friday, May 2nd. Rosenblatt Securities reiterated a “neutral” rating and issued a $217.00 target price on shares of Apple in a report on Tuesday, July 29th. The Goldman Sachs Group reiterated a “buy” rating on shares of Apple in a report on Wednesday, May 21st. Finally, TD Cowen lowered their target price on shares of Apple from $290.00 to $275.00 and set a “buy” rating for the company in a report on Friday, May 2nd. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $237.60.

Insider Activity at Apple

In other Apple news, SVP Deirdre O’brien sold 34,821 shares of Apple stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the transaction, the senior vice president directly owned 136,687 shares of the company’s stock, valued at approximately $30,508,538.40. This trade represents a 20.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.06% of the company’s stock.

Apple Trading Down 0.3%

Shares of Apple stock opened at $230.89 on Tuesday. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The firm has a market cap of $3.43 trillion, a PE ratio of 35.04, a PEG ratio of 2.42 and a beta of 1.16. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. The company has a 50 day simple moving average of $210.28 and a two-hundred day simple moving average of $212.94.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.14. The business had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. Apple’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.40 earnings per share. Analysts expect that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.04 annualized dividend and a dividend yield of 0.5%. Apple’s dividend payout ratio (DPR) is 15.78%.

Apple declared that its board has approved a stock repurchase program on Thursday, May 1st that allows the company to buyback $100.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Apple Company Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. 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.