Hourglass Capital LLC Lowers Stock Position in Apple Inc. (NASDAQ:AAPL)

Hourglass Capital LLC trimmed its position in shares of Apple Inc. (NASDAQ:AAPLGet Rating) by 7.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,928 shares of the iPhone maker’s stock after selling 4,500 shares during the quarter. Apple accounts for approximately 3.0% of Hourglass Capital LLC’s holdings, making the stock its 3rd largest position. Hourglass Capital LLC’s holdings in Apple were worth $9,591,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of AAPL. Joseph Group Capital Management bought a new position in Apple in the 4th quarter worth $1,631,000. Cardinal Capital Management Inc. raised its holdings in Apple by 5,525.0% in the 1st quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after purchasing an additional 221 shares during the period. Shore Point Advisors LLC bought a new position in Apple in the 4th quarter worth $41,000. St. James Investment Advisors LLC bought a new position in Apple in the 4th quarter worth $57,000. Finally, Emerson Wealth LLC raised its holdings in Apple by 363.6% in the 1st quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock worth $71,000 after purchasing an additional 320 shares during the period. 57.62% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

AAPL has been the topic of a number of recent research reports. UBS Group set a $185.00 target price on Apple in a report on Thursday, July 21st. Citigroup raised their price target on Apple from $175.00 to $185.00 and gave the company a “buy” rating in a report on Friday, July 29th. Itau BBA Securities began coverage on Apple in a report on Tuesday, July 26th. They set an “underperform” rating and a $136.00 price target on the stock. Piper Sandler decreased their price target on Apple from $200.00 to $195.00 in a report on Friday, April 29th. Finally, Rosenblatt Securities decreased their price target on Apple from $168.00 to $160.00 and set a “neutral” rating on the stock in a report on Friday, July 29th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $181.18.

Insider Activity

In other news, CFO Luca Maestri sold 96,735 shares of Apple stock in a transaction that occurred on Wednesday, August 17th. The shares were sold at an average price of $174.95, for a total transaction of $16,923,788.25. Following the completion of the sale, the chief financial officer now owns 110,673 shares of the company’s stock, valued at $19,362,241.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP Katherine L. Adams sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $164.77, for a total value of $4,119,250.00. Following the completion of the transaction, the senior vice president now owns 427,334 shares of the company’s stock, valued at $70,411,823.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Luca Maestri sold 96,735 shares of the business’s stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $174.95, for a total transaction of $16,923,788.25. Following the completion of the transaction, the chief financial officer now directly owns 110,673 shares of the company’s stock, valued at approximately $19,362,241.35. The disclosure for this sale can be found here. Insiders own 0.06% of the company’s stock.

Apple Stock Down 2.3 %

Shares of NASDAQ AAPL opened at $167.57 on Tuesday. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.86 and a quick ratio of 0.82. The company has a market cap of $2.69 trillion, a P/E ratio of 27.65, a PEG ratio of 2.22 and a beta of 1.23. Apple Inc. has a 1 year low of $129.04 and a 1 year high of $182.94. The firm has a 50-day simple moving average of $151.85 and a two-hundred day simple moving average of $157.22.

Apple (NASDAQ:AAPLGet Rating) last announced its quarterly earnings data on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.06. Apple had a net margin of 25.71% and a return on equity of 152.97%. The business had revenue of $82.96 billion during the quarter, compared to the consensus estimate of $82.97 billion. During the same quarter last year, the firm earned $1.30 earnings per share. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. Research analysts anticipate that Apple Inc. will post 6.1 earnings per share for the current year.

Apple Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 11th. Stockholders of record on Monday, August 8th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 0.55%. The ex-dividend date was Friday, August 5th. Apple’s dividend payout ratio is presently 15.18%.

Apple declared that its Board of Directors has approved a share repurchase program on Thursday, April 28th that allows the company to repurchase $90.00 billion in shares. This repurchase authorization allows the iPhone maker to reacquire up to 3.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

About Apple

(Get Rating)

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; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.

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