MTM Investment Management LLC Reduces Position in Apple Inc. (NASDAQ:AAPL)

MTM Investment Management LLC lowered its position in Apple Inc. (NASDAQ:AAPL) by 4.7% during the 3rd quarter, Holdings Channel reports. The firm owned 50,070 shares of the iPhone maker’s stock after selling 2,465 shares during the quarter. Apple comprises approximately 4.4% of MTM Investment Management LLC’s investment portfolio, making the stock its 2nd largest holding. MTM Investment Management LLC’s holdings in Apple were worth $11,355,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. EULAV Asset Management boosted its position in Apple by 4.8% during the 3rd quarter. EULAV Asset Management now owns 87,056 shares of the iPhone maker’s stock valued at $20,284,000 after acquiring an additional 4,003 shares in the last quarter. Howe & Rusling Inc. boosted its position in Apple by 2.1% during the 3rd quarter. Howe & Rusling Inc. now owns 155,331 shares of the iPhone maker’s stock valued at $36,192,000 after acquiring an additional 3,236 shares in the last quarter. NS Partners Ltd boosted its position in Apple by 2.6% during the 3rd quarter. NS Partners Ltd now owns 583,676 shares of the iPhone maker’s stock valued at $135,997,000 after acquiring an additional 14,733 shares in the last quarter. Strategy Asset Managers LLC boosted its position in Apple by 0.8% during the 3rd quarter. Strategy Asset Managers LLC now owns 62,281 shares of the iPhone maker’s stock valued at $14,511,000 after acquiring an additional 513 shares in the last quarter. Finally, Sachetta LLC boosted its position in Apple by 0.8% during the 3rd quarter. Sachetta LLC now owns 33,268 shares of the iPhone maker’s stock valued at $7,751,000 after acquiring an additional 252 shares in the last quarter. Institutional investors own 67.73% of the company’s stock.

Apple Stock Performance

Shares of AAPL stock opened at $239.36 on Thursday. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.51. The firm has a fifty day moving average price of $241.17 and a 200 day moving average price of $230.75. The company has a market cap of $3.60 trillion, a P/E ratio of 39.37, a PEG ratio of 2.19 and a beta of 1.20. Apple Inc. has a 12 month low of $164.07 and a 12 month high of $260.10.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, October 31st. The iPhone maker reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.04. The firm had revenue of $94.93 billion during the quarter, compared to the consensus estimate of $94.52 billion. Apple had a net margin of 23.97% and a return on equity of 152.94%. The company’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.46 earnings per share. Sell-side analysts predict that Apple Inc. will post 7.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Apple news, insider Chris Kondo sold 4,130 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $228.87, for a total value of $945,233.10. Following the completion of the transaction, the insider now owns 15,419 shares in the company, valued at $3,528,946.53. This represents a 21.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Jeffrey E. Williams sold 100,000 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $249.97, for a total transaction of $24,997,000.00. Following the completion of the transaction, the chief operating officer now owns 389,944 shares of the company’s stock, valued at $97,474,301.68. This represents a 20.41 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on AAPL. The Goldman Sachs Group dropped their target price on Apple from $286.00 to $280.00 and set a “buy” rating on the stock in a research report on Thursday, January 23rd. KeyCorp cut Apple from a “sector weight” rating to an “underweight” rating and set a $200.00 price objective for the company. in a research report on Friday, October 25th. Piper Sandler reissued a “neutral” rating and issued a $225.00 price objective on shares of Apple in a research report on Wednesday, October 9th. Monness Crespi & Hardt raised their price objective on Apple to $245.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Finally, Wedbush reissued an “outperform” rating and issued a $325.00 price objective on shares of Apple in a research report on Thursday, January 23rd. Four research analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $238.05.

About Apple

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.