State of Michigan Retirement System Buys 700 Shares of Kyndryl Holdings, Inc. (NYSE:KD)

State of Michigan Retirement System increased its position in shares of Kyndryl Holdings, Inc. (NYSE:KD) by 1.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,734 shares of the company’s stock after purchasing an additional 700 shares during the quarter. State of Michigan Retirement System’s holdings in Kyndryl were worth $1,750,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Kyndryl by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 27,873,819 shares of the company’s stock worth $964,434,000 after purchasing an additional 79,575 shares in the last quarter. FMR LLC increased its position in Kyndryl by 105.5% in the 4th quarter. FMR LLC now owns 12,408,449 shares of the company’s stock valued at $429,332,000 after acquiring an additional 6,371,541 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in Kyndryl by 123.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,683,060 shares of the company’s stock valued at $127,434,000 after acquiring an additional 2,033,549 shares in the last quarter. GMT Capital Corp increased its position in Kyndryl by 16.4% in the 4th quarter. GMT Capital Corp now owns 2,973,560 shares of the company’s stock valued at $102,885,000 after acquiring an additional 418,900 shares in the last quarter. Finally, Invesco Ltd. increased its position in Kyndryl by 39.9% in the 4th quarter. Invesco Ltd. now owns 2,346,142 shares of the company’s stock valued at $81,177,000 after acquiring an additional 669,097 shares in the last quarter. Institutional investors and hedge funds own 71.53% of the company’s stock.

Analyst Ratings Changes

KD has been the subject of several research reports. Susquehanna lowered their price objective on shares of Kyndryl from $46.00 to $43.00 and set a “positive” rating for the company in a research report on Wednesday, April 23rd. Wall Street Zen cut shares of Kyndryl from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Finally, Oppenheimer raised their price objective on shares of Kyndryl from $47.00 to $55.00 and gave the company an “outperform” rating in a research report on Tuesday, July 8th.

Kyndryl Stock Down 0.5%

Shares of NYSE KD opened at $39.57 on Tuesday. The firm has a market capitalization of $9.16 billion, a PE ratio of 38.42, a price-to-earnings-growth ratio of 0.89 and a beta of 1.93. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 2.29. Kyndryl Holdings, Inc. has a 1 year low of $21.34 and a 1 year high of $44.20. The firm’s 50-day moving average is $39.93 and its 200-day moving average is $37.03.

Kyndryl (NYSE:KD) last issued its earnings results on Wednesday, May 7th. The company reported $0.52 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.52. The company had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.77 billion. Kyndryl had a net margin of 1.67% and a return on equity of 15.97%. The company’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.01) EPS. Equities analysts expect that Kyndryl Holdings, Inc. will post 0.73 EPS for the current year.

Insider Activity

In other news, SVP Vineet Khurana sold 26,451 shares of the firm’s stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $39.14, for a total value of $1,035,292.14. Following the transaction, the senior vice president owned 73,278 shares of the company’s stock, valued at approximately $2,868,100.92. This trade represents a 26.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.90% of the company’s stock.

Kyndryl Profile

Kyndryl Holdings, Inc operates as a technology services company and IT infrastructure services provider worldwide. The company offers cloud services; core enterprise and zCloud services; application, data, and artificial intelligence services; digital workplace services; security and resiliency services; and network services and edge services.