Investment services provider Manitou Investment Management has reduced its stake in shares of International Business Machines Corp. (IBM). (See also: IBM Sets Record for US Patents in 2016.)

Community Financial News reported Manitou lowered its stake in IBM shares by 2.2 percent in the third quarter of 2016. Manitou sold 1,640 shares of IBM in 3Q16 and owned 73,174 shares of the business' stock at the end of the period.

According to Community Financial News, various institutional investors have purchased IBM shares over the past few months, including:

  • Bollard Group: Bought 82 shares of IBM.
  • Rockland Trust: Acquired 406 shares.
  • Willingdon Wealth: Obtained 2,050 shares.

IBM shares feature a 200-day moving average price of $159.08 and a 50-day moving average price of $165.48, Community Financial News noted. In addition, the shares closed at a price of $165.52 on Jan. 10.

IBM Breaks Patent Record in 2016

IBM is committed to innovation, and the company last year broke the record for U.S. patents.

In a press release, IBM pointed out it was issued 8,088 patents last year. The patents covered a variety of areas, including:

  • Cognitive computing.
  • Cognitive health.
  • Cloud.
  • Cybersecurity.

Ginni Rometty, IBM's CEO, said in a prepared statement that her company has been "leading the world in innovation for 24 years in a row." She also noted that 2016 marked the first time that IBM has surpassed 8,000 patents in a year — a positive sign for the company as it searches for ways to drive innovation. "We are deeply proud of our inventors's unique contributions to discovery, science and technology that are driving progress across business and society and opening the new era of cognitive business," Rometty said, according to a company statement.

IBM reported total revenue of $81.8 billion in 2015. If the company continues to prioritize innovation and obtain new patents, the business could accelerate its revenue growth over the next several years.

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