Sit Investment Associates INC Decreased Stake in Apple INC (NASDAQ:AAPL) by $4.89 Million as Shares Rose


Sit Investment Associates Inc decreased its stake in Apple Inc (NASDAQ:AAPL) by 5.75% based on its latest 2016Q2 regulatory filing with the SEC. Sit Investment Associates Inc sold 45,240 shares as the company’s stock rose 3.46% with the market. The institutional investor held 740,950 shares of the computer manufacturing company at the end of 2016Q2, valued at $80.76 million, down from 786,190 at the end of the previous reported quarter. Sit Investment Associates Inc who had been investing in Apple Inc for a number of months, seems to be less bullish one the $596.75B market cap company. The stock is up 2.73% or $2.88 hitting $108.32, despite the negative news. About 42.70 million shares traded hands or 42.71% up from the average. Apple Inc. (NASDAQ:AAPL) has risen 10.98% since February 8, 2016 and is uptrending. It has underperformed by 5.51% the S&P500.

Sit Investment Associates Inc, which manages about $6.54B and $5.46B US Long portfolio, upped its stake in Alexandria Real Estate Eq (NYSE:ARE) by 74,950 shares to 405,705 shares, valued at $36.88M in 2016Q2, according to the filing. It also increased its holding in Visa Inc (NYSE:V) by 49,535 shares in the quarter, for a total of 638,305 shares, and has risen its stake in Hartford Finl Svcs Group (NYSE:HIG).

Sit Investment Associates Inc is a Minnesota-based institutional investor with more than $6.54 billion AUM in December, 2014. Taken from Sit Investment Associates latest Adv, the fund reported to have 72 full and part-time employees. Among which 34 performing investment advisory and research functions. The institutional investor had between 26-100 clients.

The institutional sentiment decreased to 0.89 in 2016 Q2. Its down 0.26, from 1.15 in 2016Q1. The ratio turned negative, as 116 funds sold all AAPL shares owned while 900 reduced positions. 66 funds bought stakes while 835 increased positions. They now own 2.95 billion shares or 8.86% less from 3.23 billion shares in 2016Q1.

Trb Advisors Lp holds 14.72% of its portfolio in AAPL for 15,000 shares. Greenlight Capital Inc owns 6.85 million shares or 12.02% of their US portfolio. Moreover, Ashmore Wealth Management Llc has 11.89% invested in the company for 3.23 million shares. The Texas-based Greenbrier Partners Capital Management Llc has invested 10.51% in the stock. Bender Robert & Associates, a California-based fund reported 150,111 shares.

Out of 38 analysts covering Apple Inc. (NASDAQ:AAPL), 34 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 89% are positive. $200 is the highest target while $102 is the lowest. The $127.49 average target is 17.70% above today’s ($108.32) stock price. Apple Inc. has been the topic of 101 analyst reports since September 16, 2015 according to StockzIntelligence Inc. Wells Fargo downgraded the stock on September 8 to “Market Perform” rating. Drexel Hamilton maintained it with “Buy” rating and $115 target price in a July 27 report. RBC Capital Markets maintained the shares of AAPL in a report on August 11 with “Outperform” rating. BMO Capital Markets maintained the firm’s rating on July 27. BMO Capital Markets has “Outperform” rating and $116 price target. Lastly, Citigroup maintained the stock with “Buy” rating in a July 27 report.

Apple Inc. designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The company has a market cap of $596.75 billion. The Company’s services and products include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings. It has a 12.65 P/E ratio. The Firm also delivers digital content and applications through the iTunes Store, App StoreSM, iBookstoreSM, and Mac App Store.

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