Intel Corp. (INTC) Shares Down 6.4% After Analyst Downgrade
Shares of Intel Corp. (NASDAQ:INTC) were down 6.4% during mid-day trading on Wednesday after Canaccord Genuity lowered their price target on the stock from $44.00 to $43.00. Canaccord Genuity currently has a buy rating on the stock. Intel Corp. traded as low as $35.23 and last traded at $35.34, with a volume of 45,959,158 shares traded. The stock had previously closed at $37.75.
INTC has been the subject of several other research reports. Zacks Investment Research raised shares of Intel Corp. from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a research note on Monday, September 26th. Vetr downgraded shares of Intel Corp. from a “hold” rating to a “sell” rating and set a $34.32 price objective for the company. in a research note on Monday, August 29th. Wells Fargo & Co. reissued an “outperform” rating and issued a $45.00 price objective on shares of Intel Corp. in a research note on Monday. BlueFin Research reissued a “buy” rating on shares of Intel Corp. in a research note on Monday, October 3rd. Finally, Morgan Stanley reissued an “underweight” rating and issued a $31.00 price objective on shares of Intel Corp. in a research note on Wednesday, September 14th. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and thirty-four have given a buy rating to the company’s stock. Intel Corp. currently has an average rating of “Buy” and an average price target of $39.91.
In other news, EVP Venkata S. M. Renduchintala sold 13,997 shares of the firm’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $34.71, for a total transaction of $485,835.87. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Andy D. Bryant sold 445,095 shares of the firm’s stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $34.69, for a total transaction of $15,440,345.55. Following the sale, the chairman now directly owns 399,557 shares in the company, valued at approximately $13,860,632.33. The disclosure for this sale can be found here. Insiders own 0.09% of the company’s stock.
Several hedge funds have recently made changes to their positions in INTC. Day & Ennis LLC increased its stake in shares of Intel Corp. by 0.4% in the second quarter. Day & Ennis LLC now owns 7,459 shares of the chip maker’s stock worth $245,000 after buying an additional 27 shares during the last quarter. D. Scott Neal Inc. boosted its position in shares of Intel Corp. by 0.7% in the second quarter. D. Scott Neal Inc. now owns 4,969 shares of the chip maker’s stock valued at $163,000 after buying an additional 35 shares during the period. Jackson Grant Investment Advisers Inc. boosted its position in shares of Intel Corp. by 0.8% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 4,496 shares of the chip maker’s stock valued at $147,000 after buying an additional 37 shares during the period. Beaumont Financial Partners LLC boosted its position in shares of Intel Corp. by 0.6% in the second quarter. Beaumont Financial Partners LLC now owns 8,070 shares of the chip maker’s stock valued at $265,000 after buying an additional 48 shares during the period. Finally, Peoples Bank National Association boosted its position in shares of Intel Corp. by 0.5% in the second quarter. Peoples Bank National Association now owns 10,232 shares of the chip maker’s stock valued at $335,000 after buying an additional 50 shares during the period. 64.82% of the stock is currently owned by hedge funds and other institutional investors.
The firm has a 50-day moving average of $36.98 and a 200 day moving average of $33.74. The firm has a market cap of $167.03 billion, a PE ratio of 17.122 and a beta of 1.09.
Intel Corp. (NASDAQ:INTC) last released its quarterly earnings data on Tuesday, October 18th. The chip maker reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.08. The firm earned $15.78 billion during the quarter, compared to the consensus estimate of $15.58 billion. Intel Corp. had a return on equity of 19.99% and a net margin of 17.84%. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.64 earnings per share. On average, equities analysts expect that Intel Corp. will post $2.58 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 7th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Thursday, November 3rd. This represents a $1.04 annualized dividend and a dividend yield of 2.75%. Intel Corp.’s payout ratio is currently 50.24%.
Intel Corp. Company Profile
Intel Corporation is engaged in the design and manufacture of digital technology platforms. The Company’s segments include Client Computing Group (CCG), Data Center Group (DCG), Internet of Things Group (IOTG), Software and Services (SSG) and All Other. CCG segment includes platforms designed for notebooks (including Ultrabook devices), 2 in 1 systems, desktops (including all-in-ones and personal computers (PCs)), tablets, phones, wireless and wired connectivity products, and mobile communication components.
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