Intel Corporation (INTC) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Intel Corporation (NASDAQ:INTC) from a hold rating to a buy rating in a report released on Wednesday. The brokerage currently has $39.00 price objective on the chip maker’s stock.
According to Zacks, “Intel’s growing focus on the data-centric part of the business is positive. The launch of Xeon Scalable is anticipated to improve its footprint in the data center as well as AI space, going forward. The company unveiled Myriad X, which will boost footprint in the IoT space. Moreover, the recent Core 8 launch will boost PC market share amid intensifying competition from AMD. We note that the top-PC makers like HP, Lenovo, and Asus are set to launch PCs based on Qualcomm’s ARM-based Snapdragon processor, which is a headwind for the company. Further, anticipated improvement in cost structure and lower spending, primarily due to improving operational efficiency will aid in expansion of margins going forward. Additionally, aggressive share buyback will boost the bottom line in 2017. However, we note that Intel has underperformed the industry on a year-to-date basis. Moreover, declining PC-shipments is a concern.”
Several other research analysts also recently commented on the company. Robert W. Baird restated an outperform rating and issued a $45.00 target price on shares of Intel Corporation in a research note on Tuesday. ValuEngine downgraded Intel Corporation from a buy rating to a hold rating in a research note on Friday, September 1st. Royal Bank Of Canada restated a sector perform rating on shares of Intel Corporation in a research note on Thursday, August 31st. Credit Suisse Group reiterated an outperform rating on shares of Intel Corporation in a research report on Thursday, August 31st. Finally, BidaskClub downgraded Intel Corporation from a hold rating to a sell rating in a research report on Friday, August 25th. Six analysts have rated the stock with a sell rating, fourteen have issued a hold rating, twenty-eight have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $40.55.
Intel Corporation (NASDAQ INTC) traded down 0.98% during midday trading on Wednesday, reaching $35.19. 14,125,018 shares of the company traded hands. Intel Corporation has a one year low of $33.23 and a one year high of $38.45. The firm has a market capitalization of $165.36 billion, a price-to-earnings ratio of 13.43 and a beta of 1.02. The firm has a 50-day moving average price of $35.41 and a 200-day moving average price of $35.52.
Intel Corporation (NASDAQ:INTC) last issued its earnings results on Thursday, July 27th. The chip maker reported $0.72 EPS for the quarter, topping the consensus estimate of $0.68 by $0.04. Intel Corporation had a return on equity of 21.86% and a net margin of 20.60%. The business had revenue of $14.76 billion during the quarter, compared to the consensus estimate of $14.39 billion. During the same quarter last year, the company earned $0.59 EPS. The firm’s revenue was up 9.1% compared to the same quarter last year. Equities analysts predict that Intel Corporation will post $3.01 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Monday, August 7th were given a $0.2725 dividend. This represents a $1.09 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date was Thursday, August 3rd. Intel Corporation’s payout ratio is 41.76%.
In other Intel Corporation news, CEO Brian M. Krzanich sold 72,173 shares of the company’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $33.69, for a total value of $2,431,508.37. Following the completion of the sale, the chief executive officer now owns 534,746 shares in the company, valued at $18,015,592.74. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Venkata S. M. Renduchintala sold 1,424 shares of the company’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $36.40, for a total value of $51,833.60. Following the completion of the sale, the insider now owns 1,536 shares of the company’s stock, valued at approximately $55,910.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 91,921 shares of company stock valued at $3,130,162. Company insiders own 0.08% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Watermark Asset Management Inc. purchased a new stake in Intel Corporation in the first quarter worth about $113,000. Acrospire Investment Management LLC increased its position in Intel Corporation by 111.8% in the second quarter. Acrospire Investment Management LLC now owns 3,600 shares of the chip maker’s stock worth $121,000 after buying an additional 1,900 shares in the last quarter. Orrstown Financial Services Inc. boosted its stake in shares of Intel Corporation by 96.6% in the first quarter. Orrstown Financial Services Inc. now owns 3,725 shares of the chip maker’s stock worth $134,000 after acquiring an additional 1,830 shares during the period. Mitsubishi UFJ Securities Holdings Co. Ltd. boosted its stake in shares of Intel Corporation by 53.0% in the first quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 4,040 shares of the chip maker’s stock worth $146,000 after acquiring an additional 1,400 shares during the period. Finally, Vigilant Capital Management LLC boosted its stake in shares of Intel Corporation by 22.6% in the first quarter. Vigilant Capital Management LLC now owns 4,373 shares of the chip maker’s stock worth $158,000 after acquiring an additional 805 shares during the period. Institutional investors and hedge funds own 67.09% of the company’s stock.
About Intel Corporation
Intel Corporation is engaged in designing and manufacturing products and technologies, such as the cloud. The Company’s segments are Client Computing Group (CCG), Data Center Group (DCG), Internet of Things Group (IOTG), Non-Volatile Memory Solutions Group (NSG), Intel Security Group (ISecG), Programmable Solutions Group (PSG), All Other and New Technology Group (NTG).
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