Intel Co. (INTC) Position Reduced by Contour Asset Management LLC
Contour Asset Management LLC decreased its position in Intel Co. (NASDAQ:INTC) by 18.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,175 shares of the chip maker’s stock after selling 5,834 shares during the quarter. Intel accounts for approximately 0.1% of Contour Asset Management LLC’s portfolio, making the stock its 27th largest position. Contour Asset Management LLC’s holdings in Intel were worth $1,363,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its position in Intel by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 50,906,186 shares of the chip maker’s stock valued at $2,651,194,000 after purchasing an additional 295,380 shares during the period. LSV Asset Management raised its position in Intel by 2.0% in the first quarter. LSV Asset Management now owns 24,760,162 shares of the chip maker’s stock valued at $1,289,509,000 after purchasing an additional 482,570 shares during the period. Alliancebernstein L.P. raised its position in Intel by 14.7% in the fourth quarter. Alliancebernstein L.P. now owns 24,187,824 shares of the chip maker’s stock valued at $1,116,510,000 after purchasing an additional 3,095,697 shares during the period. TIAA CREF Investment Management LLC raised its position in Intel by 47.8% in the fourth quarter. TIAA CREF Investment Management LLC now owns 23,711,209 shares of the chip maker’s stock valued at $1,094,509,000 after purchasing an additional 7,669,737 shares during the period. Finally, Fisher Asset Management LLC raised its position in Intel by 4.1% in the first quarter. Fisher Asset Management LLC now owns 22,690,661 shares of the chip maker’s stock valued at $1,181,730,000 after purchasing an additional 887,657 shares during the period. 65.49% of the stock is currently owned by institutional investors.
Shares of INTC stock opened at $48.57 on Wednesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.15. The firm has a market cap of $222.97 billion, a P/E ratio of 14.04, a PEG ratio of 1.36 and a beta of 1.00. Intel Co. has a 12 month low of $34.46 and a 12 month high of $57.60.
The company also recently announced a quarterly dividend, which will be paid on Saturday, September 1st. Investors of record on Tuesday, August 7th will be paid a dividend of $0.30 per share. The ex-dividend date is Monday, August 6th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.47%. Intel’s payout ratio is currently 34.68%.
In other Intel news, EVP Steven Ralph Rodgers sold 1,251 shares of the company’s stock in a transaction on Thursday, August 2nd. The shares were sold at an average price of $48.37, for a total value of $60,510.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert Holmes Swan acquired 5,243 shares of the firm’s stock in a transaction on Monday, July 30th. The stock was bought at an average price of $47.69 per share, with a total value of $250,038.67. Following the purchase, the chief executive officer now directly owns 71,672 shares of the company’s stock, valued at $3,418,037.68. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 4,077 shares of company stock valued at $205,757. Insiders own 0.03% of the company’s stock.
A number of analysts have issued reports on the company. Stifel Nicolaus reissued a “neutral” rating and issued a $60.00 target price on shares of Intel in a research report on Monday, July 16th. Cowen cut their target price on Intel from $54.00 to $52.00 and set a “market perform” rating on the stock in a research report on Friday, July 27th. Sanford C. Bernstein set a $42.00 target price on Intel and gave the company a “sell” rating in a research report on Thursday, August 9th. BNP Paribas set a $54.00 price objective on Intel and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Royal Bank of Canada reaffirmed a “neutral” rating and set a $60.00 price objective on shares of Intel in a research report on Monday, July 16th. Five analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and twenty-two have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $55.63.
Intel Corporation designs, manufactures, and sells computer, networking, data storage, and communication platforms worldwide. The company operates through Client Computing Group, Data Center Group, Internet of Things Group, Non-Volatile Memory Solutions Group, Programmable Solutions Group, and All Other segments.
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