Intel (NASDAQ:INTC) Rating Reiterated by Royal Bank of Canada
Intel (NASDAQ:INTC)‘s stock had its “sell” rating reissued by research analysts at Royal Bank of Canada in a research note issued on Friday, Borsen Zeitung reports. They presently have a $56.00 price objective on the chip maker’s stock. Royal Bank of Canada’s target price indicates a potential downside of 18.39% from the company’s previous close.
Several other brokerages have also recently issued reports on INTC. Barclays increased their price objective on Intel from $40.00 to $42.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Zacks Investment Research raised Intel from a “hold” rating to a “strong-buy” rating and set a $59.00 price objective on the stock in a research note on Monday, October 28th. Susquehanna Bancshares reissued a “buy” rating on shares of Intel in a research note on Wednesday. Northland Securities reissued a “buy” rating and issued a $69.00 price objective on shares of Intel in a research note on Tuesday, November 5th. Finally, Citigroup increased their price objective on Intel from $53.00 to $60.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Eight equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Intel presently has an average rating of “Hold” and an average target price of $63.59.
Shares of NASDAQ INTC traded up $5.30 during midday trading on Friday, hitting $68.62. The company’s stock had a trading volume of 56,280,565 shares, compared to its average volume of 16,784,590. The company has a current ratio of 1.20, a quick ratio of 0.85 and a debt-to-equity ratio of 0.32. The business’s 50 day moving average is $59.00 and its two-hundred day moving average is $53.55. Intel has a 12-month low of $42.86 and a 12-month high of $62.85. The firm has a market cap of $272.88 billion, a P/E ratio of 16.11, a price-to-earnings-growth ratio of 1.77 and a beta of 0.91.
Intel announced that its Board of Directors has initiated a stock repurchase plan on Thursday, October 24th that authorizes the company to buyback $20.00 billion in outstanding shares. This buyback authorization authorizes the chip maker to reacquire up to 8.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
In other news, Director Frank D. Yeary sold 2,509 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $56.34, for a total transaction of $141,357.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Navin Shenoy sold 1,404 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $55.94, for a total value of $78,539.76. Following the sale, the executive vice president now owns 58,168 shares of the company’s stock, valued at approximately $3,253,917.92. The disclosure for this sale can be found here. Insiders have sold a total of 81,284 shares of company stock worth $4,517,194 in the last ninety days. Insiders own 0.02% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Tower View Investment Management & Research LLC purchased a new stake in shares of Intel during the 4th quarter valued at $31,000. Corbenic Partners LLC purchased a new position in Intel in the 4th quarter worth $41,000. Fulcrum Capital LLC purchased a new position in Intel in the 3rd quarter worth $201,000. Intercontinental Wealth Advisors LLC raised its stake in Intel by 83.0% in the 3rd quarter. Intercontinental Wealth Advisors LLC now owns 992 shares of the chip maker’s stock worth $51,000 after acquiring an additional 450 shares during the last quarter. Finally, Lenox Wealth Advisors LLC raised its stake in Intel by 117.4% in the 3rd quarter. Lenox Wealth Advisors LLC now owns 1,000 shares of the chip maker’s stock worth $52,000 after acquiring an additional 540 shares during the last quarter. Hedge funds and other institutional investors own 65.48% of the company’s stock.
Intel Company Profile
Intel Corporation offers computing, networking, data storage, and communication solutions worldwide. It operates through Client Computing Group, Data Center Group, Internet of Things Group, Non-Volatile Memory Solutions Group, Programmable Solutions Group, and All Other segments. The company offers microprocessors, and system-on-chip and multichip packaging products.
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