Westpac Banking Corp Cuts Stake in Intel Corporation (NASDAQ:INTC)

Westpac Banking Corp lessened its position in Intel Corporation (NASDAQ:INTC) by 40.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 44,087 shares of the chip maker’s stock after selling 30,233 shares during the period. Westpac Banking Corp’s holdings in Intel were worth $1,001,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cornerstone Advisory LLC boosted its holdings in Intel by 4.3% during the fourth quarter. Cornerstone Advisory LLC now owns 9,863 shares of the chip maker’s stock worth $198,000 after buying an additional 409 shares in the last quarter. Evergreen Capital Management LLC boosted its stake in shares of Intel by 1.0% during the 4th quarter. Evergreen Capital Management LLC now owns 41,904 shares of the chip maker’s stock worth $840,000 after acquiring an additional 419 shares in the last quarter. Verdence Capital Advisors LLC grew its holdings in shares of Intel by 1.1% in the 1st quarter. Verdence Capital Advisors LLC now owns 45,682 shares of the chip maker’s stock worth $1,037,000 after acquiring an additional 486 shares during the period. Cary Street Partners Investment Advisory LLC increased its stake in Intel by 23.1% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 2,614 shares of the chip maker’s stock valued at $59,000 after purchasing an additional 491 shares in the last quarter. Finally, one8zero8 LLC raised its holdings in Intel by 4.2% during the first quarter. one8zero8 LLC now owns 12,320 shares of the chip maker’s stock worth $280,000 after purchasing an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 64.53% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Susquehanna lowered their target price on Intel from $24.00 to $22.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Deutsche Bank Aktiengesellschaft started coverage on shares of Intel in a research report on Wednesday, May 21st. They issued a “hold” rating and a $23.00 price objective on the stock. Stifel Nicolaus raised their target price on shares of Intel from $21.00 to $24.50 and gave the company a “hold” rating in a report on Monday, July 21st. Seaport Res Ptn raised shares of Intel to a “strong sell” rating in a report on Wednesday, April 30th. Finally, UBS Group increased their price target on shares of Intel from $21.00 to $25.00 and gave the company a “neutral” rating in a research report on Monday, July 14th. Six equities research analysts have rated the stock with a sell rating, twenty-three have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $22.17.

Intel Stock Up 5.6%

INTC opened at $21.81 on Wednesday. The company has a market cap of $95.46 billion, a PE ratio of -4.57 and a beta of 1.22. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.92 and a current ratio of 1.24. Intel Corporation has a 1 year low of $17.67 and a 1 year high of $27.55. The firm has a 50 day moving average price of $21.61 and a 200 day moving average price of $21.48.

Intel (NASDAQ:INTC) last released its quarterly earnings data on Thursday, July 24th. The chip maker reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.11). The business had revenue of $12.86 billion during the quarter, compared to analyst estimates of $11.88 billion. Intel had a negative return on equity of 3.78% and a negative net margin of 38.64%. Intel’s revenue was up .5% on a year-over-year basis. During the same period in the previous year, the company earned $0.02 EPS. Sell-side analysts expect that Intel Corporation will post -0.11 earnings per share for the current year.

Intel Profile

Intel Corporation designs, develops, manufactures, markets, and sells computing and related products and services worldwide. It operates through Client Computing Group, Data Center and AI, Network and Edge, Mobileye, and Intel Foundry Services segments. The company's products portfolio comprises central processing units and chipsets, system-on-chips (SoCs), and multichip packages; mobile and desktop processors; hardware products comprising graphics processing units (GPUs), domain-specific accelerators, and field programmable gate arrays (FPGAs); and memory and storage, connectivity and networking, and other semiconductor products.