State of Michigan Retirement System Increases Stock Position in Intel Co. (NASDAQ:INTC)

State of Michigan Retirement System raised its position in shares of Intel Co. (NASDAQ:INTC) by 21.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,821,135 shares of the chip maker’s stock after purchasing an additional 324,024 shares during the period. Intel makes up approximately 1.0% of State of Michigan Retirement System’s holdings, making the stock its 17th largest holding. State of Michigan Retirement System’s holdings in Intel were worth $108,959,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of INTC. Modus Advisors LLC purchased a new position in Intel in the 2nd quarter worth $25,000. Price Wealth LLC boosted its position in Intel by 119.5% during the second quarter. Price Wealth LLC now owns 461 shares of the chip maker’s stock valued at $28,000 after buying an additional 251 shares during the period. Lion Street Advisors LLC bought a new position in shares of Intel during the first quarter valued at about $29,000. Marshall & Sullivan Inc. WA purchased a new position in shares of Intel in the second quarter worth about $60,000. Finally, Horan Securities Inc. purchased a new position in shares of Intel in the first quarter worth about $66,000. Hedge funds and other institutional investors own 64.95% of the company’s stock.

In other news, EVP Navin Shenoy sold 2,847 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $48.18, for a total transaction of $137,168.46. Following the transaction, the executive vice president now directly owns 71,807 shares of the company’s stock, valued at approximately $3,459,661.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert Holmes Swan acquired 8,021 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The stock was purchased at an average cost of $50.00 per share, with a total value of $401,050.00. Following the acquisition, the chief executive officer now directly owns 293,594 shares of the company’s stock, valued at $14,679,700. The disclosure for this purchase can be found here. 0.04% of the stock is currently owned by company insiders.

Several equities analysts recently issued reports on INTC shares. Rosenblatt Securities restated a “sell” rating on shares of Intel in a research report on Thursday, June 11th. SVB Leerink started coverage on shares of Intel in a report on Friday, July 24th. They issued a “hold” rating on the stock. Barclays lowered shares of Intel from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $58.00 to $48.00 in a report on Friday, July 24th. UBS Group cut their price target on shares of Intel from $70.00 to $64.00 and set a “buy” rating on the stock in a report on Friday, July 24th. Finally, Charter Equity reaffirmed a “hold” rating on shares of Intel in a research note on Friday, July 24th. Twelve investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and fifteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $61.67.

Shares of Intel stock opened at $47.73 on Friday. Intel Co. has a 1 year low of $43.63 and a 1 year high of $69.29. The firm’s 50-day moving average is $58.00 and its 200 day moving average is $59.19. The stock has a market cap of $203.00 billion, a price-to-earnings ratio of 8.49, a PEG ratio of 1.31 and a beta of 0.78. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.97 and a quick ratio of 1.58.

Intel (NASDAQ:INTC) last issued its earnings results on Thursday, July 23rd. The chip maker reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.12. The firm had revenue of $19.73 billion for the quarter, compared to the consensus estimate of $18.54 billion. Intel had a net margin of 29.97% and a return on equity of 31.55%. During the same quarter in the prior year, the firm posted $1.06 earnings per share. On average, equities analysts expect that Intel Co. will post 4.85 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date is Thursday, August 6th. Intel’s payout ratio is 27.10%.

About Intel

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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Institutional Ownership by Quarter for Intel (NASDAQ:INTC)

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