Intel (NASDAQ:INTC) Trading Down 1.7% on Analyst Downgrade

Intel Co. (NASDAQ:INTC) shares dropped 1.7% during mid-day trading on Monday after Wells Fargo & Company lowered their price target on the stock from $43.00 to $38.00. Wells Fargo & Company currently has an equal weight rating on the stock. Intel traded as low as $31.07 and last traded at $31.35. Approximately 18,017,859 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 47,740,711 shares. The stock had previously closed at $31.88.

INTC has been the topic of several other research reports. Truist Financial reduced their price target on shares of Intel from $45.00 to $33.00 and set a “hold” rating on the stock in a research report on Friday, April 26th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $50.00 price target on shares of Intel in a research note on Wednesday, April 3rd. Mizuho lowered their price target on Intel from $55.00 to $45.00 and set a “buy” rating for the company in a report on Friday, April 26th. Roth Mkm reduced their price objective on shares of Intel from $45.00 to $35.00 and set a “neutral” rating on the stock in a report on Friday, April 26th. Finally, Bank of America decreased their target price on shares of Intel from $50.00 to $44.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. Four analysts have rated the stock with a sell rating, twenty-one have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $39.75.

Insider Buying and Selling at Intel

In related news, CEO Patrick P. Gelsinger acquired 2,800 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was bought at an average price of $42.74 per share, for a total transaction of $119,672.00. Following the completion of the purchase, the chief executive officer now directly owns 31,275 shares of the company’s stock, valued at approximately $1,336,693.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.04% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Intel

A number of hedge funds have recently modified their holdings of INTC. Norges Bank acquired a new position in Intel in the fourth quarter valued at $2,424,202,000. Price T Rowe Associates Inc. MD lifted its position in Intel by 543.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 37,384,507 shares of the chip maker’s stock worth $1,878,572,000 after acquiring an additional 31,575,084 shares during the period. California Public Employees Retirement System increased its holdings in shares of Intel by 102.6% in the fourth quarter. California Public Employees Retirement System now owns 16,074,760 shares of the chip maker’s stock valued at $807,757,000 after purchasing an additional 8,140,835 shares during the period. Van ECK Associates Corp increased its stake in Intel by 44.8% in the 1st quarter. Van ECK Associates Corp now owns 21,556,234 shares of the chip maker’s stock valued at $952,139,000 after buying an additional 6,673,086 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Intel by 18.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 38,720,686 shares of the chip maker’s stock worth $1,376,520,000 after acquiring an additional 6,064,950 shares during the period. 64.53% of the stock is currently owned by hedge funds and other institutional investors.

Intel Price Performance

The company has a current ratio of 1.57, a quick ratio of 1.14 and a debt-to-equity ratio of 0.43. The stock has a fifty day simple moving average of $40.35 and a two-hundred day simple moving average of $42.23. The company has a market cap of $128.83 billion, a PE ratio of 31.74, a price-to-earnings-growth ratio of 2.89 and a beta of 1.00.

Intel Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Tuesday, May 7th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 1.64%. The ex-dividend date is Monday, May 6th. Intel’s payout ratio is 52.08%.

About Intel

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.