Intel (NASDAQ:INTC) Shares Down 1.2% – Here’s What Happened

Intel Co. (NASDAQ:INTC) shares fell 1.2% during trading on Wednesday . The stock traded as low as $22.29 and last traded at $22.63. 12,749,813 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 58,402,574 shares. The stock had previously closed at $22.90.

Wall Street Analyst Weigh In

INTC has been the topic of a number of recent research reports. Stifel Nicolaus reissued a “hold” rating and issued a $25.00 target price (down previously from $28.00) on shares of Intel in a report on Friday, October 25th. Needham & Company LLC reiterated a “hold” rating on shares of Intel in a research note on Friday. TD Cowen upgraded shares of Intel to a “hold” rating in a research report on Monday, September 16th. Susquehanna dropped their price target on shares of Intel from $35.00 to $26.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Finally, Bank of America cut Intel from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $35.00 to $23.00 in a research report on Friday, August 2nd. Six research analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, Intel has a consensus rating of “Hold” and a consensus price target of $30.12.

Intel Stock Performance

The firm’s 50 day moving average price is $21.74 and its 200-day moving average price is $27.12. The firm has a market capitalization of $99.89 billion, a PE ratio of -6.19 and a beta of 1.03. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.24 and a current ratio of 1.59.

Intel (NASDAQ:INTC) last released its earnings results on Thursday, August 1st. The chip maker reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.08). Intel had a return on equity of 1.78% and a net margin of 1.77%. The company had revenue of $12.80 billion for the quarter, compared to analysts’ expectations of $12.92 billion. During the same period in the prior year, the firm earned ($0.05) EPS. The firm’s revenue for the quarter was down .8% on a year-over-year basis. On average, research analysts expect that Intel Co. will post -0.47 EPS for the current year.

Insider Activity

In other news, CEO Patrick P. Gelsinger acquired 12,500 shares of Intel stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost of $20.16 per share, with a total value of $252,000.00. Following the purchase, the chief executive officer now owns 37,975 shares in the company, valued at $765,576. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.04% of the company’s stock.

Institutional Trading of Intel

A number of hedge funds have recently bought and sold shares of INTC. Vanguard Group Inc. increased its holdings in shares of Intel by 0.9% in the first quarter. Vanguard Group Inc. now owns 389,098,435 shares of the chip maker’s stock valued at $17,186,478,000 after purchasing an additional 3,310,528 shares during the last quarter. Capital International Investors increased its stake in shares of Intel by 16.0% in the 1st quarter. Capital International Investors now owns 112,093,582 shares of the chip maker’s stock worth $4,951,174,000 after acquiring an additional 15,475,631 shares during the last quarter. Primecap Management Co. CA raised its holdings in shares of Intel by 2.2% during the 2nd quarter. Primecap Management Co. CA now owns 77,822,587 shares of the chip maker’s stock worth $2,410,166,000 after acquiring an additional 1,697,550 shares during the period. Van ECK Associates Corp boosted its position in shares of Intel by 27.2% during the 3rd quarter. Van ECK Associates Corp now owns 44,013,936 shares of the chip maker’s stock valued at $967,426,000 after acquiring an additional 9,422,136 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Intel by 6.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 39,841,750 shares of the chip maker’s stock valued at $1,759,811,000 after purchasing an additional 2,457,243 shares during the period. Institutional investors and hedge funds own 64.53% of the company’s stock.

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.