Canandaigua National Bank & Trust Co. Sells 17,646 Shares of Intel Co. (NASDAQ:INTC)

Canandaigua National Bank & Trust Co. lowered its stake in shares of Intel Co. (NASDAQ:INTC) by 19.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,304 shares of the chip maker’s stock after selling 17,646 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Intel were worth $1,743,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of INTC. America First Investment Advisors LLC bought a new stake in Intel in the second quarter worth $25,000. Tributary Capital Management LLC bought a new stake in Intel in the first quarter worth $27,000. Cyrus J. Lawrence LLC bought a new stake in Intel in the second quarter worth $27,000. Spartan Fund Management Inc. bought a new stake in Intel in the second quarter worth $31,000. Finally, Financial Connections Group Inc. bought a new stake in Intel in the second quarter worth $32,000. Institutional investors own 64.53% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Patrick P. Gelsinger acquired 12,500 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were acquired at an average price of $20.16 per share, with a total value of $252,000.00. Following the purchase, the chief executive officer now directly owns 37,975 shares of the company’s stock, 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 SEC, which is accessible through this hyperlink. 0.04% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Bank of America lowered shares of Intel from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $35.00 to $23.00 in a research note on Friday, August 2nd. Barclays dropped their price objective on shares of Intel from $40.00 to $25.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. JPMorgan Chase & Co. dropped their price objective on shares of Intel from $35.00 to $26.00 and set an “underweight” rating for the company in a research note on Friday, August 2nd. HSBC lowered shares of Intel from a “hold” rating to a “reduce” rating in a research note on Friday, August 2nd. Finally, Susquehanna cut their price target on shares of Intel from $35.00 to $26.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Six research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Intel has a consensus rating of “Hold” and a consensus price target of $31.96.

Intel Stock Performance

Shares of Intel stock traded up $0.33 during midday trading on Friday, hitting $22.59. The company had a trading volume of 49,966,930 shares, compared to its average volume of 59,307,754. The stock has a market cap of $96.17 billion, a price-to-earnings ratio of 23.53 and a beta of 1.03. The company has a quick ratio of 1.24, a current ratio of 1.59 and a debt-to-equity ratio of 0.40. The company has a fifty day simple moving average of $21.64 and a 200 day simple moving average of $29.53. Intel Co. has a 12-month low of $18.51 and a 12-month high of $51.28.

Intel (NASDAQ:INTC) last announced its quarterly earnings data on Thursday, August 1st. The chip maker reported $0.02 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.08). Intel had a net margin of 1.77% and a return on equity of 1.78%. The company had revenue of $12.80 billion during the quarter, compared to analysts’ expectations of $12.92 billion. During the same period in the previous year, the business earned ($0.05) earnings per share. The business’s revenue for the quarter was down .8% compared to the same quarter last year. As a group, analysts predict that Intel Co. will post -0.47 earnings per share for the current fiscal year.

Intel Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Wednesday, August 7th were given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend was Wednesday, August 7th. Intel’s dividend payout ratio is presently 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.