Rockland Trust Co. Reduces Position in Intel Co. (NASDAQ:INTC)

Rockland Trust Co. cut its stake in shares of Intel Co. (NASDAQ:INTC) by 74.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,670 shares of the chip maker’s stock after selling 25,786 shares during the quarter. Rockland Trust Co.’s holdings in Intel were worth $203,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in INTC. America First Investment Advisors LLC purchased a new stake in Intel in the 2nd quarter worth approximately $25,000. Tributary Capital Management LLC purchased a new stake in shares of Intel in the first quarter valued at approximately $27,000. Cyrus J. Lawrence LLC purchased a new position in shares of Intel during the 2nd quarter valued at approximately $27,000. Spartan Fund Management Inc. acquired a new stake in Intel in the 2nd quarter valued at $31,000. Finally, Financial Connections Group Inc. acquired a new position in Intel during the second quarter worth $32,000. Hedge funds and other institutional investors own 64.53% of the company’s stock.

Analysts Set New Price Targets

INTC has been the subject of several research reports. TD Cowen upgraded Intel to a “hold” rating in a research note on Monday, September 16th. UBS Group decreased their price target on shares of Intel from $37.00 to $32.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Wedbush lowered their price target on shares of Intel from $32.50 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Morgan Stanley cut their price objective on shares of Intel from $36.00 to $25.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Finally, Roth Mkm lowered their target price on Intel from $35.00 to $25.00 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 assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $31.96.

Insider Activity at Intel

In related news, CEO Patrick P. Gelsinger acquired 12,500 shares of the business’s stock in a transaction on Monday, August 5th. The shares were bought at an average cost of $20.16 per share, with a total value of $252,000.00. Following the completion of the transaction, 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 position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.04% of the company’s stock.

Intel Trading Up 1.5 %

NASDAQ:INTC traded up $0.33 during trading hours on Friday, reaching $22.59. 49,966,930 shares of the company were exchanged, compared to its average volume of 59,307,754. The firm has a market cap of $96.17 billion, a price-to-earnings ratio of 23.53 and a beta of 1.03. The stock has a 50 day simple moving average of $21.64 and a 200 day simple moving average of $29.53. Intel Co. has a 52-week low of $18.51 and a 52-week high of $51.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.59 and a quick ratio of 1.24.

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

Intel Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Wednesday, August 7th were paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend 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.