Bangor Savings Bank Cuts Stock Position in Intel Co. (NASDAQ:INTC)

Bangor Savings Bank lessened its holdings in Intel Co. (NASDAQ:INTC) by 21.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,602 shares of the chip maker’s stock after selling 2,874 shares during the period. Bangor Savings Bank’s holdings in Intel were worth $249,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Adirondack Trust Co. raised its stake in shares of Intel by 0.5% in the 1st quarter. Adirondack Trust Co. now owns 51,783 shares of the chip maker’s stock valued at $2,287,000 after acquiring an additional 278 shares during the period. Abacus Wealth Partners LLC raised its stake in shares of Intel by 6.7% in the 1st quarter. Abacus Wealth Partners LLC now owns 4,542 shares of the chip maker’s stock valued at $201,000 after acquiring an additional 286 shares during the period. First Affirmative Financial Network raised its stake in shares of Intel by 1.8% in the 1st quarter. First Affirmative Financial Network now owns 16,608 shares of the chip maker’s stock valued at $734,000 after acquiring an additional 299 shares during the period. VERITY Wealth Advisors raised its stake in shares of Intel by 3.8% in the 1st quarter. VERITY Wealth Advisors now owns 8,448 shares of the chip maker’s stock valued at $373,000 after acquiring an additional 312 shares during the period. Finally, Mechanics Bank Trust Department raised its stake in shares of Intel by 0.8% in the 1st quarter. Mechanics Bank Trust Department now owns 38,540 shares of the chip maker’s stock valued at $1,702,000 after acquiring an additional 320 shares during the period. Hedge funds and other institutional investors own 64.53% of the company’s stock.

Insider Transactions at Intel

In other news, CEO Patrick P. Gelsinger bought 12,500 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were acquired 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 in the company, valued at approximately $765,576. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.04% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

INTC has been the topic of a number of research reports. New Street Research downgraded shares of Intel from a “buy” rating to a “neutral” rating in a research note on Friday, August 2nd. Argus downgraded shares of Intel from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. UBS Group dropped 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. JPMorgan Chase & Co. dropped their price target on shares of Intel from $35.00 to $26.00 and set an “underweight” rating on the stock in a research note on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on shares of Intel from $27.00 to $25.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Six equities research analysts have rated the stock with a sell rating, twenty-four have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $31.96.

Intel Trading Up 4.2 %

NASDAQ INTC opened at $23.32 on Wednesday. Intel Co. has a one year low of $18.51 and a one year high of $51.28. The company has a 50-day simple moving average of $21.47 and a 200-day simple moving average of $29.21. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.24 and a current ratio of 1.59. The firm has a market capitalization of $99.27 billion, a PE ratio of 24.29 and a beta of 1.03.

Intel (NASDAQ:INTC) last posted its quarterly earnings results 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 business had revenue of $12.80 billion during the quarter, compared to analyst estimates of $12.92 billion. During the same period last year, the firm posted ($0.05) earnings per share. The company’s quarterly revenue was down .8% on a year-over-year basis. On average, equities analysts forecast that Intel Co. will post -0.47 earnings per share for the current year.

Intel Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Wednesday, August 7th were issued a $0.125 dividend. The ex-dividend date of this dividend was Wednesday, August 7th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.14%. Intel’s payout ratio is currently 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.