Intel (NASDAQ:INTC) Updates Q2 2024 Earnings Guidance

Intel (NASDAQ:INTC) updated its second quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 0.100-0.100 for the period, compared to the consensus EPS estimate of 0.240. The company issued revenue guidance of $12.5 billion-$13.5 billion, compared to the consensus revenue estimate of $12.7 billion. Intel also updated its Q2 guidance to $0.10 EPS.

Intel Stock Down 9.2 %

Shares of INTC traded down $3.23 during midday trading on Friday, reaching $31.88. 119,742,494 shares of the stock were exchanged, compared to its average volume of 50,613,192. The company has a market cap of $134.79 billion, a price-to-earnings ratio of 33.21, a P/E/G ratio of 3.19 and a beta of 1.00. The company has a quick ratio of 1.15, a current ratio of 1.54 and a debt-to-equity ratio of 0.43. Intel has a 12-month low of $26.85 and a 12-month high of $51.28. The firm has a 50 day simple moving average of $40.88 and a 200-day simple moving average of $42.23.

Intel (NASDAQ:INTC) last issued its quarterly earnings data on Thursday, January 25th. The chip maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.27. The firm had revenue of $15.40 billion for the quarter, compared to analyst estimates of $15.16 billion. Intel had a net margin of 7.36% and a return on equity of 2.22%. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.10 earnings per share. Research analysts forecast that Intel will post 0.6 EPS for the current year.

Intel Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Tuesday, May 7th will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Monday, May 6th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.57%. Intel’s dividend payout ratio is currently 52.08%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on INTC shares. Benchmark reiterated a buy rating and issued a $62.00 price objective on shares of Intel in a report on Wednesday, April 3rd. UBS Group increased their price objective on Intel from $46.00 to $50.00 and gave the company a neutral rating in a report on Monday, April 1st. Morgan Stanley reduced their target price on Intel from $48.00 to $36.00 and set an equal weight rating for the company in a report on Friday. Sanford C. Bernstein lowered their price target on Intel from $42.00 to $35.00 and set a market perform rating on the stock in a report on Friday. Finally, Raymond James dropped their price target on shares of Intel from $54.00 to $52.00 and set an outperform rating on the stock in a research report on Friday, January 26th. Four research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $39.75.

Insider Transactions 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 shares were bought at an average cost of $42.74 per share, with a total value of $119,672.00. Following the completion of the acquisition, the chief executive officer now owns 31,275 shares of the company’s stock, valued at $1,336,693.50. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Patrick P. Gelsinger bought 3,000 shares of the stock in a transaction dated Monday, January 29th. The shares were acquired at an average price of $43.36 per share, with a total value of $130,080.00. Following the acquisition, the chief executive officer now owns 28,475 shares in the company, valued at $1,234,676. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Patrick P. Gelsinger purchased 2,800 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were purchased at an average cost of $42.74 per share, with a total value of $119,672.00. Following the completion of the acquisition, the chief executive officer now directly owns 31,275 shares in the company, valued at $1,336,693.50. The disclosure for this purchase can be found here. 0.04% of the stock is owned by insiders.

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.