Pinnacle Associates Ltd. Buys 115,779 Shares of Intel Co. (NASDAQ:INTC)

Pinnacle Associates Ltd. grew its stake in shares of Intel Co. (NASDAQ:INTC) by 47.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 358,202 shares of the chip maker’s stock after buying an additional 115,779 shares during the period. Pinnacle Associates Ltd.’s holdings in Intel were worth $8,403,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. America First Investment Advisors LLC bought a new stake in shares of Intel during the second quarter valued at about $25,000. Cyrus J. Lawrence LLC bought a new stake in shares of Intel during the second quarter valued at about $27,000. Spartan Fund Management Inc. bought a new stake in shares of Intel during the second quarter valued at about $31,000. Financial Connections Group Inc. bought a new stake in shares of Intel during the second quarter valued at about $32,000. Finally, Triad Wealth Partners LLC bought a new stake in shares of Intel during the second quarter valued at about $33,000. 64.53% of the stock is currently owned by institutional investors.

Intel Price Performance

Shares of Intel stock opened at $22.30 on Thursday. 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 market cap of $94.93 billion, a PE ratio of 23.23 and a beta of 1.03. The business has a 50 day moving average of $21.71 and a 200 day moving average of $27.15. Intel Co. has a 52 week low of $18.51 and a 52 week high of $51.28.

Intel (NASDAQ:INTC) last announced 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). The business had revenue of $12.80 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.05) EPS. As a group, equities research analysts forecast that Intel Co. will post -0.47 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Stifel Nicolaus reissued a “hold” rating and set a $25.00 price objective (down previously from $28.00) on shares of Intel in a report on Friday, October 25th. Benchmark reissued a “hold” rating on shares of Intel in a report on Monday, September 23rd. Hsbc Global Res lowered Intel from a “hold” rating to a “moderate sell” rating in a report on Friday, August 2nd. Raymond James lowered Intel from an “outperform” rating to a “market perform” rating in a report on Friday, August 2nd. Finally, Daiwa America raised Intel to a “hold” rating in a report on Monday, August 26th. Six research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Intel has a consensus rating of “Hold” and a consensus price target of $30.80.

Insiders Place Their Bets

In other news, CEO Patrick P. Gelsinger acquired 12,500 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was acquired at an average price of $20.16 per share, for a total transaction of $252,000.00. Following the completion of the acquisition, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.04% of the stock is owned by corporate insiders.

Intel Company Profile

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.