Palisade Asset Management LLC Cuts Position in Intel Co. (NASDAQ:INTC)

Palisade Asset Management LLC lowered its position in shares of Intel Co. (NASDAQ:INTC) by 1.4% in the third quarter, Holdings Channel reports. The firm owned 153,781 shares of the chip maker’s stock after selling 2,126 shares during the period. Palisade Asset Management LLC’s holdings in Intel were worth $3,608,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. America First Investment Advisors LLC acquired a new stake in shares of Intel in the second quarter worth $25,000. Cyrus J. Lawrence LLC acquired a new stake in Intel in the 2nd quarter valued at $27,000. Spartan Fund Management Inc. purchased a new position in Intel in the second quarter valued at about $31,000. Financial Connections Group Inc. purchased a new position in Intel in the second quarter valued at about $32,000. Finally, Triad Wealth Partners LLC acquired a new position in shares of Intel during the second quarter worth about $33,000. Institutional investors and hedge funds own 64.53% of the company’s stock.

Intel Trading Up 0.2 %

INTC stock opened at $24.50 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.31 and a debt-to-equity ratio of 0.44. The firm’s 50-day simple moving average is $23.19 and its 200 day simple moving average is $26.14. Intel Co. has a fifty-two week low of $18.51 and a fifty-two week high of $51.28.

Intel (NASDAQ:INTC) last released its quarterly earnings results on Thursday, October 31st. The chip maker reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.44). Intel had a negative net margin of 29.42% and a negative return on equity of 1.71%. The business had revenue of $13.30 billion for the quarter, compared to the consensus estimate of $13.02 billion. During the same period last year, the firm posted $0.28 EPS. The business’s quarterly revenue was down 6.3% on a year-over-year basis. Analysts predict that Intel Co. will post -0.83 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. dropped their target price on Intel from $35.00 to $26.00 and set an “underweight” rating on the stock in a report on Friday, August 2nd. Rosenblatt Securities reiterated a “sell” rating and set a $17.00 price objective on shares of Intel in a research note on Tuesday, October 29th. Needham & Company LLC reissued a “hold” rating on shares of Intel in a research report on Friday, November 1st. Truist Financial raised their price target on shares of Intel from $25.00 to $26.00 and gave the company a “hold” rating in a report on Friday, November 1st. Finally, Raymond James downgraded shares of Intel from an “outperform” rating to a “market perform” rating in a research note on Friday, August 2nd. Six research analysts have rated the stock with a sell rating, twenty-five have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $30.12.

Insider Buying and Selling at Intel

In other Intel news, EVP Michelle Johnston Holthaus sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $26.00, for a total value of $650,000.00. Following the completion of the sale, the executive vice president now directly owns 273,258 shares in the company, valued at $7,104,708. This represents a 8.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.04% of the stock is owned by corporate 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.