Concannon Wealth Management LLC decreased its stake in Intel Corporation (NASDAQ:INTC) by 9.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 74,643 shares of the chip maker’s stock after selling 7,390 shares during the period. Intel Corporation comprises about 3.3% of Concannon Wealth Management LLC’s portfolio, making the stock its 14th largest position. Concannon Wealth Management LLC’s holdings in Intel Corporation were worth $2,692,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in the company. Orrstown Financial Services Inc. increased its stake in Intel Corporation by 96.6% in the first quarter. Orrstown Financial Services Inc. now owns 3,725 shares of the chip maker’s stock worth $134,000 after buying an additional 1,830 shares in the last quarter. Security Asset Management acquired a new stake in Intel Corporation during the fourth quarter worth about $162,000. SRS Capital Advisors Inc. acquired a new stake in Intel Corporation during the fourth quarter worth about $198,000. ARP Americas LLC acquired a new stake in Intel Corporation during the first quarter worth about $202,000. Finally, Good Life Advisors LLC acquired a new stake in Intel Corporation during the fourth quarter worth about $203,000. 67.35% of the stock is owned by institutional investors and hedge funds.
Shares of Intel Corporation (NASDAQ:INTC) opened at 34.68 on Monday. The stock’s 50 day moving average is $35.45 and its 200 day moving average is $36.07. Intel Corporation has a 52-week low of $33.23 and a 52-week high of $38.45. The stock has a market cap of $163.31 billion, a price-to-earnings ratio of 15.01 and a beta of 1.00.
Intel Corporation (NASDAQ:INTC) last released its earnings results on Thursday, April 27th. The chip maker reported $0.66 EPS for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.01. Intel Corporation had a return on equity of 21.48% and a net margin of 18.57%. The firm had revenue of $14.80 billion during the quarter, compared to the consensus estimate of $14.80 billion. During the same quarter in the previous year, the company posted $0.54 earnings per share. The company’s revenue was up 8.0% compared to the same quarter last year. On average, equities analysts predict that Intel Corporation will post $2.86 EPS for the current fiscal year.
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A number of analysts have issued reports on INTC shares. Zacks Investment Research raised shares of Intel Corporation from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Tuesday, May 16th. Bank of America Corporation downgraded shares of Intel Corporation from a “buy” rating to a “neutral” rating and cut their price objective for the company from $42.00 to $38.00 in a report on Wednesday, June 21st. Wells Fargo & Company reissued an “outperform” rating and issued a $45.00 price objective on shares of Intel Corporation in a report on Thursday, April 6th. Vetr cut shares of Intel Corporation from a “strong-buy” rating to a “buy” rating and set a $39.43 target price for the company. in a research report on Monday, May 22nd. Finally, Robert W. Baird restated an “outperform” rating and issued a $42.00 target price on shares of Intel Corporation in a research report on Tuesday, March 28th. They noted that the move was a valuation call. Six investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-eight have assigned a buy rating and one has given a strong buy rating to the stock. Intel Corporation presently has a consensus rating of “Buy” and an average price target of $40.09.
In related news, CEO Brian M. Krzanich sold 72,173 shares of Intel Corporation stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $33.69, for a total transaction of $2,431,508.37. Following the completion of the sale, the chief executive officer now owns 534,746 shares of the company’s stock, valued at $18,015,592.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robert Holmes Swan bought 13,888 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The shares were purchased at an average cost of $36.31 per share, with a total value of $504,273.28. Following the acquisition, the chief financial officer now directly owns 8,774 shares of the company’s stock, valued at $318,583.94. The disclosure for this purchase can be found here. Insiders have sold 119,994 shares of company stock valued at $4,166,359 in the last ninety days. Corporate insiders own 0.09% of the company’s stock.
About Intel Corporation
Intel Corporation is engaged in designing and manufacturing products and technologies, such as the cloud. The Company’s segments are Client Computing Group (CCG), Data Center Group (DCG), Internet of Things Group (IOTG), Non-Volatile Memory Solutions Group (NSG), Intel Security Group (ISecG), Programmable Solutions Group (PSG), All Other and New Technology Group (NTG).
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