Abacus Planning Group Inc. Sells 18,614 Shares of Intel Co. (NASDAQ:INTC)

Abacus Planning Group Inc. reduced its holdings in Intel Co. (NASDAQ:INTC) by 47.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 20,501 shares of the chip maker’s stock after selling 18,614 shares during the quarter. Abacus Planning Group Inc.’s holdings in Intel were worth $481,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD boosted its holdings in Intel by 543.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 37,384,507 shares of the chip maker’s stock valued at $1,878,572,000 after acquiring an additional 31,575,084 shares in the last quarter. Capital International Investors raised its holdings in Intel by 16.0% in the 1st quarter. Capital International Investors now owns 112,093,582 shares of the chip maker’s stock worth $4,951,174,000 after purchasing an additional 15,475,631 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Intel by 60.5% in the 2nd quarter. Van ECK Associates Corp now owns 34,591,800 shares of the chip maker’s stock worth $1,071,308,000 after purchasing an additional 13,035,566 shares during the period. Davis Selected Advisers boosted its stake in shares of Intel by 86.2% during the 2nd quarter. Davis Selected Advisers now owns 12,642,316 shares of the chip maker’s stock valued at $391,533,000 after purchasing an additional 5,851,098 shares in the last quarter. Finally, Caxton Associates LP purchased a new position in shares of Intel during the second quarter valued at about $162,592,000. 64.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

INTC has been the subject of several research analyst reports. Truist Financial lowered their price objective on shares of Intel from $33.00 to $25.00 and set a “hold” rating for the company in a report on Friday, August 2nd. UBS Group dropped their price target on Intel from $37.00 to $32.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Cantor Fitzgerald decreased their price objective on Intel from $40.00 to $27.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Benchmark reissued a “hold” rating on shares of Intel in a research report on Monday, September 23rd. Finally, HSBC downgraded shares of Intel from a “hold” rating to a “reduce” rating in a research report on Friday, August 2nd. Six investment analysts have rated the stock with a sell rating, twenty-four have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Intel has an average rating of “Hold” and a consensus price target of $32.04.

Intel Stock Down 1.3 %

Intel stock opened at $22.39 on Thursday. Intel Co. has a one year low of $18.51 and a one year high of $51.28. The stock has a fifty day moving average of $21.99 and a 200 day moving average of $29.72. 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 stock has a market cap of $95.31 billion, a PE ratio of 23.32 and a beta of 1.03.

Intel (NASDAQ:INTC) last released 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). The business had revenue of $12.80 billion for the quarter, compared to analysts’ expectations of $12.92 billion. Intel had a net margin of 1.77% and a return on equity of 1.78%. Intel’s revenue for the quarter was down .8% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.05) EPS. As a group, sell-side analysts predict that Intel Co. will post -0.47 EPS for the current year.

Intel Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Wednesday, August 7th were given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date was Wednesday, August 7th. Intel’s payout ratio is 52.08%.

Insider Transactions at Intel

In related news, CEO Patrick P. Gelsinger bought 12,500 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average cost of $20.16 per share, for a total transaction of $252,000.00. Following the completion of the transaction, the chief executive officer now owns 37,975 shares of the company’s stock, valued at $765,576. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.04% of the stock is currently owned by company insiders.

Intel 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.