Sumitomo Life Insurance Co. Reduces Holdings in Intel Co. (NASDAQ:INTC)

Sumitomo Life Insurance Co. cut its holdings in Intel Co. (NASDAQ:INTC) by 54.8% during the 3rd quarter, Holdings Channel reports. The fund owned 20,137 shares of the chip maker’s stock after selling 24,434 shares during the period. Sumitomo Life Insurance Co.’s holdings in Intel were worth $472,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of INTC. William B. Walkup & Associates Inc. bought a new position in shares of Intel during the 2nd quarter valued at approximately $2,178,000. Private Advisory Group LLC purchased a new stake in shares of Intel in the third quarter worth $8,045,000. Brookstone Capital Management raised its position in shares of Intel by 65.2% during the 1st quarter. Brookstone Capital Management now owns 69,096 shares of the chip maker’s stock valued at $3,052,000 after purchasing an additional 27,274 shares during the period. Sanibel Captiva Trust Company Inc. lifted its stake in shares of Intel by 21.1% during the 3rd quarter. Sanibel Captiva Trust Company Inc. now owns 279,591 shares of the chip maker’s stock valued at $6,559,000 after buying an additional 48,765 shares in the last quarter. Finally, Czech National Bank boosted its holdings in Intel by 7.2% in the 3rd quarter. Czech National Bank now owns 869,233 shares of the chip maker’s stock worth $20,392,000 after buying an additional 58,021 shares during the period. Hedge funds and other institutional investors own 64.53% of the company’s stock.

Intel Price Performance

INTC stock opened at $22.44 on Friday. The company has a current ratio of 1.59, a quick ratio of 1.24 and a debt-to-equity ratio of 0.40. Intel Co. has a 12 month low of $18.51 and a 12 month high of $51.28. The stock has a market cap of $95.53 billion, a PE ratio of 23.38 and a beta of 1.03. The company has a 50-day moving average price of $21.34 and a 200 day moving average price of $28.29.

Intel (NASDAQ:INTC) last released 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). Intel had a net margin of 1.77% and a return on equity of 1.78%. The business had revenue of $12.80 billion for the quarter, compared to the consensus estimate of $12.92 billion. During the same period in the prior year, the company posted ($0.05) EPS. The company’s quarterly revenue was down .8% compared to the same quarter last year. Equities research analysts anticipate that Intel Co. will post -0.47 earnings per share for the current year.

Intel Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on INTC. Morgan Stanley lowered their price objective on Intel from $36.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Bank of America cut Intel from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $35.00 to $23.00 in a report on Friday, August 2nd. Argus lowered shares of Intel from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Barclays reduced their price objective on shares of Intel from $40.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Finally, Rosenblatt Securities restated a “sell” rating and set a $17.00 target price on shares of Intel 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 issued a buy rating to the company’s stock. Based on data from MarketBeat, Intel presently has a consensus rating of “Hold” and an average price target of $31.92.

Insider Activity at Intel

In other news, CEO Patrick P. Gelsinger acquired 12,500 shares of Intel stock in a transaction 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 acquisition, the chief executive officer now directly owns 37,975 shares of the company’s stock, valued at $765,576. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.04% of the stock is owned by company 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.