Forza Wealth Management LLC Sells 22,404 Shares of Intel Co. (NASDAQ:INTC)

Forza Wealth Management LLC cut its stake in shares of Intel Co. (NASDAQ:INTC) by 63.8% during the 4th quarter, Holdings Channel reports. The institutional investor owned 12,715 shares of the chip maker’s stock after selling 22,404 shares during the quarter. Forza Wealth Management LLC’s holdings in Intel were worth $255,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. State Street Corp increased its position in Intel by 2.8% during the 3rd quarter. State Street Corp now owns 197,958,739 shares of the chip maker’s stock valued at $4,644,112,000 after purchasing an additional 5,417,753 shares during the period. Geode Capital Management LLC lifted its holdings in Intel by 4.6% in the third quarter. Geode Capital Management LLC now owns 92,510,098 shares of the chip maker’s stock valued at $2,162,891,000 after buying an additional 4,103,553 shares during the period. Primecap Management Co. CA boosted its position in Intel by 2.2% during the second quarter. Primecap Management Co. CA now owns 77,822,587 shares of the chip maker’s stock valued at $2,410,166,000 after acquiring an additional 1,697,550 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Intel by 28.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 58,469,412 shares of the chip maker’s stock worth $1,371,692,000 after acquiring an additional 12,865,308 shares during the period. Finally, Van ECK Associates Corp raised its position in shares of Intel by 27.2% in the 3rd quarter. Van ECK Associates Corp now owns 44,013,936 shares of the chip maker’s stock worth $967,426,000 after acquiring an additional 9,422,136 shares in the last quarter. Institutional investors own 64.53% of the company’s stock.

Intel Stock Performance

INTC traded down $0.05 during midday trading on Monday, reaching $19.10. The company had a trading volume of 31,980,667 shares, compared to its average volume of 55,739,887. Intel Co. has a 12-month low of $18.51 and a 12-month high of $50.30. The business has a 50-day moving average price of $22.03 and a two-hundred day moving average price of $23.66. The stock has a market cap of $82.38 billion, a PE ratio of -5.13 and a beta of 1.07. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.97 and a current ratio of 1.31.

Intel (NASDAQ:INTC) last released its earnings results on Thursday, October 31st. The chip maker reported ($0.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.44). Intel had a negative return on equity of 1.71% and a negative net margin of 29.42%. The firm had revenue of $13.30 billion during the quarter, compared to analysts’ expectations of $13.02 billion. During the same period in the prior year, the business earned $0.28 earnings per share. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. On average, sell-side analysts expect that Intel Co. will post -0.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on INTC shares. Bank of America reaffirmed an “underperform” rating and set a $21.00 target price on shares of Intel in a research note on Tuesday, December 3rd. Robert W. Baird lifted their price objective on shares of Intel from $20.00 to $25.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Stifel Nicolaus reissued a “hold” rating and set a $25.00 target price (down from $28.00) on shares of Intel in a research note on Friday, October 25th. Needham & Company LLC reaffirmed a “hold” rating on shares of Intel in a research note on Friday, November 1st. Finally, TD Cowen upgraded Intel to a “hold” rating in a research note on Monday, September 16th. Six investment analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Intel has a consensus rating of “Hold” and an average target price of $29.96.

Insider Activity

In other Intel news, EVP Michelle Johnston Holthaus sold 25,000 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now owns 273,258 shares in the company, valued at $7,104,708. This trade represents a 8.38 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.04% of the company’s stock.

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.