Intel Co. (NASDAQ:INTC) Shares Sold by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. cut its holdings in shares of Intel Co. (NASDAQ:INTC) by 9.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 69,247 shares of the chip maker’s stock after selling 7,561 shares during the period. First Citizens Bank & Trust Co.’s holdings in Intel were worth $1,625,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its position in Intel by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 389,098,435 shares of the chip maker’s stock worth $17,186,478,000 after purchasing an additional 3,310,528 shares during the last quarter. Capital International Investors grew its holdings in shares of Intel by 16.0% during the first quarter. Capital International Investors now owns 112,093,582 shares of the chip maker’s stock worth $4,951,174,000 after buying an additional 15,475,631 shares during the last quarter. Primecap Management Co. CA increased its position in Intel by 2.2% in the 2nd 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 period. Price T Rowe Associates Inc. MD raised its stake in Intel by 6.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 39,841,750 shares of the chip maker’s stock valued at $1,759,811,000 after acquiring an additional 2,457,243 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in Intel by 1.3% during the 2nd quarter. Legal & General Group Plc now owns 37,513,226 shares of the chip maker’s stock worth $1,161,779,000 after acquiring an additional 487,191 shares during the period. 64.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

INTC has been the subject of several analyst reports. Morgan Stanley cut their price target on Intel from $36.00 to $25.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Truist Financial reduced their target price on shares of Intel from $33.00 to $25.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. StockNews.com lowered shares of Intel from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Bank of America downgraded shares of Intel from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $35.00 to $23.00 in a research report on Friday, August 2nd. Finally, The Goldman Sachs Group dropped their target price on Intel from $22.00 to $21.00 and set a “sell” rating on the stock in a research report on Thursday. Six research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Intel presently has a consensus rating of “Hold” and a consensus target price of $31.92.

Insider Activity at Intel

In other Intel news, CEO Patrick P. Gelsinger purchased 12,500 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were purchased at an average cost of $20.16 per share, with a total value of $252,000.00. Following the purchase, the chief executive officer now owns 37,975 shares in the company, valued at approximately $765,576. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.04% of the company’s stock.

Intel Trading Up 1.5 %

Shares of INTC stock opened at $22.77 on Friday. Intel Co. has a twelve month low of $18.51 and a twelve month high of $51.28. The company has a market capitalization of $96.93 billion, a price-to-earnings ratio of 23.72 and a beta of 1.03. The firm has a 50-day moving average price of $21.40 and a 200 day moving average price of $28.03. 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 (NASDAQ:INTC) last posted its quarterly earnings data on Thursday, August 1st. The chip maker reported $0.02 earnings per share 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 firm had revenue of $12.80 billion during the quarter, compared to analyst estimates of $12.92 billion. During the same period in the prior year, the firm earned ($0.05) EPS. The business’s quarterly revenue was down .8% on a year-over-year basis. Research analysts forecast that Intel Co. will post -0.47 earnings per share for the current fiscal year.

Intel Dividend Announcement

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 $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date was Wednesday, August 7th. Intel’s dividend payout ratio is currently 52.08%.

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.