In the second quarter, Pioneer Trust Bank N A OR announced a significant reduction in its stake in Intel Co. (NASDAQ:INTC), according to their 13F filing with the Securities and Exchange Commission. The financial institution sold 40,445 shares of the chip maker’s stock, leading to a 70% decrease in its holdings. As a result, Pioneer Trust Bank N A OR currently owns 17,320 shares of Intel, amounting to a total value of $579,000 as of the end of the most recent quarter.
The timing of this decision by Pioneer Trust Bank N A OR coincided with Intel’s quarterly earnings report that was released on July 27th. During this period, Intel reported earnings per share (EPS) of ($0.05), surpassing analysts’ consensus estimates by $0.14. The company generated revenue of $12.95 billion for the quarter compared to expectations of $12.03 billion from analysts.
Despite these positive results, Intel continues to face scrutiny from research analysts who have recently published reports on the company. Raymond James raised their target price for Intel from $35.00 to $42.00 and gave the stock an “outperform” rating in their report on July 28th. On the other hand, Robert W. Baird rated Intel as “neutral” and increased their price objective from $32.00 to $40.00 in their research report published on the same day.
However, Wells Fargo & Company took a more cautious stance by reducing their target price on Intel shares from $40.00 to $32.00 and assigning an “equal weight” rating for the company, while Rosenblatt Securities reaffirmed its “sell” rating and set a price target of $17.00 on July 27th.
Taking into account all available ratings and target prices from various research reports, it is evident that there is a diversity of opinions regarding Intel’s future performance. Bloomberg.com data indicates that the current average rating for Intel is “Hold,” with an average price target of $33.55.
As of September 18, 2023, traders, investors, and market participants will closely monitor Intel as it strives to deliver -0.11 EPS for the current fiscal year while striving to address concerns raised by research analysts in recent reports. The financial decisions made by organizations such as Pioneer Trust Bank N A OR continue to reflect evolving market dynamics and investor sentiment toward Intel and its future prospects.
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Institutional Investors Increase Holdings in Intel, CEO Makes Personal Investment
On September 18, 2023, it was reported that several hedge funds and institutional investors had made significant changes to their holdings in Intel, the renowned technology company. Venturi Wealth Management LLC, Milestone Investment Advisors LLC, Kepos Capital LP, Ruedi Wealth Management Inc., and China Universal Asset Management Co. Ltd. were among those who acquired new positions in the first quarter.
Venturi Wealth Management LLC purchased a position valued at approximately $32,000, while Milestone Investment Advisors LLC bought shares worth the same amount during the same period. Kepos Capital LP also acquired a stake in Intel during the fourth quarter valued at about $38,000. Similarly, Ruedi Wealth Management Inc. secured a new position in Intel in the fourth quarter worth approximately $40,000. Lastly, China Universal Asset Management Co. Ltd. entered into a new position with shares of Intel during the first quarter valued at $41,000.
It is worth noting that these institutional investors collectively owned 60.84% of Intel’s stock during this time frame.
In other news related to Intel, CEO Patrick P. Gelsinger personally invested in the company by purchasing 3,850 shares of its stock on August 2nd. The transaction took place at an average cost of $34.63 per share, amounting to a total value of $133,325.50. Following this purchase, Gelsinger’s direct ownership of the company’s stock increased to 105,495 shares with an approximate value of $3,653,291.85.
The acquisition by Gelsinger was disclosed through a filing with the Securities & Exchange Commission (SEC), which can be accessed on their official website for further details. Notably, this was not Gelsinger’s only investment in Intel as he had also purchased 3,250 shares on July 31st at an average cost of $35.87 per share, totaling $116,577.50. After this transaction, the CEO now owns 139,715 shares in the company valued at approximately $5,011,577.05.
It is interesting to highlight that corporate insiders only own 0.04% of Intel’s stock amidst these recent developments.
As for current market trends, on Monday’s midday trading session, NASDAQ-listed INTC shares reached $38.10 after a gain of $0.22. Approximately 11,146,866 shares were traded during this period compared to an average volume of 43,038,281 shares. Over the past year, Intel’s stock has fluctuated between a low of $24.59 and a high of $40.07. The company maintains a debt-to-equity ratio of 0.44 and possesses a current ratio of 1.60 along with a quick ratio of 1.15 as indicators of its financial strength and liquidity. Moreover, the stock’s 50-day simple moving average stands at $35.00 while its 200-day simple moving average is recorded at $32.28.
For detailed research on Intel and its latest developments and investments, readers can refer to the most recent research report available for INTC.
Overall, these recent findings provide insights into the changes experienced by institutional investors in relation to Intel’s stock holdings as well as CEO Patrick P. Gelsinger’s personal investment in the company’s shares. These developments add further intrigue to Intel’s ongoing journey within the ever-evolving technology sector.