Mechanics Bank Trust Department Sells 86,740 Shares of Intel Co. (NASDAQ:INTC)

by · The Markets Daily

Mechanics Bank Trust Department trimmed its position in shares of Intel Co. (NASDAQ:INTC – Free Report) by 90.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,020 shares of the chip maker’s stock after selling 86,740 shares during the quarter. Mechanics Bank Trust Department’s holdings in Intel were worth $212,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in INTC. America First Investment Advisors LLC bought a new stake in Intel during the 2nd quarter worth approximately $25,000. Tributary Capital Management LLC bought a new stake in shares of Intel in the first quarter worth $27,000. Cyrus J. Lawrence LLC acquired a new stake in Intel in the second quarter valued at $27,000. Spartan Fund Management Inc. bought a new position in Intel during the 2nd quarter worth $31,000. Finally, Financial Connections Group Inc. acquired a new position in Intel during the 2nd quarter worth about $32,000. 64.53% of the stock is currently owned by institutional investors.

Intel Trading Up 1.5 %

Shares of Intel stock opened at $23.56 on Monday. The company has a market capitalization of $100.29 billion, a P/E ratio of 24.54 and a beta of 1.03. The stock has a fifty day simple moving average of $21.12 and a 200 day simple moving average of $28.67. Intel Co. has a 12-month low of $18.51 and a 12-month high of $51.28. 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 – Get Free Report) last posted its earnings results on Thursday, August 1st. The chip maker reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.08). Intel had a return on equity of 1.78% and a net margin of 1.77%. The firm had revenue of $12.80 billion during the quarter, compared to the consensus estimate of $12.92 billion. During the same quarter in the previous year, the company earned ($0.05) EPS. The business’s revenue was down .8% compared to the same quarter last year. On average, sell-side analysts anticipate that Intel Co. will post -0.47 earnings per share for the current fiscal year.

Intel Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Wednesday, August 7th were paid a $0.125 dividend. The ex-dividend date was Wednesday, August 7th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.12%. Intel’s payout ratio is presently 52.08%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on INTC. Mizuho downgraded Intel from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $36.00 to $22.00 in a research report on Thursday, August 8th. Rosenblatt Securities restated a “sell” rating and set a $17.00 price target on shares of Intel in a report on Friday, August 2nd. UBS Group reduced their price objective on shares of Intel from $37.00 to $32.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Northland Securities lowered their target price on shares of Intel from $68.00 to $42.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, TD Cowen raised shares of Intel to a “hold” rating in a research report on Monday, September 16th. Six equities research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $31.96.

View Our Latest Stock Report on Intel

Insider Activity

In other Intel news, CEO Patrick P. Gelsinger acquired 12,500 shares of the business’s stock in a transaction on Monday, August 5th. The shares were acquired at an average price of $20.16 per share, with a total value of $252,000.00. Following the completion of the transaction, the chief executive officer now owns 37,975 shares in the company, valued at approximately $765,576. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 0.04% of the stock is currently owned by corporate insiders.

Intel Company Profile

(Free Report)

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.

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