Eastern Bank Sells 1,102 Shares of Intel Co. (NASDAQ:INTC)

Posted by Defense World Staff on Apr 3rd, 2023

Eastern Bank reduced its position in shares of Intel Co. (NASDAQ:INTC – Get Rating) by 4.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,563 shares of the chip maker’s stock after selling 1,102 shares during the period. Eastern Bank’s holdings in Intel were worth $702,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in INTC. O Dell Group LLC lifted its position in shares of Intel by 258.1% during the third quarter. O Dell Group LLC now owns 974 shares of the chip maker’s stock valued at $25,000 after purchasing an additional 702 shares in the last quarter. Islay Capital Management LLC bought a new stake in Intel in the third quarter worth about $26,000. Marshall & Sullivan Inc. WA bought a new stake in Intel in the fourth quarter worth about $26,000. Mach 1 Financial Group LLC bought a new stake in Intel in the third quarter worth about $29,000. Finally, Phocas Financial Corp. bought a new stake in Intel in the fourth quarter worth about $33,000. 59.48% of the stock is owned by institutional investors.

Analysts Set New Price Targets

INTC has been the topic of several research reports. Wells Fargo & Company lowered their price objective on shares of Intel from $32.00 to $26.00 and set an “equal weight” rating on the stock in a research report on Friday, January 27th. Cowen lowered their price objective on shares of Intel from $31.00 to $26.00 and set a “market perform” rating on the stock in a research report on Friday, January 27th. Sanford C. Bernstein set a $30.00 price objective on shares of Intel in a research report on Monday. Wedbush reiterated an “underperform” rating and issued a $20.00 target price on shares of Intel in a research note on Thursday. Finally, Truist Financial reduced their target price on shares of Intel from $33.00 to $29.00 in a research note on Friday, January 27th. Eight equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $30.03.

Intel Price Performance

INTC stock opened at $32.67 on Monday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.57 and a quick ratio of 1.16. Intel Co. has a one year low of $24.59 and a one year high of $52.51. The stock has a market cap of $135.16 billion, a PE ratio of 16.67, a P/E/G ratio of 10.44 and a beta of 0.81. The firm has a 50 day simple moving average of $28.17 and a two-hundred day simple moving average of $28.03.

Intel (NASDAQ:INTC – Get Rating) last released its quarterly earnings results on Thursday, January 26th. The chip maker reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.10). Intel had a return on equity of 7.45% and a net margin of 12.71%. The company had revenue of $14.04 billion during the quarter, compared to analysts’ expectations of $14.49 billion. During the same period in the prior year, the firm earned $1.09 EPS. Intel’s quarterly revenue was down 31.6% on a year-over-year basis. On average, analysts predict that Intel Co. will post 0.55 EPS for the current fiscal year.

Intel Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Sunday, May 7th will be issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend is Thursday, May 4th. Intel’s dividend payout ratio is currently 74.49%.

Insider Activity at Intel

In other Intel news, CFO David Zinsner bought 1,800 shares of Intel stock in a transaction that occurred on Monday, January 30th. The shares were bought at an average price of $27.89 per share, with a total value of $50,202.00. Following the acquisition, the chief financial officer now owns 17,450 shares in the company, valued at $486,680.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Intel news, CFO David Zinsner bought 1,800 shares of Intel stock in a transaction that occurred on Monday, January 30th. The shares were bought at an average price of $27.89 per share, with a total value of $50,202.00. Following the acquisition, the chief financial officer now owns 17,450 shares in the company, valued at $486,680.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Patrick P. Gelsinger bought 9,000 shares of Intel stock in a transaction that occurred on Tuesday, January 31st. The shares were acquired at an average cost of $27.83 per share, for a total transaction of $250,470.00. Following the acquisition, the chief executive officer now owns 9,000 shares in the company, valued at approximately $250,470. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 20,500 shares of company stock valued at $549,768. Insiders own 0.02% of the company’s stock.

About Intel

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Intel Corp. engages in the design, manufacture, and sale of computer products and technologies. It delivers computer, networking, data storage, and communications platforms. The firm operates through the following segments: Client Computing Group (CCG), Data Center and AI (DCAI), Network and Edge (NEX), Mobileye, Accelerated Computing Systems and Graphics (AXG), Intel Foundry Services (IFS), and All Other.