Intel (NASDAQ:INTC) Updates Q2 Earnings Guidance

Intel (NASDAQ:INTC) issued an update on its second quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.10 for the period, compared to the consensus earnings per share estimate of $0.25. The company issued revenue guidance of $12.5-13.5 billion, compared to the consensus revenue estimate of $13.61 billion. Intel also updated its Q2 2024 guidance to 0.100-0.100 EPS.

Intel Stock Down 9.2 %

NASDAQ:INTC traded down $3.23 on Friday, hitting $31.88. The stock had a trading volume of 119,742,494 shares, compared to its average volume of 50,613,192. The business’s fifty day moving average is $40.88 and its 200 day moving average is $42.27. The company has a market cap of $134.79 billion, a PE ratio of 33.21, a P/E/G ratio of 2.89 and a beta of 1.00. The company has a quick ratio of 1.15, a current ratio of 1.54 and a debt-to-equity ratio of 0.43. Intel has a 52 week low of $26.85 and a 52 week high of $51.28.

Intel (NASDAQ:INTC) last announced its earnings results on Thursday, January 25th. The chip maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.27. The company had revenue of $15.40 billion for the quarter, compared to analysts’ expectations of $15.16 billion. Intel had a return on equity of 2.22% and a net margin of 7.36%. Intel’s quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.10 earnings per share. On average, equities research analysts expect that Intel will post 0.6 EPS for the current fiscal year.

Intel Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Tuesday, May 7th will be paid a $0.125 dividend. The ex-dividend date is Monday, May 6th. This represents a $0.50 annualized dividend and a dividend yield of 1.57%. Intel’s payout ratio is presently 52.08%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Mizuho cut their price objective on Intel from $55.00 to $45.00 and set a buy rating for the company in a report on Friday. Sanford C. Bernstein dropped their target price on Intel from $42.00 to $35.00 and set a market perform rating for the company in a report on Friday. The Goldman Sachs Group dropped their target price on Intel from $39.00 to $34.00 and set a sell rating for the company in a report on Friday. HSBC lowered their price target on Intel from $44.00 to $37.00 and set a hold rating for the company in a research report on Tuesday, April 23rd. Finally, UBS Group upped their price target on Intel from $46.00 to $50.00 and gave the company a neutral rating in a research report on Monday, April 1st. Four equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $39.75.

Insiders Place Their Bets

In related news, CEO Patrick P. Gelsinger acquired 3,000 shares of Intel stock in a transaction that occurred on Monday, January 29th. The shares were purchased at an average price of $43.36 per share, for a total transaction of $130,080.00. Following the completion of the transaction, the chief executive officer now owns 28,475 shares in the company, valued at approximately $1,234,676. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Patrick P. Gelsinger bought 3,000 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was purchased at an average cost of $43.36 per share, with a total value of $130,080.00. Following the purchase, the chief executive officer now directly owns 28,475 shares of the company’s stock, valued at approximately $1,234,676. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Patrick P. Gelsinger bought 2,800 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were bought at an average cost of $42.74 per share, with a total value of $119,672.00. Following the completion of the purchase, the chief executive officer now directly owns 31,275 shares in the company, valued at $1,336,693.50. The disclosure for this purchase can be found here. 0.04% of the stock is currently owned by company insiders.

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.