Cary Street Partners Investment Advisory LLC Lowers Stock Position in Intel Co. (NASDAQ:INTC)

Cary Street Partners Investment Advisory LLC trimmed its holdings in Intel Co. (NASDAQ:INTC) by 60.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,227 shares of the chip maker’s stock after selling 45,392 shares during the quarter. Cary Street Partners Investment Advisory LLC’s holdings in Intel were worth $1,505,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Penobscot Investment Management Company Inc. increased its stake in Intel by 3.3% in the fourth quarter. Penobscot Investment Management Company Inc. now owns 59,063 shares of the chip maker’s stock valued at $2,968,000 after purchasing an additional 1,910 shares during the period. Duff & Phelps Investment Management Co. increased its position in Intel by 1.1% in the 4th quarter. Duff & Phelps Investment Management Co. now owns 46,794 shares of the chip maker’s stock valued at $2,351,000 after acquiring an additional 500 shares during the period. Kestra Private Wealth Services LLC raised its stake in Intel by 1.2% during the 4th quarter. Kestra Private Wealth Services LLC now owns 152,186 shares of the chip maker’s stock valued at $7,647,000 after acquiring an additional 1,795 shares during the last quarter. Van ECK Associates Corp lifted its position in Intel by 4.0% during the 4th quarter. Van ECK Associates Corp now owns 14,883,148 shares of the chip maker’s stock worth $747,878,000 after acquiring an additional 571,966 shares during the period. Finally, Steele Capital Management Inc. purchased a new position in shares of Intel in the 4th quarter valued at approximately $418,000. Hedge funds and other institutional investors own 64.53% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on INTC. Sanford C. Bernstein cut their price target on Intel from $42.00 to $35.00 and set a “market perform” rating for the company in a research note on Friday. Wells Fargo & Company cut their price objective on shares of Intel from $43.00 to $38.00 and set an “equal weight” rating for the company in a research report on Friday. Citigroup reduced their target price on shares of Intel from $47.50 to $40.00 and set a “neutral” rating for the company in a research note on Monday, April 15th. Truist Financial dropped their price target on shares of Intel from $45.00 to $33.00 and set a “hold” rating on the stock in a research note on Friday. Finally, HSBC reduced their price objective on shares of Intel from $44.00 to $37.00 and set a “hold” rating for the company in a research report on Tuesday, April 23rd. Four equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $39.75.

Insiders Place Their Bets

In other Intel news, CEO Patrick P. Gelsinger bought 2,800 shares of Intel stock in a transaction that occurred on Thursday, February 1st. The shares were purchased at an average cost of $42.74 per share, for a total transaction of $119,672.00. Following the completion of the transaction, the chief executive officer now owns 31,275 shares of the company’s stock, valued at approximately $1,336,693.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.04% of the company’s stock.

Intel Trading Down 1.8 %

Shares of Intel stock traded down $0.58 during mid-day trading on Tuesday, hitting $30.78. 34,136,886 shares of the stock were exchanged, compared to its average volume of 48,070,648. The company has a 50-day simple moving average of $40.63 and a 200 day simple moving average of $42.27. The company has a current ratio of 1.57, a quick ratio of 1.14 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $130.14 billion, a price-to-earnings ratio of 32.34, a price-to-earnings-growth ratio of 2.89 and a beta of 1.00. Intel Co. has a twelve month low of $26.85 and a twelve month high of $51.28.

Intel Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Tuesday, May 7th will be issued a $0.125 dividend. The ex-dividend date of this dividend is Monday, May 6th. This represents a $0.50 annualized dividend and a yield of 1.62%. Intel’s dividend payout ratio (DPR) is presently 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.