Fifth Third Bancorp Cuts Stake in Intel Co. (NASDAQ:INTC)

Fifth Third Bancorp cut its holdings in Intel Co. (NASDAQ:INTC) by 5.6% during the second quarter, Holdings Channel reports. The firm owned 1,065,507 shares of the chip maker’s stock after selling 62,677 shares during the quarter. Fifth Third Bancorp’s holdings in Intel were worth $32,999,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Johnson Financial Group Inc. lifted its stake in shares of Intel by 4.5% in the fourth quarter. Johnson Financial Group Inc. now owns 5,730 shares of the chip maker’s stock valued at $288,000 after purchasing an additional 247 shares during the period. Benjamin Edwards Inc. lifted its position in shares of Intel by 5.3% during the 4th quarter. Benjamin Edwards Inc. now owns 4,974 shares of the chip maker’s stock valued at $250,000 after acquiring an additional 249 shares during the period. Enterprise Financial Services Corp boosted its stake in shares of Intel by 2.2% during the 4th quarter. Enterprise Financial Services Corp now owns 11,461 shares of the chip maker’s stock worth $576,000 after acquiring an additional 251 shares in the last quarter. Summit Financial Strategies Inc. boosted its stake in shares of Intel by 3.7% during the 4th quarter. Summit Financial Strategies Inc. now owns 7,385 shares of the chip maker’s stock worth $371,000 after acquiring an additional 265 shares in the last quarter. Finally, Cape Investment Advisory Inc. grew its holdings in shares of Intel by 5.5% in the 4th quarter. Cape Investment Advisory Inc. now owns 5,185 shares of the chip maker’s stock worth $261,000 after acquiring an additional 270 shares during the period. 64.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on INTC. Raymond James cut Intel from an “outperform” rating to a “market perform” rating in a report on Friday, August 2nd. Sanford C. Bernstein decreased their price objective on shares of Intel from $42.00 to $35.00 and set a “market perform” rating on the stock in a research report on Friday, April 26th. Evercore ISI dropped their target price on shares of Intel from $40.00 to $36.00 and set an “in-line” rating for the company in a report on Friday, April 26th. Wedbush reduced their price target on shares of Intel from $32.50 to $25.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Finally, Hsbc Global Res cut shares of Intel from a “hold” rating to a “moderate sell” rating in a research note on Friday, August 2nd. Six analysts have rated the stock with a sell rating, twenty-three have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $32.04.

Insider Buying and Selling

In other Intel news, CEO Patrick P. Gelsinger bought 12,500 shares of the stock in a transaction on Monday, August 5th. The stock was purchased at an average price of $20.16 per share, for a total transaction of $252,000.00. Following the completion of the purchase, the chief executive officer now directly owns 37,975 shares in the company, valued at $765,576. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.04% of the stock is currently owned by company insiders.

Intel Stock Up 2.0 %

INTC stock traded up $0.42 during mid-day trading on Wednesday, hitting $21.41. 56,976,097 shares of the company were exchanged, compared to its average volume of 52,542,496. The firm has a fifty day simple moving average of $28.87 and a 200 day simple moving average of $34.55. The company has a market capitalization of $91.14 billion, a PE ratio of 22.16, a price-to-earnings-growth ratio of 17.38 and a beta of 1.05. Intel Co. has a twelve month low of $18.84 and a twelve month high of $51.28. The company has a current ratio of 1.57, a quick ratio of 1.14 and a debt-to-equity ratio of 0.43.

Intel (NASDAQ:INTC) last posted its quarterly earnings results on Thursday, August 1st. The chip maker reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.08). Intel had a return on equity of 1.82% and a net margin of 1.77%. The firm had revenue of $12.80 billion during the quarter, compared to analyst estimates of $12.92 billion. During the same quarter last year, the business posted ($0.05) earnings per share. The firm’s revenue for the quarter was down .8% on a year-over-year basis. On average, research analysts forecast that Intel Co. will post 0.07 earnings per share for the current fiscal year.

Intel Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Wednesday, August 7th will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 2.34%. The ex-dividend date is Wednesday, August 7th. Intel’s dividend payout ratio is currently 52.08%.

Intel Company Profile

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.