Intel (NASDAQ:INTC) Shares Down 2.4% – Here’s What Happened

Intel Co. (NASDAQ:INTC)’s stock price traded down 2.4% during mid-day trading on Tuesday . The stock traded as low as $20.20 and last traded at $20.31. 20,681,783 shares traded hands during trading, a decline of 66% from the average session volume of 61,250,016 shares. The stock had previously closed at $20.81.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Benchmark reaffirmed a “hold” rating on shares of Intel in a research report on Friday, November 1st. Deutsche Bank Aktiengesellschaft decreased their target price on Intel from $27.00 to $25.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Stifel Nicolaus reissued a “hold” rating and issued a $25.00 target price (down from $28.00) on shares of Intel in a research report on Friday, October 25th. Daiwa America raised Intel to a “hold” rating in a research report on Monday, August 26th. Finally, Rosenblatt Securities reissued a “sell” rating and issued a $17.00 target price on shares of Intel in a research report on Tuesday, October 29th. Six investment analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $30.04.

Intel Stock Down 3.0 %

The stock has a market capitalization of $87.08 billion, a PE ratio of -5.46 and a beta of 1.05. The firm has a 50 day moving average of $23.29 and a two-hundred day moving average of $25.44. The company has a current ratio of 1.31, a quick ratio of 0.97 and a debt-to-equity ratio of 0.44.

Intel (NASDAQ:INTC) last released its quarterly earnings results on Thursday, October 31st. The chip maker reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.44). The company had revenue of $13.30 billion for the quarter, compared to analysts’ expectations of $13.02 billion. Intel had a negative return on equity of 1.71% and a negative net margin of 29.42%. The business’s quarterly revenue was down 6.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.28 EPS. Equities research analysts anticipate that Intel Co. will post -0.87 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Michelle Johnston Holthaus sold 25,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $26.00, for a total transaction of $650,000.00. Following the sale, the executive vice president now owns 273,258 shares in the company, valued at $7,104,708. This trade represents a 8.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Intel

Several hedge funds have recently made changes to their positions in the business. State Street Corp boosted its holdings in shares of Intel by 2.8% during the third quarter. State Street Corp now owns 197,958,739 shares of the chip maker’s stock worth $4,644,112,000 after purchasing an additional 5,417,753 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Intel by 4.6% during the third quarter. Geode Capital Management LLC now owns 92,510,098 shares of the chip maker’s stock worth $2,162,891,000 after purchasing an additional 4,103,553 shares during the last quarter. Primecap Management Co. CA boosted its holdings in shares of Intel by 2.2% during the second quarter. Primecap Management Co. CA now owns 77,822,587 shares of the chip maker’s stock worth $2,410,166,000 after purchasing an additional 1,697,550 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Intel by 28.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 58,469,412 shares of the chip maker’s stock valued at $1,371,692,000 after acquiring an additional 12,865,308 shares during the last quarter. Finally, Van ECK Associates Corp boosted its holdings in Intel by 27.2% in the third quarter. Van ECK Associates Corp now owns 44,013,936 shares of the chip maker’s stock valued at $967,426,000 after acquiring an additional 9,422,136 shares during the last quarter. Institutional investors and hedge funds own 64.53% of the company’s stock.

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.