Oak Harbor Wealth Partners LLC Reduces Position in Intel Co. (NASDAQ:INTC)

29 Dec 2023, 19:54 by Renee Jackson · The Cerbat Gem

Oak Harbor Wealth Partners LLC decreased its position in Intel Co. (NASDAQ:INTC – Free Report) by 10.6% in the third quarter, HoldingsChannel.com reports. The fund owned 18,303 shares of the chip maker’s stock after selling 2,170 shares during the period. Oak Harbor Wealth Partners LLC’s holdings in Intel were worth $651,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. TFG Advisers LLC raised its position in Intel by 2.8% during the 3rd quarter. TFG Advisers LLC now owns 14,521 shares of the chip maker’s stock worth $516,000 after buying an additional 391 shares during the last quarter. Ballentine Partners LLC increased its stake in shares of Intel by 5.6% in the third quarter. Ballentine Partners LLC now owns 53,308 shares of the chip maker’s stock worth $1,895,000 after acquiring an additional 2,806 shares during the period. Red Door Wealth Management LLC raised its holdings in shares of Intel by 7.7% during the third quarter. Red Door Wealth Management LLC now owns 98,014 shares of the chip maker’s stock worth $3,484,000 after purchasing an additional 7,027 shares during the last quarter. Connecticut Wealth Management LLC lifted its position in Intel by 7.3% during the third quarter. Connecticut Wealth Management LLC now owns 12,751 shares of the chip maker’s stock valued at $453,000 after purchasing an additional 872 shares during the period. Finally, Simplicity Solutions LLC boosted its holdings in Intel by 45.5% in the third quarter. Simplicity Solutions LLC now owns 111,005 shares of the chip maker’s stock valued at $3,946,000 after purchasing an additional 34,739 shares during the last quarter. Institutional investors and hedge funds own 60.84% of the company’s stock.

Intel Trading Down 0.7 %

Shares of NASDAQ INTC opened at $50.39 on Friday. The company has a current ratio of 1.53, a quick ratio of 1.13 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $212.44 billion, a PE ratio of -125.97, a PEG ratio of 27.80 and a beta of 0.95. Intel Co. has a twelve month low of $24.73 and a twelve month high of $51.28. The stock has a fifty day simple moving average of $41.61 and a 200-day simple moving average of $37.25.

Intel (NASDAQ:INTC – Get Free Report) last released its earnings results on Thursday, October 26th. The chip maker reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.20. The company had revenue of $14.20 billion during the quarter, compared to the consensus estimate of $13.57 billion. Intel had a positive return on equity of 0.49% and a negative net margin of 3.11%. Intel’s revenue was down 7.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.59 EPS. On average, equities analysts forecast that Intel Co. will post 0.26 earnings per share for the current year.

Intel Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Tuesday, November 7th were paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 0.99%. The ex-dividend date of this dividend was Monday, November 6th. Intel’s payout ratio is currently -125.00%.

Analyst Upgrades and Downgrades

INTC has been the subject of a number of recent research reports. StockNews.com started coverage on Intel in a research note on Thursday, October 5th. They set a “hold” rating for the company. Deutsche Bank Aktiengesellschaft upped their price objective on Intel from $38.00 to $42.00 and gave the stock a “hold” rating in a research report on Monday, December 18th. Morgan Stanley lifted their target price on shares of Intel from $35.00 to $39.00 and gave the company an “equal weight” rating in a report on Friday, October 27th. Bank of America upgraded shares of Intel from an “underperform” rating to a “neutral” rating and raised their price target for the company from $32.00 to $50.00 in a research report on Friday, December 15th. Finally, Benchmark upped their price objective on shares of Intel from $42.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, December 5th. Three analysts have rated the stock with a sell rating, twenty-one have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $36.97.

View Our Latest Stock Report on INTC

Insider Buying and Selling at Intel

In related news, CEO Patrick P. Gelsinger acquired 6,775 shares of the business’s stock in a transaction dated Wednesday, November 1st. The shares were acquired at an average price of $36.80 per share, with a total value of $249,320.00. Following the completion of the transaction, the chief executive officer now owns 25,475 shares of the company’s stock, valued at $937,480. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.04% of the stock is currently owned by corporate insiders.

Intel Company Profile

(Free Report)

Intel Corporation designs, develops, manufactures, markets, and sells computing and related products worldwide. It operates through Client Computing Group, Data Center and AI, Network and Edge, Mobileye, Accelerated Computing Systems and Graphics, Intel Foundry Services, and Other segments. The company offers platform products, such as central processing units and chipsets, and system-on-chip and multichip packages; and accelerators, boards and systems, connectivity products, and memory and storage products.