Intel Co. (INTC) Holdings Lifted by Fort Pitt Capital Group LLC
Fort Pitt Capital Group LLC raised its holdings in Intel Co. (NASDAQ:INTC) by 4.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 775,769 shares of the chip maker’s stock after acquiring an additional 36,125 shares during the period. Intel comprises 2.7% of Fort Pitt Capital Group LLC’s holdings, making the stock its 19th biggest holding. Fort Pitt Capital Group LLC’s holdings in Intel were worth $36,686,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in the business. Westchester Capital Management Inc. grew its position in Intel by 0.7% in the third quarter. Westchester Capital Management Inc. now owns 243,350 shares of the chip maker’s stock valued at $11,508,000 after acquiring an additional 1,707 shares during the last quarter. Unigestion Holding SA bought a new position in Intel in the third quarter valued at about $2,129,000. Dupont Capital Management Corp grew its position in Intel by 0.5% in the third quarter. Dupont Capital Management Corp now owns 268,476 shares of the chip maker’s stock valued at $12,696,000 after acquiring an additional 1,285 shares during the last quarter. Cannell Peter B & Co. Inc. grew its position in Intel by 5.7% in the third quarter. Cannell Peter B & Co. Inc. now owns 304,125 shares of the chip maker’s stock valued at $14,382,000 after acquiring an additional 16,440 shares during the last quarter. Finally, Chicago Partners Investment Group LLC grew its position in Intel by 15.9% in the third quarter. Chicago Partners Investment Group LLC now owns 26,037 shares of the chip maker’s stock valued at $1,182,000 after acquiring an additional 3,570 shares during the last quarter. Hedge funds and other institutional investors own 64.16% of the company’s stock.
In other Intel news, CEO Robert Holmes Swan purchased 5,263 shares of the company’s stock in a transaction on Thursday, December 6th. The shares were purchased at an average cost of $46.74 per share, with a total value of $245,992.62. Following the completion of the purchase, the chief executive officer now owns 137,102 shares in the company, valued at $6,408,147.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Navin Shenoy sold 4,522 shares of the business’s stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $50.00, for a total value of $226,100.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,039 shares of company stock worth $870,162. 0.03% of the stock is owned by insiders.
Intel (NASDAQ:INTC) last posted its quarterly earnings data on Thursday, January 24th. The chip maker reported $1.28 EPS for the quarter, topping the Zacks’ consensus estimate of $1.22 by $0.06. The company had revenue of $18.66 billion for the quarter, compared to analyst estimates of $19.02 billion. Intel had a return on equity of 30.08% and a net margin of 29.72%. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.08 earnings per share. Equities analysts predict that Intel Co. will post 4.5 earnings per share for the current fiscal year.
Intel declared that its Board of Directors has initiated a stock buyback plan on Thursday, November 15th that allows the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization allows the chip maker to repurchase up to 6.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Thursday, February 7th will be paid a $0.315 dividend. This is a positive change from Intel’s previous quarterly dividend of $0.30. This represents a $1.26 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date of this dividend is Wednesday, February 6th. Intel’s payout ratio is currently 27.51%.
A number of research analysts have issued reports on the company. Northland Securities cut Intel from a “market perform” rating to an “under perform” rating in a research report on Tuesday, December 4th. Needham & Company LLC cut Intel from a “buy” rating to a “hold” rating and reduced their price target for the stock from $58.00 to $50.00 in a report on Friday, January 25th. Charter Equity restated a “mkt perform” rating on shares of Intel in a report on Friday, January 25th. Susquehanna Bancshares restated a “neutral” rating on shares of Intel in a report on Friday, January 25th. Finally, Royal Bank of Canada reduced their price target on Intel to $50.00 and set a “sector perform” rating on the stock in a report on Friday, January 25th. Six analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eighteen have given a buy rating to the company’s stock. Intel presently has a consensus rating of “Hold” and an average target price of $53.76.
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Intel Company Profile
Intel Corporation offers computing, networking, data storage, and communication solutions worldwide. It operates through Client Computing Group, Data Center Group, Internet of Things Group, Non-Volatile Memory Solutions Group, Programmable Solutions Group, and All Other segments. The company offers microprocessors, and system-on-chip and multichip packaging products.
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