Intel Corporation (INTC) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Intel Corporation (NASDAQ:INTC) from a hold rating to a buy rating in a research note issued to investors on Friday. The firm currently has $42.00 price objective on the chip maker’s stock.
According to Zacks, “Intel’s growing focus on the data-centric part of the business is positive. The launch of Xeon Scalable is anticipated to improve its footprint in the data center as well as AI space, going forward. The company recently unveiled Myriad X, which will boost footprint in the IoT space. Moreover, the recent Core 8 launch will boost PC market share amid intensifying competition from AMD. We note that the top-PC makers like HP, Lenovo, and Asus are set to launch PCs based on Qualcomm’s ARM-based Snapdragon processor, which is a headwind for the company. Further, anticipated improvement in cost structure and lower spending, primarily due to improving operational efficiency will aid in expansion of margins going forward. Additionally, aggressive share buyback will boost the bottom line in 2017. However, we note that Intel has underperformed the industry on a year-to-date basis. Moreover, declining PC-shipments is a concern.”
A number of other equities analysts have also recently commented on INTC. B. Riley reaffirmed a buy rating and issued a $46.00 price target on shares of Intel Corporation in a research note on Friday, July 28th. BidaskClub raised Intel Corporation from a hold rating to a buy rating in a research note on Thursday, August 10th. Vetr cut Intel Corporation from a strong-buy rating to a buy rating and set a $40.26 price target on the stock. in a research note on Tuesday, August 8th. Jefferies Group LLC set a $38.00 price target on Intel Corporation and gave the stock a hold rating in a research note on Saturday, June 3rd. Finally, Sanford C. Bernstein set a $30.00 price target on Intel Corporation and gave the stock a sell rating in a research note on Tuesday, August 15th. Five equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company. Intel Corporation has an average rating of Hold and a consensus price target of $40.57.
Shares of Intel Corporation (INTC) opened at 37.18 on Friday. Intel Corporation has a one year low of $33.23 and a one year high of $38.45. The company has a market capitalization of $174.71 billion, a PE ratio of 14.19 and a beta of 1.02. The company has a 50-day moving average price of $35.74 and a 200 day moving average price of $35.53.
Intel Corporation (NASDAQ:INTC) last announced its quarterly earnings results on Thursday, July 27th. The chip maker reported $0.72 EPS for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.04. The business had revenue of $14.76 billion for the quarter, compared to analysts’ expectations of $14.39 billion. Intel Corporation had a return on equity of 21.86% and a net margin of 20.60%. The business’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.59 EPS. Equities analysts anticipate that Intel Corporation will post $3.01 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Tuesday, November 7th will be paid a $0.2725 dividend. This represents a $1.09 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend is Monday, November 6th. Intel Corporation’s dividend payout ratio (DPR) is 41.76%.
In related news, insider Venkata S. M. Renduchintala sold 13,996 shares of the stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $35.47, for a total transaction of $496,438.12. Following the completion of the transaction, the insider now directly owns 1,536 shares of the company’s stock, valued at $54,481.92. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Brian M. Krzanich sold 72,173 shares of the stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $33.69, for a total value of $2,431,508.37. Following the transaction, the chief executive officer now directly owns 534,746 shares of the company’s stock, valued at $18,015,592.74. The disclosure for this sale can be found here. In the last ninety days, insiders sold 91,921 shares of company stock valued at $3,130,162. Corporate insiders own 0.08% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Watermark Asset Management Inc. bought a new position in Intel Corporation during the first quarter valued at approximately $113,000. Acrospire Investment Management LLC boosted its stake in Intel Corporation by 111.8% during the second quarter. Acrospire Investment Management LLC now owns 3,600 shares of the chip maker’s stock valued at $121,000 after buying an additional 1,900 shares during the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. boosted its stake in Intel Corporation by 53.0% during the first quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 4,040 shares of the chip maker’s stock valued at $146,000 after buying an additional 1,400 shares during the last quarter. Vigilant Capital Management LLC boosted its stake in Intel Corporation by 22.6% during the first quarter. Vigilant Capital Management LLC now owns 4,373 shares of the chip maker’s stock valued at $158,000 after buying an additional 805 shares during the last quarter. Finally, Orrstown Financial Services Inc. boosted its stake in Intel Corporation by 23.0% during the second quarter. Orrstown Financial Services Inc. now owns 4,582 shares of the chip maker’s stock valued at $155,000 after buying an additional 857 shares during the last quarter. 67.03% of the stock is owned by institutional investors.
About Intel Corporation
Intel Corporation is engaged in designing and manufacturing products and technologies, such as the cloud. The Company’s segments are Client Computing Group (CCG), Data Center Group (DCG), Internet of Things Group (IOTG), Non-Volatile Memory Solutions Group (NSG), Intel Security Group (ISecG), Programmable Solutions Group (PSG), All Other and New Technology Group (NTG).
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