Summit Asset Management LLC Acquires Shares of 5,997 Intel Co. (INTC)
Summit Asset Management LLC acquired a new stake in Intel Co. (NASDAQ:INTC) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 5,997 shares of the chip maker’s stock, valued at approximately $228,000.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Intel by 2.5% in the 2nd quarter. Vanguard Group Inc. now owns 333,500,073 shares of the chip maker’s stock valued at $11,252,292,000 after acquiring an additional 8,087,302 shares in the last quarter. Capital World Investors increased its position in Intel by 5.5% in the 2nd quarter. Capital World Investors now owns 197,750,361 shares of the chip maker’s stock valued at $6,672,097,000 after acquiring an additional 10,257,260 shares in the last quarter. Capital Research Global Investors increased its position in Intel by 9.1% in the 2nd quarter. Capital Research Global Investors now owns 128,581,621 shares of the chip maker’s stock valued at $4,338,344,000 after acquiring an additional 10,744,753 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Intel by 0.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 50,601,299 shares of the chip maker’s stock valued at $1,707,253,000 after acquiring an additional 177,919 shares in the last quarter. Finally, Parnassus Investments CA increased its position in Intel by 0.3% in the 3rd quarter. Parnassus Investments CA now owns 25,599,838 shares of the chip maker’s stock valued at $974,842,000 after acquiring an additional 70,733 shares in the last quarter. Hedge funds and other institutional investors own 67.43% of the company’s stock.
In other news, insider Venkata S. M. Renduchintala sold 17,946 shares of the business’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $49.07, for a total value of $880,610.22. Following the completion of the sale, the insider now owns 1,536 shares of the company’s stock, valued at $75,371.52. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Brian M. Krzanich sold 889,878 shares of the business’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $44.19, for a total transaction of $39,323,708.82. The disclosure for this sale can be found here. In the last three months, insiders sold 932,755 shares of company stock valued at $41,387,752. 0.08% of the stock is currently owned by company insiders.
Intel (NASDAQ:INTC) last announced its earnings results on Thursday, January 25th. The chip maker reported $1.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.22. The company had revenue of $17.05 billion during the quarter, compared to analysts’ expectations of $16.34 billion. Intel had a net margin of 15.30% and a return on equity of 24.33%. Intel’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.79 earnings per share. sell-side analysts forecast that Intel Co. will post 3.51 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Wednesday, February 7th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend is Tuesday, February 6th. This is a boost from Intel’s previous quarterly dividend of $0.27. Intel’s payout ratio is presently 60.61%.
INTC has been the subject of several research reports. Vetr upgraded shares of Intel from a “buy” rating to a “strong-buy” rating and set a $49.90 price objective for the company in a research report on Tuesday, October 17th. Goldman Sachs Group reaffirmed a “hold” rating on shares of Intel in a research note on Wednesday, October 18th. Stifel Nicolaus raised their target price on shares of Intel from $41.00 to $46.00 and gave the company a “buy” rating in a research note on Friday, October 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $43.00 target price on shares of Intel in a research note on Friday, October 27th. Finally, Bank of America raised shares of Intel from a “neutral” rating to a “buy” rating and set a $49.00 target price on the stock in a research note on Friday, October 27th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Intel presently has a consensus rating of “Buy” and an average target price of $49.31.
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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