Summit Financial LLC Grows Stock Position in Intel Co. (NASDAQ:INTC)

Summit Financial LLC grew its position in shares of Intel Co. (NASDAQ:INTC) by 8.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 52,902 shares of the chip maker’s stock after purchasing an additional 4,055 shares during the quarter. Summit Financial LLC’s holdings in Intel were worth $1,061,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in INTC. Norges Bank purchased a new stake in Intel during the fourth quarter valued at about $1,246,569,000. Assenagon Asset Management S.A. raised its position in shares of Intel by 264.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 19,617,088 shares of the chip maker’s stock valued at $393,323,000 after purchasing an additional 14,227,458 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in Intel by 224.8% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 10,413,544 shares of the chip maker’s stock worth $244,302,000 after buying an additional 7,207,785 shares during the period. Vanguard Group Inc. boosted its holdings in Intel by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 369,099,204 shares of the chip maker’s stock worth $7,400,439,000 after buying an additional 6,143,164 shares during the period. Finally, State Street Corp raised its holdings in Intel by 2.8% during the 3rd quarter. State Street Corp now owns 197,958,739 shares of the chip maker’s stock valued at $4,644,112,000 after acquiring an additional 5,417,753 shares during the period. Institutional investors own 64.53% of the company’s stock.

Intel Stock Performance

Shares of INTC stock opened at $22.05 on Wednesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.98 and a current ratio of 1.33. Intel Co. has a fifty-two week low of $18.51 and a fifty-two week high of $44.08. The company has a market capitalization of $95.48 billion, a P/E ratio of -5.03 and a beta of 1.02. The stock has a 50 day moving average price of $22.36 and a two-hundred day moving average price of $22.20.

Intel (NASDAQ:INTC) last announced its quarterly earnings results on Thursday, January 30th. The chip maker reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.14). Intel had a negative net margin of 35.32% and a negative return on equity of 3.27%. Analysts expect that Intel Co. will post -0.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on INTC. Citigroup cut their price target on Intel from $22.00 to $21.00 and set a “neutral” rating for the company in a report on Tuesday, January 21st. Truist Financial lowered their price target on shares of Intel from $22.00 to $21.00 and set a “hold” rating on the stock in a report on Friday, January 31st. Rosenblatt Securities reaffirmed a “sell” rating and set a $20.00 price objective on shares of Intel in a research note on Thursday, January 30th. Mizuho lowered their target price on shares of Intel from $23.00 to $21.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Finally, Hsbc Global Res upgraded shares of Intel from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, January 21st. Four analysts have rated the stock with a sell rating, twenty-eight have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $27.04.

Intel Profile

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.