Zacks Investment Research upgraded shares of Intel Corporation (NASDAQ:INTC) from a hold rating to a buy rating in a research report sent to investors on Thursday morning. They currently have $41.00 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.”
Other equities analysts have also recently issued research reports about the stock. Jefferies Group LLC set a $38.00 price target on shares of Intel Corporation and gave the stock a hold rating in a research report on Saturday, June 3rd. B. Riley reissued a buy rating and issued a $46.00 target price on shares of Intel Corporation in a report on Friday, July 28th. Bank of America Corporation cut shares of Intel Corporation from a buy rating to a neutral rating and cut their target price for the stock from $42.00 to $38.00 in a report on Wednesday, June 21st. Vetr raised shares of Intel Corporation from a buy rating to a strong-buy rating and set a $40.45 target price on the stock in a report on Monday, June 12th. Finally, Summit Redstone reissued a hold rating on shares of Intel Corporation in a report on Saturday, July 22nd. Six research analysts have rated the stock with a sell rating, fifteen have given a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $40.60.
Intel Corporation (INTC) traded up 1.43% during mid-day trading on Thursday, hitting $37.00. The stock had a trading volume of 33,596,072 shares. Intel Corporation has a 12-month low of $33.23 and a 12-month high of $38.45. The firm has a market cap of $173.86 billion, a PE ratio of 14.12 and a beta of 1.02. The company has a 50-day moving average of $35.64 and a 200-day moving average of $35.52.
Intel Corporation (NASDAQ:INTC) last issued its quarterly earnings results on Thursday, July 27th. The chip maker reported $0.72 EPS for the quarter, topping the consensus estimate of $0.68 by $0.04. Intel Corporation had a net margin of 20.60% and a return on equity of 21.86%. The business had revenue of $14.76 billion for the quarter, compared to analysts’ expectations of $14.39 billion. During the same quarter last year, the company posted $0.59 earnings per share. The company’s quarterly revenue was up 9.1% compared to the same quarter last year. Analysts expect that Intel Corporation will post $3.01 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Tuesday, November 7th will be issued a dividend of $0.2725 per share. The ex-dividend date is Monday, November 6th. This represents a $1.09 annualized dividend and a dividend yield of 2.95%. Intel Corporation’s payout ratio is 41.76%.
In other news, insider Venkata S. M. Renduchintala sold 13,996 shares of the business’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $35.47, for a total transaction of $496,438.12. Following the transaction, the insider now owns 1,536 shares in the company, valued at approximately $54,481.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Brian M. Krzanich sold 72,173 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $33.69, for a total transaction of $2,431,508.37. Following the transaction, the chief executive officer now owns 534,746 shares in the company, valued at approximately $18,015,592.74. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,921 shares of company stock worth $3,130,162. Insiders own 0.08% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Watermark Asset Management Inc. acquired a new stake in shares of Intel Corporation during the 1st quarter valued at about $113,000. Acrospire Investment Management LLC boosted its position in shares of Intel Corporation by 111.8% during the 2nd quarter. Acrospire Investment Management LLC now owns 3,600 shares of the chip maker’s stock valued at $121,000 after acquiring an additional 1,900 shares in the last quarter. Orrstown Financial Services Inc. boosted its position in shares of Intel Corporation by 96.6% during the 1st quarter. Orrstown Financial Services Inc. now owns 3,725 shares of the chip maker’s stock valued at $134,000 after acquiring an additional 1,830 shares in the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. boosted its position in shares of Intel Corporation by 53.0% during the 1st quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 4,040 shares of the chip maker’s stock valued at $146,000 after acquiring an additional 1,400 shares in the last quarter. Finally, Winfield Associates Inc. boosted its position in shares of Intel Corporation by 6.0% during the 2nd quarter. Winfield Associates Inc. now owns 4,651 shares of the chip maker’s stock valued at $156,000 after acquiring an additional 265 shares in the last quarter. Institutional investors and hedge funds own 67.09% of the company’s stock.
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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