Pinnacle Associates Ltd. Has $8.40 Million Position in Intel Co. (NASDAQ:INTC)

Pinnacle Associates Ltd. raised its position in shares of Intel Co. (NASDAQ:INTC) by 47.8% in the third quarter, according to its most recent filing with the SEC. The firm owned 358,202 shares of the chip maker’s stock after purchasing an additional 115,779 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Intel were worth $8,403,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in INTC. Capital International Investors increased its position in Intel by 16.0% during the 1st quarter. Capital International Investors now owns 112,093,582 shares of the chip maker’s stock valued at $4,951,174,000 after purchasing an additional 15,475,631 shares during the period. Van ECK Associates Corp increased its position in Intel by 60.5% during the 2nd quarter. Van ECK Associates Corp now owns 34,591,800 shares of the chip maker’s stock valued at $1,071,308,000 after purchasing an additional 13,035,566 shares during the period. Davis Selected Advisers increased its position in Intel by 86.2% during the 2nd quarter. Davis Selected Advisers now owns 12,642,316 shares of the chip maker’s stock valued at $391,533,000 after purchasing an additional 5,851,098 shares during the period. Caxton Associates LP acquired a new stake in Intel during the 2nd quarter valued at approximately $162,592,000. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its position in Intel by 2,681.1% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 4,431,749 shares of the chip maker’s stock valued at $137,251,000 after purchasing an additional 4,272,395 shares during the period. Institutional investors and hedge funds own 64.53% of the company’s stock.

Insider Activity at Intel

In other news, CEO Patrick P. Gelsinger acquired 12,500 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were acquired at an average cost of $20.16 per share, for a total transaction of $252,000.00. Following the purchase, the chief executive officer now owns 37,975 shares of the company’s stock, valued at approximately $765,576. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.04% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently commented on INTC. Northland Securities reduced their price objective on shares of Intel from $68.00 to $42.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. JPMorgan Chase & Co. reduced their price objective on shares of Intel from $35.00 to $26.00 and set an “underweight” rating for the company in a research report on Friday, August 2nd. HSBC downgraded shares of Intel from a “hold” rating to a “reduce” rating in a research report on Friday, August 2nd. Cantor Fitzgerald reduced their price objective on shares of Intel from $40.00 to $27.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Finally, TD Cowen raised shares of Intel to a “hold” rating in a research report on Monday, September 16th. Six research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Intel currently has a consensus rating of “Hold” and an average target price of $30.80.

Intel Price Performance

Shares of NASDAQ:INTC opened at $22.30 on Thursday. The company’s 50-day moving average is $21.71 and its 200 day moving average is $27.15. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.24 and a current ratio of 1.59. The company has a market capitalization of $94.93 billion, a P/E ratio of 23.23 and a beta of 1.03. Intel Co. has a fifty-two week low of $18.51 and a fifty-two week high of $51.28.

Intel (NASDAQ:INTC) last issued its quarterly earnings results on Thursday, August 1st. The chip maker reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.08). The company had revenue of $12.80 billion during the quarter, compared to analysts’ expectations of $12.92 billion. Intel had a return on equity of 1.78% and a net margin of 1.77%. Intel’s quarterly revenue was down .8% compared to the same quarter last year. During the same period last year, the firm posted ($0.05) earnings per share. On average, equities research analysts forecast that Intel Co. will post -0.47 earnings per share for the current year.

About Intel

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.