Spire Wealth Management Sells 13,679 Shares of Intel Co. (NASDAQ:INTC)

Spire Wealth Management lessened its holdings in shares of Intel Co. (NASDAQ:INTC) by 26.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 37,419 shares of the chip maker’s stock after selling 13,679 shares during the period. Spire Wealth Management’s holdings in Intel were worth $1,159,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in INTC. GUNN & Co INVESTMENT MANAGEMENT INC. acquired a new stake in Intel in the 4th quarter worth $297,000. DDFG Inc acquired a new stake in Intel during the fourth quarter worth about $205,000. Benjamin Edwards Inc. increased its stake in Intel by 5.3% during the fourth quarter. Benjamin Edwards Inc. now owns 4,974 shares of the chip maker’s stock valued at $250,000 after acquiring an additional 249 shares during the period. Benjamin F. Edwards & Company Inc. raised its holdings in Intel by 29.7% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 36,993 shares of the chip maker’s stock valued at $1,859,000 after acquiring an additional 8,470 shares in the last quarter. Finally, Signature Resources Capital Management LLC bought a new stake in shares of Intel in the 4th quarter worth approximately $37,000. Institutional investors own 64.53% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on INTC. Susquehanna cut their target price on Intel from $35.00 to $26.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Jefferies Financial Group began coverage on shares of Intel in a research report on Monday, May 13th. They set a “hold” rating and a $34.00 target price on the stock. Rosenblatt Securities restated a “sell” rating and set a $17.00 price target on shares of Intel in a research note on Friday, August 2nd. Morgan Stanley lowered their price objective on Intel from $36.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Finally, Benchmark downgraded Intel from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. 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 stock. Based on data from MarketBeat, Intel currently has an average rating of “Hold” and a consensus price target of $32.04.

Insiders Place Their Bets

In other Intel news, CEO Patrick P. Gelsinger bought 12,500 shares of Intel stock in a transaction on Monday, August 5th. The shares were purchased at an average cost of $20.16 per share, for a total transaction of $252,000.00. Following the completion of the acquisition, the chief executive officer now owns 37,975 shares in the company, valued at approximately $765,576. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.04% of the company’s stock.

Intel Trading Up 9.5 %

Shares of INTC traded up $1.91 on Friday, reaching $22.04. 177,785,378 shares of the company’s stock were exchanged, compared to its average volume of 86,373,080. The business has a 50 day moving average price of $27.24 and a two-hundred day moving average price of $33.34. The stock has a market capitalization of $94.24 billion, a P/E ratio of 22.96 and a beta of 1.05. Intel Co. has a 12 month low of $18.84 and a 12 month high of $51.28. The company has a current ratio of 1.59, a quick ratio of 1.24 and a debt-to-equity ratio of 0.40.

Intel (NASDAQ:INTC) last released its quarterly earnings data on Thursday, August 1st. The chip maker reported $0.02 EPS 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 the consensus estimate of $12.92 billion. Intel had a net margin of 1.77% and a return on equity of 1.78%. The company’s revenue for the quarter was down .8% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.05) EPS. Research analysts anticipate that Intel Co. will post -0.46 earnings per share for the current year.

Intel Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Wednesday, August 7th will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend is Wednesday, August 7th. Intel’s payout ratio is presently 52.08%.

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.