Clearbridge Investments LLC Cuts Holdings in Intel Co. (NASDAQ:INTC)

Clearbridge Investments LLC reduced its position in Intel Co. (NASDAQ:INTC) by 41.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,785,105 shares of the chip maker’s stock after selling 8,973,945 shares during the period. Clearbridge Investments LLC owned 0.30% of Intel worth $395,954,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Intel by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 389,098,435 shares of the chip maker’s stock worth $17,186,478,000 after acquiring an additional 3,310,528 shares in the last quarter. Capital International Investors boosted its position in shares of 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 acquiring an additional 15,475,631 shares during the last quarter. Primecap Management Co. CA boosted its position in shares of Intel by 2.2% during the 2nd quarter. Primecap Management Co. CA now owns 77,822,587 shares of the chip maker’s stock valued at $2,410,166,000 after acquiring an additional 1,697,550 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Intel by 6.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 39,841,750 shares of the chip maker’s stock valued at $1,759,811,000 after acquiring an additional 2,457,243 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in shares of Intel by 1.3% during the 2nd quarter. Legal & General Group Plc now owns 37,513,226 shares of the chip maker’s stock valued at $1,161,779,000 after acquiring an additional 487,191 shares during the last quarter. 64.53% of the stock is owned by institutional investors.

Intel Price Performance

INTC opened at $23.46 on Tuesday. The business’s 50-day moving average is $22.38 and its two-hundred day moving average is $29.91. Intel Co. has a 1 year low of $18.51 and a 1 year high of $51.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.59 and a quick ratio of 1.24. The firm has a market capitalization of $99.87 billion, a PE ratio of 24.44 and a beta of 1.03.

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

Intel Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Wednesday, August 7th were paid a dividend of $0.125 per share. The ex-dividend date was Wednesday, August 7th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.13%. Intel’s payout ratio is 52.08%.

Insider Transactions at Intel

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

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on INTC. Raymond James downgraded Intel from an “outperform” rating to a “market perform” rating in a research report on Friday, August 2nd. The Goldman Sachs Group lowered their price target on Intel from $29.00 to $22.00 and set a “sell” rating for the company in a research report on Friday, August 2nd. Morgan Stanley lowered their price target on Intel from $36.00 to $25.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Wedbush lowered their price target on Intel from $32.50 to $25.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Finally, UBS Group lowered their price target on Intel from $37.00 to $32.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Six equities research analysts have rated the stock with a sell rating, twenty-four have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $32.04.

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.