Rep. Mike Kelly Sells Intel Co. (NASDAQ:INTC) Stock

Representative Mike Kelly (R-Pennsylvania) recently sold shares of Intel Co. (NASDAQ:INTC). In a filing disclosed on December 12th, the Representative disclosed that they had sold between $1,001 and $15,000 in Intel stock on November 8th. The trade occurred in the Representative’s “VICTORIA KELLY TRUST ICA” account.

Representative Mike Kelly also recently made the following trade(s):

• Sold $15,001 – $50,000 in shares of Union Pacific (NYSE:UNP) on 11/8/2024.

Intel Stock Down 2.1 %

Shares of INTC opened at $20.34 on Friday. Intel Co. has a 1 year low of $18.51 and a 1 year high of $51.28. The company’s 50-day simple moving average is $23.17 and its 200-day simple moving average is $25.30. The stock has a market capitalization of $87.73 billion, a PE ratio of -5.49 and a beta of 1.05. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.97 and a current ratio of 1.31.

Intel (NASDAQ:INTC) last announced its quarterly earnings results on Thursday, October 31st. The chip maker reported ($0.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.44). Intel had a negative net margin of 29.42% and a negative return on equity of 1.71%. The business had revenue of $13.30 billion during the quarter, compared to analyst estimates of $13.02 billion. During the same period last year, the company earned $0.28 earnings per share. The business’s revenue for the quarter was down 6.3% compared to the same quarter last year. Analysts forecast that Intel Co. will post -0.87 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Intel

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp raised its stake in Intel by 60.5% during the second quarter. Van ECK Associates Corp now owns 34,591,800 shares of the chip maker’s stock worth $1,071,308,000 after buying an additional 13,035,566 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Intel by 28.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 58,469,412 shares of the chip maker’s stock valued at $1,371,692,000 after buying an additional 12,865,308 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in Intel by 224.8% during the third 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 in the last quarter. Davis Selected Advisers grew its holdings in Intel by 86.2% during the second quarter. Davis Selected Advisers now owns 12,642,316 shares of the chip maker’s stock worth $391,533,000 after buying an additional 5,851,098 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Intel by 2.8% during the third quarter. State Street Corp now owns 197,958,739 shares of the chip maker’s stock valued at $4,644,112,000 after purchasing an additional 5,417,753 shares in the last quarter. 64.53% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on INTC shares. The Goldman Sachs Group reduced their target price on Intel from $22.00 to $21.00 and set a “sell” rating on the stock in a research report on Thursday, October 17th. Stifel Nicolaus reiterated a “hold” rating and issued a $25.00 price objective (down previously from $28.00) on shares of Intel in a report on Friday, October 25th. Needham & Company LLC reissued a “hold” rating on shares of Intel in a report on Friday, November 1st. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Intel from $27.00 to $25.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Finally, Mizuho boosted their price target on shares of Intel from $22.00 to $23.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Six analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Intel currently has an average rating of “Hold” and an average target price of $30.04.

Insider Activity

In other Intel news, EVP Michelle Johnston Holthaus sold 25,000 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $26.00, for a total transaction of $650,000.00. Following the sale, the executive vice president now owns 273,258 shares of the company’s stock, valued at $7,104,708. The trade was a 8.38 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.04% of the stock is currently owned by corporate insiders.

About Representative Kelly

Mike Kelly (Republican Party) is a member of the U.S. House, representing Pennsylvania’s 16th Congressional District. He assumed office on January 3, 2019. His current term ends on January 3, 2025. Kelly (Republican Party) is running for re-election to the U.S. House to represent Pennsylvania’s 16th Congressional District. He declared candidacy for the 2024 election. Prior to joining Congress, Kelly served on the Butler County council and the Butler area school board. At the start of the 116th Congress, Kelly was named the ranking member of the Subcommittee on Oversight of the House Committee on Ways and Means. He was described by the Pittsburgh Post-Gazette in January 2019 as “a fiscal conservative and Donald Trump loyalist.”

Intel Company 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.