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, August 31st. Zacks Investment Research currently has $39.00 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 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.”
Several other analysts have also recently issued reports on the company. Stifel Nicolaus restated a buy rating and set a $39.00 price objective on shares of Intel Corporation in a research note on Friday, July 14th. Bank of America Corporation cut Intel Corporation from a buy rating to a neutral rating and cut their price objective for the company from $42.00 to $38.00 in a research note on Wednesday, June 21st. Credit Suisse Group restated a neutral rating and set a $35.00 price objective on shares of Intel Corporation in a research note on Tuesday, July 4th. Raymond James Financial, Inc. restated an underperform rating on shares of Intel Corporation in a research note on Friday, July 14th. Finally, Goldman Sachs Group, Inc. (The) restated a hold rating and set a $39.00 price objective on shares of Intel Corporation in a research note on Monday, July 31st. Six research analysts have rated the stock with a sell rating, fifteen have given a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of Hold and an average target price of $40.60.
Intel Corporation (NASDAQ INTC) opened at 37.00 on Thursday. Intel Corporation has a 52-week low of $33.23 and a 52-week high of $38.45. The firm’s 50-day moving average price is $35.64 and its 200 day moving average price is $35.52. The firm has a market cap of $173.86 billion, a price-to-earnings ratio of 14.12 and a beta of 1.02.
Intel Corporation (NASDAQ:INTC) last issued its quarterly earnings results on Thursday, July 27th. The chip maker reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.04. The firm had revenue of $14.76 billion during the quarter, compared to the consensus estimate of $14.39 billion. Intel Corporation had a return on equity of 21.86% and a net margin of 20.60%. Intel Corporation’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.59 earnings per share. On average, equities research analysts forecast that Intel Corporation will post $3.01 EPS for the current year.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Tuesday, November 7th will be given a $0.2725 dividend. This represents a $1.09 annualized dividend and a dividend yield of 2.95%. The ex-dividend date is Monday, November 6th. Intel Corporation’s dividend payout ratio is currently 41.76%.
In related news, insider Venkata S. M. Renduchintala sold 1,424 shares of Intel Corporation stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $36.40, for a total transaction of $51,833.60. Following the sale, the insider now directly owns 1,536 shares of the company’s stock, valued at $55,910.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Venkata S. M. Renduchintala sold 13,996 shares of Intel Corporation stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $35.47, for a total value of $496,438.12. Following the sale, the insider now directly owns 1,536 shares in the company, valued at $54,481.92. The disclosure for this sale can be found here. Over the last three months, insiders have sold 91,921 shares of company stock worth $3,130,162. 0.08% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Watermark Asset Management Inc. bought a new position in Intel Corporation during the first quarter worth about $113,000. Acrospire Investment Management LLC lifted its stake in Intel Corporation by 111.8% during the second quarter. Acrospire Investment Management LLC now owns 3,600 shares of the chip maker’s stock worth $121,000 after purchasing an additional 1,900 shares during the period. Orrstown Financial Services Inc. lifted its stake in Intel Corporation by 96.6% during the first quarter. Orrstown Financial Services Inc. now owns 3,725 shares of the chip maker’s stock worth $134,000 after purchasing an additional 1,830 shares during the period. Mitsubishi UFJ Securities Holdings Co. Ltd. lifted its stake in Intel Corporation by 53.0% during the first quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 4,040 shares of the chip maker’s stock worth $146,000 after purchasing an additional 1,400 shares during the period. Finally, Vigilant Capital Management LLC lifted its stake in Intel Corporation by 22.6% during the first quarter. Vigilant Capital Management LLC now owns 4,373 shares of the chip maker’s stock worth $158,000 after purchasing an additional 805 shares during the period. Hedge funds and other institutional investors own 67.09% of the company’s stock.
Intel Corporation Company Profile
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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