Sumitomo Mitsui Trust Group Inc. Purchases 163,478 Shares of Intel Co. (NASDAQ:INTC)

Sumitomo Mitsui Trust Group Inc. boosted its position in Intel Co. (NASDAQ:INTC) by 1.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,380,522 shares of the chip maker’s stock after acquiring an additional 163,478 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.24% of Intel worth $243,527,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of Intel by 304.3% in the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 954,293 shares of the chip maker’s stock worth $22,827,000 after purchasing an additional 718,234 shares during the last quarter. WealthPlan Investment Management LLC bought a new stake in shares of Intel in the 3rd quarter worth approximately $1,482,000. Harbour Investments Inc. increased its stake in shares of Intel by 13.1% during the third quarter. Harbour Investments Inc. now owns 41,341 shares of the chip maker’s stock valued at $970,000 after buying an additional 4,793 shares during the period. Entropy Technologies LP bought a new position in shares of Intel during the third quarter valued at approximately $3,624,000. Finally, Apollon Wealth Management LLC lifted its stake in Intel by 10.3% in the third quarter. Apollon Wealth Management LLC now owns 214,968 shares of the chip maker’s stock worth $5,043,000 after acquiring an additional 20,047 shares during the period. Hedge funds and other institutional investors own 64.53% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on INTC shares. Wedbush decreased their price objective on shares of Intel from $32.50 to $25.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Mizuho increased their price target on shares of Intel from $22.00 to $23.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Argus cut Intel from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. The Goldman Sachs Group decreased their target price on Intel from $22.00 to $21.00 and set a “sell” rating for the company in a research report on Thursday, October 17th. Finally, Cantor Fitzgerald dropped their price target on Intel from $40.00 to $27.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Six investment analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $30.12.

Insider Transactions at Intel

In other Intel news, EVP Michelle Johnston Holthaus sold 25,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $26.00, for a total transaction of $650,000.00. Following the completion of the sale, the executive vice president now owns 273,258 shares of the company’s stock, valued at approximately $7,104,708. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.04% of the company’s stock.

Intel Stock Down 3.6 %

NASDAQ INTC opened at $24.16 on Wednesday. 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 0.44, a current ratio of 1.31 and a quick ratio of 0.97. The business’s fifty day moving average price is $22.28 and its 200-day moving average price is $26.48.

Intel (NASDAQ:INTC) last announced its earnings results on Thursday, October 31st. The chip maker reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.44). Intel had a negative return on equity of 1.71% and a negative net margin of 29.42%. The firm had revenue of $13.30 billion during the quarter, compared to analysts’ expectations of $13.02 billion. During the same period in the previous year, the business posted $0.28 earnings per share. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. As a group, research analysts anticipate that Intel Co. will post -0.83 EPS 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.