Intel Corporation (INTC) Cut to Hold at Zacks Investment Research
Intel Corporation (NASDAQ:INTC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “Intel’s second-quarter 2017 results demonstrated the company’s growing focus on the data-centric part of the business. The recent launch of Xeon Scalable is anticipated to benefit its footprint in the data center as well as AI and IoT space, going forward. 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, which can be attributed to growing competition from AMD in the data center space. We also 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 intensifies competition for Intel. We believe that this is a significant headwind amid declining PC shipments.”
Several other research analysts have also weighed in on INTC. Wells Fargo & Company reiterated an “outperform” rating and issued a $45.00 price objective on shares of Intel Corporation in a research note on Wednesday, April 19th. Vetr lowered shares of Intel Corporation from a “hold” rating to a “sell” rating and set a $35.07 price objective on the stock. in a research note on Thursday, April 20th. Sanford C. Bernstein reiterated a “sell” rating on shares of Intel Corporation in a research note on Tuesday, April 25th. B. Riley reiterated a “buy” rating and issued a $44.00 price objective on shares of Intel Corporation in a research note on Friday, April 28th. Finally, Jefferies Group LLC lowered shares of Intel Corporation to a “hold” rating and upped their price objective for the company from $36.00 to $38.00 in a research note on Friday, April 28th. Five investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and twenty-seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $40.55.
Shares of Intel Corporation (NASDAQ:INTC) traded down 0.69% on Wednesday, hitting $35.75. The stock had a trading volume of 16,935,727 shares. The stock has a market cap of $167.99 billion, a PE ratio of 13.65 and a beta of 1.01. Intel Corporation has a one year low of $33.23 and a one year high of $38.45. The company’s 50 day moving average is $34.96 and its 200 day moving average is $35.67.
Intel Corporation (NASDAQ:INTC) last released its quarterly earnings results on Thursday, July 27th. The chip maker reported $0.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.04. Intel Corporation had a net margin of 20.60% and a return on equity of 21.86%. The business had revenue of $14.76 billion for the quarter, compared to analyst estimates of $14.39 billion. During the same quarter in the previous year, the business earned $0.59 earnings per share. The firm’s revenue was up 9.1% compared to the same quarter last year. Equities research analysts predict that Intel Corporation will post $3.01 EPS for the current fiscal year.
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In other Intel Corporation news, CEO Brian M. Krzanich sold 72,173 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $33.69, for a total transaction of $2,431,508.37. Following the sale, the chief executive officer now directly owns 534,746 shares in the company, valued at approximately $18,015,592.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Venkata S. M. Renduchintala sold 13,996 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $35.47, for a total transaction of $496,438.12. Following the sale, the insider now owns 1,536 shares in the company, valued at $54,481.92. The disclosure for this sale can be found here. Insiders have sold a total of 91,921 shares of company stock worth $3,130,162 in the last three months. 0.09% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in the company. Watermark Asset Management Inc. bought a new stake in shares of Intel Corporation during the first quarter valued at approximately $113,000. Acrospire Investment Management LLC increased its stake in shares of Intel Corporation by 111.8% in the second quarter. Acrospire Investment Management LLC now owns 3,600 shares of the chip maker’s stock valued at $121,000 after buying an additional 1,900 shares during the period. Orrstown Financial Services Inc. increased its stake in shares of Intel Corporation by 96.6% in the first quarter. Orrstown Financial Services Inc. now owns 3,725 shares of the chip maker’s stock valued at $134,000 after buying an additional 1,830 shares during the period. Mitsubishi UFJ Securities Holdings Co. Ltd. increased its stake in shares of Intel Corporation by 53.0% in the first quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 4,040 shares of the chip maker’s stock valued at $146,000 after buying an additional 1,400 shares during the period. Finally, Vigilant Capital Management LLC increased its stake in shares of Intel Corporation by 22.6% in the first quarter. Vigilant Capital Management LLC now owns 4,373 shares of the chip maker’s stock valued at $158,000 after buying an additional 805 shares during the period. Hedge funds and other institutional investors own 67.31% 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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