Intel Corporation (INTC) Raised to “Buy” at Zacks Investment Research
Intel Corporation (NASDAQ:INTC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The firm currently has a $41.00 price objective on the chip maker’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 12.42% from the company’s previous close.
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 recently 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 also recently weighed in on the stock. Credit Suisse Group restated an “outperform” rating on shares of Intel Corporation in a research note on Thursday, August 31st. Needham & Company LLC restated a “buy” rating and set a $43.00 price objective on shares of Intel Corporation in a research note on Wednesday, July 12th. BidaskClub cut shares of Intel Corporation from a “hold” rating to a “sell” rating in a research note on Friday, August 25th. Wells Fargo & Company restated an “outperform” rating on shares of Intel Corporation in a research note on Wednesday, August 23rd. Finally, Bank of America Corporation cut shares of Intel Corporation from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $42.00 to $38.00 in a research note on Wednesday, June 21st. Six equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $40.60.
Shares of Intel Corporation (INTC) traded up 0.39% during midday trading on Thursday, hitting $36.47. The company had a trading volume of 18,093,946 shares. The company has a market capitalization of $171.37 billion, a price-to-earnings ratio of 13.92 and a beta of 1.02. The company’s 50-day moving average price is $35.59 and its 200 day moving average price is $35.52. Intel Corporation has a 12-month low of $33.23 and a 12-month high of $38.45.
Intel Corporation (NASDAQ:INTC) last issued its quarterly earnings data on Thursday, July 27th. The chip maker reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.04. Intel Corporation had a net margin of 20.60% and a return on equity of 21.86%. The firm had revenue of $14.76 billion for the quarter, compared to the consensus estimate of $14.39 billion. During the same quarter in the previous year, the firm earned $0.59 EPS. The company’s quarterly revenue was up 9.1% compared to the same quarter last year. Equities research analysts predict that Intel Corporation will post $3.01 earnings per share for the current fiscal year.
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In other Intel Corporation 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 value of $51,833.60. Following the completion of the sale, the insider now owns 1,536 shares in the company, valued at approximately $55,910.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brian M. Krzanich sold 72,173 shares of Intel Corporation stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $33.69, for a total value of $2,431,508.37. Following the completion of the sale, the chief executive officer now owns 534,746 shares of the company’s stock, valued at approximately $18,015,592.74. The disclosure for this sale can be found here. Insiders have sold a total of 91,921 shares of company stock valued at $3,130,162 in the last ninety days. Corporate insiders own 0.08% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Intl Fcstone Inc. purchased a new stake in shares of Intel Corporation during the 2nd quarter worth about $410,000. M Holdings Securities Inc. grew its holdings in shares of Intel Corporation by 29.0% during the 2nd quarter. M Holdings Securities Inc. now owns 20,188 shares of the chip maker’s stock worth $681,000 after purchasing an additional 4,542 shares during the period. Griffin Asset Management Inc. purchased a new stake in shares of Intel Corporation during the 2nd quarter worth about $4,400,000. Gs Investments Inc. purchased a new stake in shares of Intel Corporation during the 2nd quarter worth about $820,000. Finally, Aldebaran Financial Inc. grew its holdings in shares of Intel Corporation by 2.6% during the 2nd quarter. Aldebaran Financial Inc. now owns 8,713 shares of the chip maker’s stock worth $294,000 after purchasing an additional 218 shares during the period. 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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