Chemung Canal Trust Co. Increases Position in Intel Co. (INTC)

Chemung Canal Trust Co. lifted its position in shares of Intel Co. (NASDAQ:INTC) by 60.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 122,211 shares of the chip maker’s stock after buying an additional 45,900 shares during the period. Intel comprises 1.5% of Chemung Canal Trust Co.’s investment portfolio, making the stock its 22nd largest position. Chemung Canal Trust Co.’s holdings in Intel were worth $6,076,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Squar Milner Financial Services LLC purchased a new stake in Intel in the 4th quarter worth approximately $571,000. RFG Advisory Group LLC boosted its holdings in shares of Intel by 63.0% in the 4th quarter. RFG Advisory Group LLC now owns 25,320 shares of the chip maker’s stock valued at $1,136,000 after purchasing an additional 9,782 shares during the last quarter. AMG National Trust Bank boosted its holdings in shares of Intel by 5.5% in the 4th quarter. AMG National Trust Bank now owns 135,915 shares of the chip maker’s stock valued at $6,274,000 after purchasing an additional 7,066 shares during the last quarter. State of Wisconsin Investment Board boosted its holdings in shares of Intel by 9.6% in the 4th quarter. State of Wisconsin Investment Board now owns 6,299,097 shares of the chip maker’s stock valued at $290,766,000 after purchasing an additional 550,392 shares during the last quarter. Finally, Pinebridge Investments L.P. boosted its holdings in shares of Intel by 208.2% in the 4th quarter. Pinebridge Investments L.P. now owns 448,507 shares of the chip maker’s stock valued at $20,703,000 after purchasing an additional 302,961 shares during the last quarter. 65.50% of the stock is currently owned by institutional investors.

A number of equities analysts have weighed in on INTC shares. MKM Partners decreased their price target on shares of Intel to $58.00 and set a “buy” rating on the stock in a report on Friday, August 24th. Bank of America lowered shares of Intel from a “buy” rating to a “neutral” rating and decreased their price target for the company from $62.00 to $56.00 in a report on Friday, July 27th. Morgan Stanley lifted their price target on shares of Intel from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Friday, July 27th. Macquarie set a $60.00 price target on shares of Intel and gave the company a “buy” rating in a report on Thursday, August 16th. Finally, BidaskClub lowered shares of Intel from a “hold” rating to a “sell” rating in a report on Tuesday, August 21st. Four equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and twenty-two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $55.55.

In related news, EVP Steven Ralph Rodgers sold 2,213 shares of Intel stock in a transaction on Thursday, July 26th. The shares were sold at an average price of $52.43, for a total transaction of $116,027.59. Following the sale, the executive vice president now owns 23,268 shares of the company’s stock, valued at approximately $1,219,941.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Navin Shenoy sold 601 shares of Intel stock in a transaction on Monday, July 30th. The stock was sold at an average price of $47.69, for a total transaction of $28,661.69. Following the sale, the executive vice president now directly owns 40,903 shares in the company, valued at approximately $1,950,664.07. The disclosure for this sale can be found here. Insiders have sold a total of 4,077 shares of company stock worth $205,757 in the last ninety days. 0.03% of the stock is currently owned by insiders.

NASDAQ:INTC opened at $45.57 on Friday. The company has a current ratio of 1.57, a quick ratio of 1.15 and a debt-to-equity ratio of 0.35. The firm has a market cap of $210.20 billion, a P/E ratio of 13.17, a price-to-earnings-growth ratio of 1.29 and a beta of 0.97. Intel Co. has a twelve month low of $36.16 and a twelve month high of $57.60.

Intel (NASDAQ:INTC) last released its quarterly earnings results on Thursday, July 26th. The chip maker reported $1.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.05. Intel had a net margin of 20.07% and a return on equity of 27.33%. The firm had revenue of $16.96 billion for the quarter, compared to the consensus estimate of $16.78 billion. During the same quarter in the previous year, the firm posted $0.72 EPS. The firm’s quarterly revenue was up 14.9% on a year-over-year basis. sell-side analysts forecast that Intel Co. will post 4.15 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Saturday, September 1st. Investors of record on Tuesday, August 7th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend was Monday, August 6th. Intel’s dividend payout ratio (DPR) is 34.68%.

About Intel

Intel Corporation designs, manufactures, and sells computer, networking, data storage, and communication platforms worldwide. The company operates through Client Computing Group, Data Center Group, Internet of Things Group, Non-Volatile Memory Solutions Group, Programmable Solutions Group, and All Other segments.

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Institutional Ownership by Quarter for Intel (NASDAQ:INTC)

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