Summit Financial LLC has $1.49M stock position in Intel Co. (NASDAQ:INTC)

Summit Financial LLC reduced its holdings in Intel Co. (NASDAQ:INTC – Free Report ) by 22.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,215 shares of the chip maker’s stock after selling 14,163 shares during the period. Summit Financial LLC’s holdings in Intel were worth $1,493,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Interchange Capital Partners LLC purchased a new stake in Intel in the second quarter valued at approximately $698,000. Essex Financial Services Inc. boosted its stake in Intel by 41.6% in the second quarter. Essex Financial Services Inc. now owns 69,013 shares of the chip maker’s stock worth $2,137,000 after purchasing an additional 20,289 shares during the last quarter. Aptus Capital Advisors LLC boosted its stake in Intel by 3.7% in the second quarter. Aptus Capital Advisors LLC now owns 40,254 shares of the chip maker’s stock worth $1,247,000 after purchasing an additional 1,454 shares during the last quarter. nVerses Capital LLC acquired a new stake in Intel in the second quarter valued at about $434,000. Finally, Spartan Fund Management Inc. acquired a new stake in Intel in the second quarter valued at about $31,000. 64.53% of the shares are held by hedge funds and other institutional investors.

Intel price performance

Shares of NASDAQ:INTC opened at $22.04 on Monday. Intel Co. has a 1 year low of $18.84 and a 1 year high of $51.28. The firm has a market cap of $94.24 billion, a PE ratio of 22.96 and a beta of 1.05. The company’s 50-day moving average is $27.24 and its 200-day moving average is $33.27. The company has a current ratio of 1.59, a quick ratio of 1.24, and a debt-to-equity ratio of 0.40.

Intel (NASDAQ:INTC – Get Free Report ) last announced its quarterly earnings data on Thursday, August 1st. The chip maker reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.08). Intel had a return on equity of 1.78% and a net margin of 1.77%. The firm had revenue of $12.80 billion for the quarter, compared to analyst estimates of $12.92 billion. During the same period in the previous year, the business posted EPS of ($0.05). Intel’s revenue for the quarter was down 0.8% compared to the same quarter last year. Sell-side analysts predict that Intel Co. will post -0.46 earnings per share for the current year.

Intel Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Wednesday, August 7th were issued a dividend of $0.125 per share. This represents an annualized dividend of $0.50 and a dividend yield of 2.27%. The ex-dividend date was Wednesday, August 7. Intel’s payout ratio is currently 52.08%.

Analysts on Wall Street are forecasting an increase

INTC has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft cut their price target on Intel from $38.00 to $27.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. Hsbc Global Res downgraded Intel from a “hold” rating to a “moderate sell” rating in a research note on Friday, August 2nd. Roth Mkm cut their price target on Intel from $35.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Daiwa America raised Intel to a “hold” rating in a research note on Monday, August 26th. Finally, Jefferies Financial Group initiated coverage on Intel in a research note on Monday, May 13th. They set a “hold” rating and a $34.00 price target for the company. Six analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and one has issued a buy rating to the company’s stock. Intel has a consensus rating of “Hold” and a consensus price target of $32.04, according to MarketBeat.com.

Read the latest stock report on INTC

Insider trading at Intel

In related news, CEO Patrick P. Gelsinger purchased 12,500 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were purchased at an average price of $20.16 per share, for a total transaction of $252,000.00. Following the transaction, the chief executive officer now directly owns 37,975 shares of the company’s stock, valued at $765,576. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible via this hyperlink. 0.04% of shares are held by insiders.

Intel Company Profile

(Free report)

Intel Corporation designs, develops, manufactures, markets and sells computers and related products and services worldwide. It operates through the Client Computing Group, Data Center and AI, Network and Edge, Mobileye and Intel Foundry Services segments. The company’s product portfolio includes central processing units and chipsets, system-on-chips (SoCs) and multi-chip packages; mobile and desktop processors; hardware products including graphics processing units (GPUs), domain-specific accelerators and field-programmable gate arrays (FPGAs); and memory and storage, connectivity and networking, and other semiconductor products.

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