Intel Co. (NASDAQ:INTC) Stake Cut by Oak Asset Management LLC

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Oak Asset Management LLC decreased its holdings in Intel Co. (NASDAQ:INTC) by 5.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,653 shares of the chip maker’s stock after selling 4,794 shares during the quarter. Intel comprises about 3.2% of Oak Asset Management LLC’s portfolio, making the stock its 4th biggest position. Oak Asset Management LLC’s holdings in Intel were worth $5,364,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Modus Advisors LLC purchased a new position in Intel in the 2nd quarter worth $25,000. Lion Street Advisors LLC acquired a new position in shares of Intel in the first quarter valued at about $29,000. Sailer Financial LLC purchased a new position in shares of Intel in the fourth quarter worth about $43,000. Stephenson National Bank & Trust acquired a new stake in shares of Intel during the fourth quarter worth about $59,000. Finally, Bay Harbor Wealth Management LLC boosted its position in Intel by 17.3% in the first quarter. Bay Harbor Wealth Management LLC now owns 1,218 shares of the chip maker’s stock valued at $66,000 after buying an additional 180 shares during the last quarter. Hedge funds and other institutional investors own 65.04% of the company’s stock.

Several brokerages have commented on INTC. ThinkEquity began coverage on shares of Intel in a research note on Monday, March 16th. They set a “buy” rating for the company. SunTrust Banks upped their price target on shares of Intel from $58.00 to $59.00 and gave the company a “hold” rating in a report on Friday, April 24th. Exane BNP Paribas upgraded Intel from a “neutral” rating to an “outperform” rating and set a $65.00 price objective for the company in a research note on Tuesday, March 24th. Northland Securities dropped their target price on Intel from $70.00 to $60.00 and set a “market perform” rating on the stock in a report on Tuesday, March 31st. Finally, Cowen decreased their price target on Intel from $64.00 to $60.00 and set a “market perform” rating for the company in a report on Friday, April 24th. Eight analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-one have given a buy rating to the stock. Intel has a consensus rating of “Hold” and a consensus target price of $65.44.

In related news, insider Venkata S. M. Renduchintala sold 46,544 shares of the company’s stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $60.67, for a total value of $2,823,824.48. Following the completion of the sale, the insider now owns 126,240 shares in the company, valued at approximately $7,658,980.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Navin Shenoy sold 2,848 shares of the stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $58.83, for a total transaction of $167,547.84. Following the sale, the executive vice president now owns 77,709 shares of the company’s stock, valued at approximately $4,571,620.47. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,410 shares of company stock valued at $3,411,259. Company insiders own 0.04% of the company’s stock.

Shares of Intel stock traded down $0.82 during trading on Thursday, hitting $57.79. 4,789,072 shares of the stock were exchanged, compared to its average volume of 24,583,088. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.74 and a quick ratio of 1.35. The firm’s 50-day moving average price is $60.85 and its 200 day moving average price is $59.53. The stock has a market cap of $246.88 billion, a price-to-earnings ratio of 11.36, a price-to-earnings-growth ratio of 1.62 and a beta of 0.78. Intel Co. has a 12-month low of $43.63 and a 12-month high of $69.29.

Intel (NASDAQ:INTC) last announced its quarterly earnings results on Thursday, April 23rd. The chip maker reported $1.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.28 by $0.17. Intel had a return on equity of 31.64% and a net margin of 30.02%. The company had revenue of $19.83 billion during the quarter, compared to the consensus estimate of $18.65 billion. During the same period in the previous year, the business earned $0.89 EPS. Intel’s revenue for the quarter was up 23.5% on a year-over-year basis. As a group, research analysts forecast that Intel Co. will post 4.81 earnings per share for the current year.

About Intel

Intel Corporation offers computing, networking, data storage, and communication solutions worldwide. It operates through Client Computing Group, Data Center Group, Internet of Things Group, Non-Volatile Memory Solutions Group, Programmable Solutions Group, and All Other segments. The company offers microprocessors, and system-on-chip and multichip packaging products.

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Institutional Ownership by Quarter for Intel (NASDAQ:INTC)

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