Intel Corporation (INTC) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Intel Corporation (NASDAQ:INTC) from a hold rating to a buy rating in a research note issued to investors on Friday morning. Zacks Investment Research currently has $42.00 target price on the chip maker’s stock.
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.”
A number of other analysts have also weighed in on INTC. ValuEngine lowered shares of Intel Corporation from a buy rating to a hold rating in a research note on Friday, September 1st. Vetr raised shares of Intel Corporation from a buy rating to a strong-buy rating and set a $41.56 price objective for the company in a research note on Thursday, August 24th. Credit Suisse Group reaffirmed an outperform rating on shares of Intel Corporation in a research note on Thursday, August 31st. BidaskClub raised shares of Intel Corporation from a sell rating to a hold rating in a research note on Tuesday, August 1st. Finally, Royal Bank Of Canada reaffirmed a sell rating on shares of Intel Corporation in a research note on Thursday, August 24th. Five investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $40.57.
Intel Corporation (NASDAQ INTC) traded down 0.05% during midday trading on Friday, hitting $37.18. 21,631,754 shares of the stock traded hands. The company has a market cap of $174.71 billion, a price-to-earnings ratio of 14.19 and a beta of 1.02. Intel Corporation has a 52-week low of $33.23 and a 52-week high of $38.45. The firm’s 50-day moving average is $35.74 and its 200-day moving average is $35.53.
Intel Corporation (NASDAQ:INTC) last posted its quarterly earnings results on Thursday, July 27th. The chip maker reported $0.72 EPS for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.04. The firm had revenue of $14.76 billion for the quarter, compared to analysts’ expectations of $14.39 billion. Intel Corporation had a net margin of 20.60% and a return on equity of 21.86%. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.59 earnings per share. Analysts predict that Intel Corporation will post $3.01 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, November 7th will be given a dividend of $0.2725 per share. The ex-dividend date is Monday, November 6th. This represents a $1.09 dividend on an annualized basis and a yield of 2.93%. Intel Corporation’s payout ratio is 41.76%.
In other 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 transaction, the insider now directly owns 1,536 shares in the company, valued at $55,910.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brian M. Krzanich sold 72,173 shares of Intel Corporation stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $33.69, for a total value of $2,431,508.37. Following the completion of the transaction, the chief executive officer now owns 534,746 shares in the company, valued at $18,015,592.74. The disclosure for this sale can be found here. In the last three months, insiders have sold 91,921 shares of company stock valued at $3,130,162. Insiders own 0.08% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Watermark Asset Management Inc. bought a new position in Intel Corporation during the first quarter valued at about $113,000. Acrospire Investment Management LLC grew its stake in shares of Intel Corporation by 111.8% in the 2nd quarter. Acrospire Investment Management LLC now owns 3,600 shares of the chip maker’s stock valued at $121,000 after purchasing an additional 1,900 shares during the period. Mitsubishi UFJ Securities Holdings Co. Ltd. grew its stake in shares of Intel Corporation by 53.0% in the 1st quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 4,040 shares of the chip maker’s stock valued at $146,000 after purchasing an additional 1,400 shares during the period. Orrstown Financial Services Inc. grew its stake in shares of Intel Corporation by 23.0% in the 2nd quarter. Orrstown Financial Services Inc. now owns 4,582 shares of the chip maker’s stock valued at $155,000 after purchasing an additional 857 shares during the period. Finally, Winfield Associates Inc. grew its stake in shares of Intel Corporation by 6.0% in the 2nd quarter. Winfield Associates Inc. now owns 4,651 shares of the chip maker’s stock valued at $156,000 after purchasing an additional 265 shares during the period. Institutional investors and hedge funds own 67.03% of the company’s stock.
About Intel Corporation
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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