Intel Co. (INTC) Stake Lowered by Glassman Wealth Services
Glassman Wealth Services lowered its stake in Intel Co. (NASDAQ:INTC) by 12.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,882 shares of the chip maker’s stock after selling 2,367 shares during the quarter. Intel accounts for 0.4% of Glassman Wealth Services’ portfolio, making the stock its 28th largest position. Glassman Wealth Services’ holdings in Intel were worth $839,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Dimensional Fund Advisors LP grew its stake in shares of Intel by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 50,906,186 shares of the chip maker’s stock worth $2,651,194,000 after buying an additional 295,380 shares in the last quarter. LSV Asset Management grew its stake in shares of Intel by 1.2% in the 2nd quarter. LSV Asset Management now owns 25,064,455 shares of the chip maker’s stock worth $1,245,954,000 after buying an additional 304,293 shares in the last quarter. Fisher Asset Management LLC grew its stake in shares of Intel by 3.3% in the 2nd quarter. Fisher Asset Management LLC now owns 23,435,777 shares of the chip maker’s stock worth $1,164,993,000 after buying an additional 745,116 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Intel by 9.1% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 15,714,536 shares of the chip maker’s stock worth $781,170,000 after buying an additional 1,308,534 shares in the last quarter. Finally, Swiss National Bank grew its stake in shares of Intel by 3.1% in the 2nd quarter. Swiss National Bank now owns 15,473,602 shares of the chip maker’s stock worth $769,193,000 after buying an additional 458,600 shares in the last quarter. Institutional investors own 64.81% of the company’s stock.
NASDAQ:INTC opened at $47.03 on Thursday. Intel Co. has a one year low of $42.04 and a one year high of $57.60. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.51 and a quick ratio of 1.13. The stock has a market capitalization of $221.71 billion, a PE ratio of 13.59, a price-to-earnings-growth ratio of 1.24 and a beta of 0.88.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, December 1st. Investors of record on Wednesday, November 7th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, November 6th. This represents a $1.20 annualized dividend and a dividend yield of 2.55%. Intel’s dividend payout ratio (DPR) is presently 34.68%.
Intel declared that its board has approved a stock repurchase program on Thursday, November 15th that permits the company to buyback $15.00 billion in shares. This buyback authorization permits the chip maker to reacquire up to 6.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
A number of equities analysts have commented on INTC shares. Citigroup cut shares of Intel from a “buy” rating to a “neutral” rating and set a $64.00 price objective for the company. in a research note on Friday, July 27th. Bank of America cut shares of Intel from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $62.00 to $56.00 in a research note on Friday, July 27th. KeyCorp dropped their price objective on shares of Intel from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Friday, July 27th. Wells Fargo & Co dropped their price target on shares of Intel from $65.00 to $58.00 and set a “positive” rating for the company in a research note on Friday, July 27th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Intel in a research note on Friday, July 27th. Six research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twenty-two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $55.56.
In related news, EVP Steven Ralph Rodgers sold 2,235 shares of the business’s stock in a transaction that occurred on Friday, October 26th. The shares were sold at an average price of $45.66, for a total transaction of $102,050.10. Following the completion of the transaction, the executive vice president now owns 30,324 shares in the company, valued at approximately $1,384,593.84. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Kevin Thomas Mcbride sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 30th. The stock was sold at an average price of $45.53, for a total transaction of $295,945.00. Following the transaction, the vice president now owns 14,271 shares of the company’s stock, valued at approximately $649,758.63. The disclosure for this sale can be found here. Insiders own 0.03% of the company’s stock.
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Intel Company Profile
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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