Cornerstone Wealth Group LLC Sells 968 Shares of Intel Co. (NASDAQ:INTC)

Cornerstone Wealth Group LLC lowered its stake in shares of Intel Co. (NASDAQ:INTC) by 3.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,511 shares of the chip maker’s stock after selling 968 shares during the period. Cornerstone Wealth Group LLC’s holdings in Intel were worth $692,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Pinnacle Associates Ltd. raised its position in shares of Intel by 47.8% during the third quarter. Pinnacle Associates Ltd. now owns 358,202 shares of the chip maker’s stock valued at $8,403,000 after buying an additional 115,779 shares during the last quarter. Adell Harriman & Carpenter Inc. raised its position in shares of Intel by 4.6% during the third quarter. Adell Harriman & Carpenter Inc. now owns 24,346 shares of the chip maker’s stock valued at $571,000 after buying an additional 1,070 shares during the last quarter. Childress Capital Advisors LLC raised its position in shares of Intel by 63.9% during the third quarter. Childress Capital Advisors LLC now owns 15,098 shares of the chip maker’s stock valued at $354,000 after buying an additional 5,887 shares during the last quarter. Deltec Asset Management LLC bought a new stake in shares of Intel during the third quarter valued at approximately $566,000. Finally, Valmark Advisers Inc. grew its holdings in shares of Intel by 10.2% in the third quarter. Valmark Advisers Inc. now owns 10,317 shares of the chip maker’s stock valued at $242,000 after purchasing an additional 957 shares in the last quarter. Institutional investors own 64.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Truist Financial cut their target price on shares of Intel from $33.00 to $25.00 and set a “hold” rating for the company in a report on Friday, August 2nd. Bank of America lowered shares of Intel from a “neutral” rating to an “underperform” rating and cut their target price for the company from $35.00 to $23.00 in a report on Friday, August 2nd. HSBC lowered shares of Intel from a “hold” rating to a “reduce” rating in a report on Friday, August 2nd. Argus lowered shares of Intel from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Intel from $27.00 to $25.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Six investment analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $30.80.

Insider Transactions at Intel

In other Intel news, CEO Patrick P. Gelsinger purchased 12,500 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were acquired at an average price of $20.16 per share, for a total transaction of $252,000.00. Following the completion of the purchase, the chief executive officer now owns 37,975 shares of the company’s stock, valued at approximately $765,576. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.04% of the company’s stock.

Intel Stock Performance

Shares of Intel stock opened at $21.52 on Friday. The company has a market capitalization of $91.61 billion, a PE ratio of 22.42 and a beta of 1.03. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.24 and a current ratio of 1.59. The company has a 50-day simple moving average of $21.74 and a two-hundred day simple moving average of $27.12. Intel Co. has a one year low of $18.51 and a one year high of $51.28.

Intel (NASDAQ:INTC) last announced its earnings results on Thursday, August 1st. The chip maker reported $0.02 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $12.92 billion. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. The business’s revenue for the quarter was down .8% compared to the same quarter last year. Research analysts expect that Intel Co. will post -0.47 EPS for the current fiscal year.

Intel Company Profile

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