Wedge Capital Management L L P NC increased its holdings in shares of Intel Co. (NASDAQ:INTC) by 8,542.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 783,465 shares of the chip maker’s stock after acquiring an additional 774,400 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Intel were worth $46,890,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in the stock. Centric Wealth Management grew its position in Intel by 18.9% during the 3rd quarter. Centric Wealth Management now owns 13,448 shares of the chip maker’s stock worth $664,000 after acquiring an additional 2,137 shares during the last quarter. RBA Wealth Management LLC raised its position in Intel by 1.9% in the 3rd quarter. RBA Wealth Management LLC now owns 50,623 shares of the chip maker’s stock valued at $2,609,000 after purchasing an additional 920 shares during the last quarter. M&R Capital Management Inc. raised its position in Intel by 12.1% in the 3rd quarter. M&R Capital Management Inc. now owns 21,314 shares of the chip maker’s stock valued at $1,096,000 after purchasing an additional 2,300 shares during the last quarter. Clean Yield Group boosted its stake in Intel by 329.4% in the third quarter. Clean Yield Group now owns 11,689 shares of the chip maker’s stock worth $602,000 after purchasing an additional 8,967 shares in the last quarter. Finally, Ambassador Advisors LLC bought a new stake in shares of Intel during the third quarter worth $216,000. Hedge funds and other institutional investors own 65.28% of the company’s stock.
INTC has been the topic of several research reports. Northland Securities reiterated a “buy” rating and set a $69.00 price target on shares of Intel in a research report on Tuesday, November 5th. Morgan Stanley raised their price objective on shares of Intel from $65.00 to $66.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Robert W. Baird boosted their target price on shares of Intel from $65.00 to $70.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. BMO Capital Markets boosted their target price on shares of Intel from $50.00 to $53.00 and gave the stock a “market perform” rating in a research note on Friday, October 25th. Finally, Nomura reissued a “buy” rating on shares of Intel in a report on Tuesday, December 17th. Eight equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. Intel currently has a consensus rating of “Hold” and an average target price of $56.66.
Intel (NASDAQ:INTC) last issued its earnings results on Thursday, October 24th. The chip maker reported $1.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.24 by $0.18. Intel had a net margin of 27.46% and a return on equity of 28.28%. The business had revenue of $19.19 billion during the quarter, compared to the consensus estimate of $18.07 billion. During the same period last year, the business posted $1.40 EPS. Intel’s revenue was up .1% on a year-over-year basis. Sell-side analysts predict that Intel Co. will post 4.61 EPS for the current fiscal year.
Intel announced that its board has initiated a share repurchase program on Thursday, October 24th that authorizes the company to buyback $20.00 billion in shares. This buyback authorization authorizes the chip maker to reacquire up to 8.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
In other Intel news, EVP Navin Shenoy sold 1,404 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $55.94, for a total value of $78,539.76. Following the transaction, the executive vice president now directly owns 58,168 shares in the company, valued at $3,253,917.92. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James J. Goetz acquired 86,500 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was bought at an average cost of $58.24 per share, for a total transaction of $5,037,760.00. Following the completion of the transaction, the director now directly owns 137,720 shares of the company’s stock, valued at $8,020,812.80. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 81,284 shares of company stock valued at $4,517,194. Insiders own 0.02% of the company’s stock.
Intel Company Profile
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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