State of Michigan Retirement System Boosts Holdings in Intel Co. (NASDAQ:INTC)

State of Michigan Retirement System grew its stake in shares of Intel Co. (NASDAQ:INTC) by 0.3% during the 1st quarter, Holdings Channel.com reports. The firm owned 1,474,283 shares of the chip maker’s stock after acquiring an additional 4,200 shares during the period. State of Michigan Retirement System’s holdings in Intel were worth $65,119,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. New Millennium Group LLC grew its holdings in Intel by 87.2% in the 4th quarter. New Millennium Group LLC now owns 496 shares of the chip maker’s stock valued at $25,000 after buying an additional 231 shares during the period. Frazier Financial Advisors LLC acquired a new position in shares of Intel in the 4th quarter valued at approximately $27,000. Burkett Financial Services LLC acquired a new stake in Intel in the fourth quarter worth $27,000. Tributary Capital Management LLC bought a new position in shares of Intel in the first quarter worth $27,000. Finally, Raleigh Capital Management Inc. grew its stake in shares of Intel by 62.8% in the third quarter. Raleigh Capital Management Inc. now owns 938 shares of the chip maker’s stock worth $33,000 after purchasing an additional 362 shares in the last quarter. Institutional investors and hedge funds own 64.53% of the company’s stock.

Insider Transactions at Intel

In related news, CEO Patrick P. Gelsinger acquired 4,100 shares of the stock in a transaction on Wednesday, May 1st. The stock was acquired at an average cost of $30.29 per share, for a total transaction of $124,189.00. Following the completion of the acquisition, the chief executive officer now directly owns 39,375 shares of the company’s stock, valued at approximately $1,192,668.75. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Patrick P. Gelsinger bought 4,100 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were bought at an average price of $30.29 per share, for a total transaction of $124,189.00. Following the purchase, the chief executive officer now owns 39,375 shares in the company, valued at $1,192,668.75. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Patrick P. Gelsinger purchased 4,000 shares of the firm’s stock in a transaction on Monday, April 29th. The stock was bought at an average price of $31.42 per share, for a total transaction of $125,680.00. Following the purchase, the chief executive officer now owns 35,275 shares in the company, valued at $1,108,340.50. The disclosure for this purchase can be found here. 0.04% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

INTC has been the subject of several research analyst reports. Wedbush reduced their price objective on Intel from $40.00 to $32.50 and set a “neutral” rating for the company in a research note on Friday, April 26th. Sanford C. Bernstein cut their target price on Intel from $42.00 to $35.00 and set a “market perform” rating for the company in a research report on Friday, April 26th. Evercore ISI cut their price target on Intel from $40.00 to $36.00 and set an “in-line” rating on the stock in a research note on Friday, April 26th. The Goldman Sachs Group lowered their price target on Intel from $34.00 to $30.00 and set a “sell” rating for the company in a report on Thursday, May 9th. Finally, StockNews.com raised Intel from a “sell” rating to a “hold” rating in a research report on Tuesday, June 18th. Three research analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Intel has a consensus rating of “Hold” and an average price target of $39.58.

Intel Price Performance

INTC traded up $0.23 during trading on Tuesday, reaching $31.07. The stock had a trading volume of 35,970,294 shares, compared to its average volume of 46,633,656. The stock has a market cap of $132.26 billion, a PE ratio of 32.36, a PEG ratio of 14.76 and a beta of 1.05. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.14 and a current ratio of 1.57. Intel Co. has a one year low of $29.73 and a one year high of $51.28. The business has a 50-day moving average of $31.01 and a 200-day moving average of $39.36.

Intel (NASDAQ:INTC) last released its earnings results on Thursday, April 25th. The chip maker reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). Intel had a net margin of 7.36% and a return on equity of 2.19%. The firm had revenue of $12.72 billion during the quarter, compared to the consensus estimate of $12.76 billion. As a group, equities research analysts anticipate that Intel Co. will post 0.09 EPS for the current fiscal year.

Intel Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Tuesday, May 7th were paid a dividend of $0.125 per share. The ex-dividend date was Monday, May 6th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.61%. Intel’s dividend payout ratio (DPR) is currently 52.08%.

Intel 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.