Parnassus Investments LLC Sells 20,481,555 Shares of Intel Co. (NASDAQ:INTC)

Parnassus Investments LLC lowered its holdings in shares of Intel Co. (NASDAQ:INTC) by 88.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,642,083 shares of the chip maker’s stock after selling 20,481,555 shares during the quarter. Parnassus Investments LLC’s holdings in Intel were worth $61,983,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of INTC. America First Investment Advisors LLC acquired a new stake in shares of Intel in the second quarter worth about $25,000. Cyrus J. Lawrence LLC bought a new position in shares of Intel in the 2nd quarter valued at approximately $27,000. Spartan Fund Management Inc. acquired a new stake in Intel in the 2nd quarter worth approximately $31,000. Financial Connections Group Inc. bought a new stake in Intel during the second quarter worth approximately $32,000. Finally, Triad Wealth Partners LLC bought a new stake in Intel during the second quarter worth approximately $33,000. Institutional investors and hedge funds own 64.53% of the company’s stock.

Insider Buying and Selling

In related news, EVP Michelle Johnston Holthaus sold 25,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $26.00, for a total transaction of $650,000.00. Following the transaction, the executive vice president now owns 273,258 shares in the company, valued at $7,104,708. This represents a 8.38 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.04% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. HSBC cut shares of Intel from a “hold” rating to a “reduce” rating in a research note on Friday, August 2nd. Robert W. Baird boosted their target price on shares of Intel from $20.00 to $25.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Morgan Stanley lowered their price target on Intel from $36.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Northland Securities cut their price objective on Intel from $42.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Finally, Argus lowered Intel from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Six research analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Intel presently has a consensus rating of “Hold” and an average price target of $30.12.

Intel Stock Up 2.0 %

Shares of NASDAQ:INTC opened at $24.84 on Tuesday. The company’s fifty day moving average is $22.80 and its 200-day moving average is $26.26. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.97 and a current ratio of 1.31. Intel Co. has a 52 week low of $18.51 and a 52 week high of $51.28. The company has a market capitalization of $107.13 billion, a PE ratio of -6.68 and a beta of 1.03.

Intel (NASDAQ:INTC) last released its quarterly earnings results on Thursday, October 31st. The chip maker reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.44). The firm had revenue of $13.30 billion during the quarter, compared to analyst estimates of $13.02 billion. Intel had a negative net margin of 29.42% and a negative return on equity of 1.71%. Intel’s quarterly revenue was down 6.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.28 earnings per share. Equities research analysts predict that Intel Co. will post -0.83 earnings per share 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.