Zacks Investment Research Lowers Intel Corporation (INTC) to Hold

Zacks Investment Research cut shares of Intel Corporation (NASDAQ:INTC) from a buy rating to a hold rating in a report released on Tuesday morning.

According to Zacks, “Intel’s growing focus on the data-centric part of the business is positive. The launch of Xeon Scalable is anticipated to improve its footprint in the data center as well as AI space, going forward. The company recently unveiled Myriad X, which will boost footprint in the IoT space. Moreover, the recent Core 8 launch will boost PC market share amid intensifying competition from AMD. We note that the top-PC makers like HP, Lenovo, and Asus are set to launch PCs based on Qualcomm’s ARM-based Snapdragon processor, which is a headwind for the company. Further, anticipated improvement in cost structure and lower spending, primarily due to improving operational efficiency will aid in expansion of margins going forward. Additionally, aggressive share buyback will boost the bottom line in 2017. However, we note that Intel has underperformed the industry on a year-to-date basis. Moreover, declining PC-shipments is a concern.”

A number of other brokerages also recently weighed in on INTC. J P Morgan Chase & Co reiterated an overweight rating on shares of Intel Corporation in a research report on Thursday, September 14th. Canaccord Genuity restated a hold rating and set a $38.00 price objective on shares of Intel Corporation in a report on Monday, September 11th. Robert W. Baird restated an outperform rating and set a $45.00 price objective on shares of Intel Corporation in a report on Tuesday, September 5th. ValuEngine downgraded shares of Intel Corporation from a buy rating to a hold rating in a research note on Friday, September 1st. Finally, Royal Bank Of Canada reaffirmed a sector perform rating on shares of Intel Corporation in a research note on Thursday, August 31st. Five research analysts have rated the stock with a sell rating, fifteen have given a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the stock. Intel Corporation currently has a consensus rating of Hold and an average price target of $40.57.

Shares of Intel Corporation (NASDAQ:INTC) traded down 0.05% on Tuesday, hitting $37.18. 21,631,754 shares of the company’s stock traded hands. Intel Corporation has a 1-year low of $33.23 and a 1-year high of $38.45. The company has a market cap of $174.71 billion, a price-to-earnings ratio of 14.19 and a beta of 1.02. The firm’s 50-day moving average price is $35.74 and its 200 day moving average price is $35.53.

Intel Corporation (NASDAQ:INTC) last issued its earnings results on Thursday, July 27th. The chip maker reported $0.72 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.04. The firm had revenue of $14.76 billion for the quarter, compared to analysts’ expectations of $14.39 billion. Intel Corporation had a return on equity of 21.86% and a net margin of 20.60%. The company’s revenue was up 9.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.59 earnings per share. On average, equities research analysts expect that Intel Corporation will post $3.01 earnings per share for the current year.

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The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Tuesday, November 7th will be issued a dividend of $0.2725 per share. This represents a $1.09 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date of this dividend is Monday, November 6th. Intel Corporation’s payout ratio is 41.76%.

In other news, CEO Brian M. Krzanich sold 72,173 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $33.69, for a total transaction of $2,431,508.37. Following the completion of the transaction, the chief executive officer now directly owns 534,746 shares in the company, valued at $18,015,592.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Venkata S. M. Renduchintala sold 1,424 shares of the firm’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $36.40, for a total value of $51,833.60. Following the transaction, the insider now owns 1,536 shares of the company’s stock, valued at $55,910.40. The disclosure for this sale can be found here. Insiders have sold 91,921 shares of company stock valued at $3,130,162 in the last ninety days. Insiders own 0.08% of the company’s stock.

Several institutional investors have recently bought and sold shares of the stock. Janus Henderson Group PLC raised its holdings in Intel Corporation by 4,951.1% during the 2nd quarter. Janus Henderson Group PLC now owns 20,455,051 shares of the chip maker’s stock worth $690,156,000 after purchasing an additional 20,050,088 shares during the last quarter. Capital Research Global Investors lifted its position in shares of Intel Corporation by 9.1% in the 2nd quarter. Capital Research Global Investors now owns 128,581,621 shares of the chip maker’s stock worth $4,338,344,000 after purchasing an additional 10,744,753 shares during the period. Capital World Investors lifted its position in shares of Intel Corporation by 5.5% in the 2nd quarter. Capital World Investors now owns 197,750,361 shares of the chip maker’s stock worth $6,672,097,000 after purchasing an additional 10,257,260 shares during the period. Vanguard Group Inc. lifted its position in shares of Intel Corporation by 2.5% in the 2nd quarter. Vanguard Group Inc. now owns 333,500,073 shares of the chip maker’s stock worth $11,252,292,000 after purchasing an additional 8,087,302 shares during the period. Finally, Glenview Capital Management LLC acquired a new position in shares of Intel Corporation in the 1st quarter worth approximately $177,881,000. 67.03% of the stock is currently owned by institutional investors.

Intel Corporation Company Profile

Intel Corporation is engaged in designing and manufacturing products and technologies, such as the cloud. The Company’s segments are Client Computing Group (CCG), Data Center Group (DCG), Internet of Things Group (IOTG), Non-Volatile Memory Solutions Group (NSG), Intel Security Group (ISecG), Programmable Solutions Group (PSG), All Other and New Technology Group (NTG).

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Analyst Recommendations for Intel Corporation (NASDAQ:INTC)

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