Primecap Management Co. CA Lowers Stock Holdings in Intel Co. (NASDAQ:INTC)

Primecap Management Co. CA lessened its stake in shares of Intel Co. (NASDAQ:INTC) by 0.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 77,267,112 shares of the chip maker’s stock after selling 555,475 shares during the period. Intel makes up about 1.3% of Primecap Management Co. CA’s investment portfolio, making the stock its 19th largest holding. Primecap Management Co. CA owned 1.79% of Intel worth $1,812,686,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Van ECK Associates Corp lifted its stake in Intel by 27.2% during the 3rd quarter. Van ECK Associates Corp now owns 44,013,936 shares of the chip maker’s stock valued at $967,426,000 after acquiring an additional 9,422,136 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Intel by 6.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 39,841,750 shares of the chip maker’s stock worth $1,759,811,000 after buying an additional 2,457,243 shares during the period. Legal & General Group Plc raised its stake in Intel by 1.3% during the 2nd quarter. Legal & General Group Plc now owns 37,513,226 shares of the chip maker’s stock worth $1,161,779,000 after acquiring an additional 487,191 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Intel by 2.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 24,512,863 shares of the chip maker’s stock valued at $759,127,000 after buying an additional 656,583 shares in the last quarter. Finally, Capital World Investors boosted its stake in shares of Intel by 7.8% in the first quarter. Capital World Investors now owns 15,457,442 shares of the chip maker’s stock worth $682,755,000 after acquiring an additional 1,116,142 shares during the period. Hedge funds and other institutional investors own 64.53% of the company’s stock.

Intel Stock Performance

Intel stock opened at $24.01 on Thursday. 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 12 month low of $18.51 and a 12 month high of $51.28. The business has a 50 day simple moving average of $23.00 and a 200-day simple moving average of $26.20.

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

Analyst Upgrades and Downgrades

Several research firms have commented on INTC. Mizuho increased their price objective on shares of Intel from $22.00 to $23.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Wedbush cut their target price on Intel from $32.50 to $25.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Rosenblatt Securities reaffirmed a “sell” rating and issued a $17.00 price target on shares of Intel in a research note on Tuesday, October 29th. Bank of America downgraded Intel from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $35.00 to $23.00 in a report on Friday, August 2nd. Finally, TD Cowen upgraded shares of Intel to a “hold” rating in a report on Monday, September 16th. Six analysts have rated the stock with a sell rating, twenty-five have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $30.12.

Insider Activity at Intel

In other news, EVP Michelle Johnston Holthaus sold 25,000 shares of Intel 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 completion of the sale, the executive vice president now directly owns 273,258 shares in the company, valued at $7,104,708. The trade was a 8.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.04% of the stock is owned by corporate insiders.

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.