State of Michigan Retirement System Sells 742,800 Shares of Intel Co. (NASDAQ:INTC)

State of Michigan Retirement System lowered its holdings in Intel Co. (NASDAQ:INTC) by 32.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,556,383 shares of the chip maker’s stock after selling 742,800 shares during the quarter. State of Michigan Retirement System’s holdings in Intel were worth $31,205,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in INTC. Farther Finance Advisors LLC increased its stake in Intel by 32.6% in the third quarter. Farther Finance Advisors LLC now owns 54,872 shares of the chip maker’s stock valued at $1,287,000 after acquiring an additional 13,496 shares during the period. Chicago Partners Investment Group LLC increased its stake in Intel by 1.5% in the third quarter. Chicago Partners Investment Group LLC now owns 49,197 shares of the chip maker’s stock valued at $1,081,000 after acquiring an additional 721 shares during the period. Harbor Capital Advisors Inc. increased its stake in Intel by 6.3% in the third quarter. Harbor Capital Advisors Inc. now owns 55,271 shares of the chip maker’s stock valued at $1,297,000 after acquiring an additional 3,272 shares during the period. Angeles Wealth Management LLC grew its stake in Intel by 35.6% during the third quarter. Angeles Wealth Management LLC now owns 11,844 shares of the chip maker’s stock worth $278,000 after buying an additional 3,111 shares during the last quarter. Finally, Forum Financial Management LP grew its stake in Intel by 11.3% during the third quarter. Forum Financial Management LP now owns 73,610 shares of the chip maker’s stock worth $1,727,000 after buying an additional 7,501 shares during the last quarter. Institutional investors own 64.53% of the company’s stock.

Wall Street Analyst Weigh In

INTC has been the topic of several research analyst reports. Hsbc Global Res raised shares of Intel from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, January 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Intel in a research note on Friday, January 31st. Truist Financial decreased their price objective on shares of Intel from $22.00 to $21.00 and set a “hold” rating on the stock in a research note on Friday, January 31st. Stifel Nicolaus decreased their price objective on shares of Intel from $25.00 to $21.00 and set a “hold” rating on the stock in a research note on Friday, January 31st. Finally, Citigroup decreased their price objective on shares of Intel from $22.00 to $21.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 21st. Five research analysts have rated the stock with a sell rating, twenty-seven have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Intel presently has an average rating of “Hold” and an average price target of $26.88.

Intel Trading Down 4.2 %

INTC opened at $22.74 on Tuesday. The stock has a market capitalization of $98.46 billion, a P/E ratio of -5.19 and a beta of 1.08. Intel Co. has a 12 month low of $18.51 and a 12 month high of $46.63. The firm’s fifty day simple moving average is $21.26 and its 200 day simple moving average is $21.82. The company has a current ratio of 1.33, a quick ratio of 0.98 and a debt-to-equity ratio of 0.44.

Intel (NASDAQ:INTC) last posted its quarterly earnings data on Thursday, January 30th. The chip maker reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.12 by ($0.14). Intel had a negative net margin of 35.32% and a negative return on equity of 3.27%. As a group, research analysts anticipate that Intel Co. will post -0.11 EPS for the current fiscal year.

About Intel

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.