Davis Selected Advisers Reduces Position in Intel Co. (NASDAQ:INTC)

Posted by Jared Coughlin on May 26th, 2023

Davis Selected Advisers lessened its position in shares of Intel Co. (NASDAQ:INTC – Get Rating) by 3.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,262,103 shares of the chip maker’s stock after selling 428,383 shares during the quarter. Intel comprises 2.0% of Davis Selected Advisers’ investment portfolio, making the stock its 19th biggest holding. Davis Selected Advisers owned about 0.27% of Intel worth $297,657,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of INTC. O Dell Group LLC boosted its stake in shares of Intel by 258.1% in the third quarter. O Dell Group LLC now owns 974 shares of the chip maker’s stock valued at $25,000 after buying an additional 702 shares in the last quarter. Marshall & Sullivan Inc. WA acquired a new position in Intel during the fourth quarter worth $26,000. Mach 1 Financial Group LLC acquired a new position in Intel during the third quarter worth $29,000. Red Tortoise LLC acquired a new position in Intel during the fourth quarter worth $29,000. Finally, Phocas Financial Corp. acquired a new position in Intel during the fourth quarter worth $33,000. 59.48% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Intel

In other Intel news, CEO Patrick P. Gelsinger purchased 8,200 shares of the business’s stock in a transaction dated Monday, May 1st. The shares were bought at an average price of $30.41 per share, for a total transaction of $249,362.00. Following the completion of the acquisition, the chief executive officer now owns 138,265 shares in the company, valued at $4,204,638.65. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.04% of the company’s stock.

Wall Street Analysts Forecast Growth

INTC has been the subject of several research reports. Barclays lifted their price objective on Intel from $27.00 to $30.00 in a report on Friday, April 28th. The Goldman Sachs Group set a $24.00 price objective on Intel in a research report on Friday, January 27th. Raymond James lifted their price objective on Intel from $33.00 to $35.00 and gave the company an “outperform” rating in a research report on Thursday, March 30th. Susquehanna lifted their price objective on Intel from $31.00 to $33.00 and gave the company a “neutral” rating in a research report on Thursday, April 20th. Finally, Sanford C. Bernstein raised Intel from an “underperform” rating to a “market perform” rating and boosted their price target for the company from $20.00 to $30.00 in a research report on Monday, April 3rd. Eight equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Intel has an average rating of “Hold” and an average target price of $31.52.

Intel Trading Up 4.2 %

NASDAQ:INTC traded up $1.16 during trading hours on Friday, hitting $28.56. 39,631,116 shares of the stock were exchanged, compared to its average volume of 43,439,586. The company’s 50 day moving average is $30.48 and its two-hundred day moving average is $28.96. Intel Co. has a twelve month low of $24.59 and a twelve month high of $44.93. The company has a quick ratio of 1.29, a current ratio of 1.76 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $119.12 billion, a P/E ratio of -40.29, a price-to-earnings-growth ratio of 14.52 and a beta of 0.88.

Intel (NASDAQ:INTC – Get Rating) last issued its earnings results on Thursday, April 27th. The chip maker reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.12. Intel had a negative net margin of 5.06% and a positive return on equity of 3.06%. The business had revenue of $11.72 billion during the quarter, compared to the consensus estimate of $11.13 billion. During the same period last year, the business posted $0.87 EPS. Intel’s revenue was down 36.2% on a year-over-year basis. On average, sell-side analysts anticipate that Intel Co. will post 0.41 earnings per share for the current fiscal year.

About Intel

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Intel Corp. engages in the design, manufacture, and sale of computer products and technologies. It delivers computer, networking, data storage, and communications platforms. The firm operates through the following segments: Client Computing Group (CCG), Data Center and AI (DCAI), Network and Edge (NEX), Mobileye, Accelerated Computing Systems and Graphics (AXG), Intel Foundry Services (IFS), and All Other.