Stone Ridge Asset Management LLC Reduces Position in Intel Co. (INTC)
Stone Ridge Asset Management LLC cut its position in shares of Intel Co. (NASDAQ:INTC) by 74.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 92,815 shares of the chip maker’s stock after selling 270,069 shares during the period. Stone Ridge Asset Management LLC’s holdings in Intel were worth $4,389,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its position in Intel by 1.1% during the second quarter. Dimensional Fund Advisors LP now owns 51,466,042 shares of the chip maker’s stock valued at $2,558,294,000 after purchasing an additional 559,856 shares during the period. LSV Asset Management raised its position in Intel by 1.2% during the second quarter. LSV Asset Management now owns 25,064,455 shares of the chip maker’s stock valued at $1,245,954,000 after purchasing an additional 304,293 shares during the period. Fisher Asset Management LLC raised its position in Intel by 3.1% during the third quarter. Fisher Asset Management LLC now owns 24,155,799 shares of the chip maker’s stock valued at $1,142,328,000 after purchasing an additional 720,022 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its position in Intel by 9.1% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 15,714,536 shares of the chip maker’s stock valued at $781,170,000 after purchasing an additional 1,308,534 shares during the period. Finally, Swiss National Bank raised its position in Intel by 3.1% during the second quarter. Swiss National Bank now owns 15,473,602 shares of the chip maker’s stock valued at $769,193,000 after purchasing an additional 458,600 shares during the period. 66.38% of the stock is owned by institutional investors.
INTC traded up $0.26 during trading on Monday, hitting $49.10. 243,590 shares of the stock were exchanged, compared to its average volume of 28,760,524. The company has a quick ratio of 1.30, a current ratio of 1.73 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $228.49 billion, a P/E ratio of 10.72, a PEG ratio of 1.29 and a beta of 0.74. Intel Co. has a 1 year low of $42.04 and a 1 year high of $57.60.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Thursday, February 7th will be given a dividend of $0.315 per share. This represents a $1.26 annualized dividend and a yield of 2.57%. The ex-dividend date of this dividend is Wednesday, February 6th. This is a boost from Intel’s previous quarterly dividend of $0.30. Intel’s dividend payout ratio (DPR) is 27.51%.
Intel announced that its Board of Directors has initiated a stock repurchase plan on Thursday, November 15th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the chip maker to reacquire up to 6.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
A number of equities research analysts have issued reports on INTC shares. Royal Bank of Canada restated a “neutral” rating and set a $55.00 price objective on shares of Intel in a research report on Wednesday, January 23rd. Nomura restated a “buy” rating and set a $55.00 price objective on shares of Intel in a research report on Wednesday, November 7th. BidaskClub downgraded Intel from a “buy” rating to a “hold” rating in a research report on Thursday, January 17th. Goldman Sachs Group reiterated a “sell” rating and issued a $44.00 price target on shares of Intel in a report on Tuesday, January 8th. Finally, Citigroup reiterated a “buy” rating and issued a $54.00 price target (up from $50.00) on shares of Intel in a report on Friday, January 11th. Six analysts have rated the stock with a sell rating, fifteen have given a hold rating and eighteen have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $53.76.
In other Intel news, EVP Navin Shenoy sold 4,522 shares of the stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $50.00, for a total transaction of $226,100.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Robert Holmes Swan bought 5,117 shares of the company’s stock in a transaction on Thursday, November 29th. The shares were bought at an average cost of $48.30 per share, for a total transaction of $247,151.10. Following the transaction, the chief executive officer now directly owns 131,839 shares in the company, valued at approximately $6,367,823.70. The disclosure for this purchase can be found here. Insiders have sold a total of 18,039 shares of company stock worth $870,162 in the last ninety days. Insiders own 0.03% of the company’s stock.
Intel Company Profile
Intel Corporation offers computing, networking, data storage, and communication solutions worldwide. It operates through Client Computing Group, Data Center Group, Internet of Things Group, Non-Volatile Memory Solutions Group, Programmable Solutions Group, and All Other segments. The company offers microprocessors, and system-on-chip and multichip packaging products.
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