Burke & Herbert Bank & Trust Co. Sells 2,820 Shares of Intel Co. (NASDAQ:INTC)

Burke & Herbert Bank & Trust Co. cut its position in shares of Intel Co. (NASDAQ:INTC) by 10.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,279 shares of the chip maker’s stock after selling 2,820 shares during the period. Burke & Herbert Bank & Trust Co.’s holdings in Intel were worth $778,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp grew its stake in shares of Intel by 0.8% during the first quarter. State Street Corp now owns 179,319,417 shares of the chip maker’s stock valued at $5,858,347,000 after buying an additional 1,447,881 shares during the last quarter. Geode Capital Management LLC increased its holdings in Intel by 0.6% during the 1st quarter. Geode Capital Management LLC now owns 82,728,971 shares of the chip maker’s stock worth $2,696,916,000 after purchasing an additional 512,209 shares during the period. Morgan Stanley raised its position in Intel by 29.8% during the 4th quarter. Morgan Stanley now owns 53,342,230 shares of the chip maker’s stock valued at $1,409,835,000 after purchasing an additional 12,241,200 shares in the last quarter. Moneta Group Investment Advisors LLC grew its position in shares of Intel by 100,953.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 51,133,863 shares of the chip maker’s stock worth $1,351,468,000 after buying an additional 51,083,262 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Intel during the 4th quarter worth $1,092,939,000. 60.84% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on INTC. Barclays boosted their price objective on shares of Intel from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Friday, July 28th. Needham & Company LLC upped their target price on Intel from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, July 28th. Mizuho lifted their price objective on shares of Intel from $33.00 to $36.00 and gave the stock a “neutral” rating in a research note on Friday, July 28th. Truist Financial lifted their price objective on shares of Intel from $32.00 to $37.00 and gave the stock a “hold” rating in a research note on Friday, July 28th. Finally, 22nd Century Group reiterated a “reiterates” rating on shares of Intel in a research note on Wednesday, May 31st. Six equities research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $33.55.

Intel Price Performance

Shares of NASDAQ:INTC traded up $0.43 during trading on Monday, reaching $38.31. The stock had a trading volume of 14,562,964 shares, compared to its average volume of 43,061,090. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.15 and a current ratio of 1.60. Intel Co. has a 1-year low of $24.59 and a 1-year high of $40.07. The stock has a market cap of $160.44 billion, a PE ratio of -174.36 and a beta of 0.89. The business has a fifty day moving average price of $35.00 and a 200-day moving average price of $32.28.

Intel (NASDAQ:INTC) last released its earnings results on Thursday, July 27th. The chip maker reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.14. The business had revenue of $12.95 billion during the quarter, compared to analyst estimates of $12.03 billion. Intel had a negative net margin of 1.71% and a positive return on equity of 1.70%. On average, equities analysts forecast that Intel Co. will post -0.11 earnings per share for the current fiscal year.

Intel Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Monday, August 7th were given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date of this dividend was Friday, August 4th. Intel’s dividend payout ratio (DPR) is -227.27%.

Insider Activity

In related news, CEO Patrick P. Gelsinger acquired 3,250 shares of the stock in a transaction on Monday, July 31st. The shares were bought at an average price of $35.87 per share, with a total value of $116,577.50. Following the completion of the purchase, the chief executive officer now owns 139,715 shares of the company’s stock, valued at approximately $5,011,577.05. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Patrick P. Gelsinger acquired 3,250 shares of the stock in a transaction on Monday, July 31st. The shares were bought at an average price of $35.87 per share, with a total value of $116,577.50. Following the completion of the purchase, the chief executive officer now owns 139,715 shares of the company’s stock, valued at approximately $5,011,577.05. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Patrick P. Gelsinger acquired 3,850 shares of the stock in a transaction on Wednesday, August 2nd. The shares were bought at an average cost of $34.63 per share, for a total transaction of $133,325.50. Following the purchase, the chief executive officer now directly owns 105,495 shares of the company’s stock, valued at approximately $3,653,291.85. The disclosure for this purchase can be found here. Company insiders own 0.04% of the company’s stock.

About Intel

Intel Corporation designs, develops, manufactures, markets, and sells computing and related products worldwide. It operates through Client Computing Group, Data Center and AI, Network and Edge, Mobileye, Accelerated Computing Systems and Graphics, Intel Foundry Services, and Other segments. The company offers platform products, such as central processing units and chipsets, and system-on-chip and multichip packages; and accelerators, boards and systems, connectivity products, and memory and storage products.