DAVENPORT & Co LLC Sells 6,654 Shares of Intel Corporation (NASDAQ:INTC)

DAVENPORT & Co LLC reduced its position in Intel Corporation (NASDAQ:INTC) by 12.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,345 shares of the chip maker’s stock after selling 6,654 shares during the quarter. DAVENPORT & Co LLC’s holdings in Intel were worth $1,098,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Vermillion Wealth Management Inc. purchased a new stake in shares of Intel during the 4th quarter worth $27,000. Conquis Financial LLC bought a new position in Intel in the fourth quarter worth about $32,000. Mizuho Securities Co. Ltd. purchased a new stake in shares of Intel during the first quarter valued at about $32,000. EQ Wealth Advisors LLC purchased a new stake in shares of Intel during the first quarter valued at about $33,000. Finally, Pillar Financial Advisors LLC bought a new stake in shares of Intel in the 4th quarter valued at about $34,000. 64.53% of the stock is owned by hedge funds and other institutional investors.

Intel Stock Up 2.4%

Intel stock opened at $22.41 on Friday. Intel Corporation has a twelve month low of $17.67 and a twelve month high of $37.16. The stock’s fifty day simple moving average is $21.04 and its 200-day simple moving average is $21.20. The company has a current ratio of 1.31, a quick ratio of 0.93 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $97.73 billion, a P/E ratio of -5.00 and a beta of 1.15.

Intel (NASDAQ:INTC) last posted its quarterly earnings data on Thursday, April 24th. The chip maker reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.12. Intel had a negative return on equity of 3.15% and a negative net margin of 36.19%. The business had revenue of $12.67 billion for the quarter, compared to analyst estimates of $12.26 billion. During the same quarter in the prior year, the company earned $0.18 earnings per share. The company’s revenue was down .4% on a year-over-year basis. As a group, equities analysts expect that Intel Corporation will post -0.11 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

INTC has been the subject of several recent analyst reports. Morgan Stanley reduced their price objective on shares of Intel from $25.00 to $23.00 and set an “equal weight” rating for the company in a research note on Friday, April 25th. Seaport Res Ptn raised Intel to a “strong sell” rating in a research report on Wednesday, April 30th. Wells Fargo & Company lowered their price objective on Intel from $25.00 to $22.00 and set an “equal weight” rating for the company in a research report on Friday, April 25th. Bank of America raised Intel from an “underperform” rating to a “neutral” rating and upped their target price for the company from $19.00 to $25.00 in a research report on Thursday, March 13th. Finally, Citigroup reiterated a “sell” rating on shares of Intel in a research note on Friday, April 25th. Six investment analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Intel presently has a consensus rating of “Hold” and an average target price of $21.62.

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.