Fulton Bank N.A. Reduces Holdings in Intel Corporation

In a recent filing with the Securities and Exchange Commission, Fulton Bank N.A. has disclosed a significant adjustment to its investment in Intel Corporation (NASDAQ: INTC). During the fourth quarter, the bank reduced its holdings by an impressive 49.1%, now owning 36,350 shares after divesting 35,095 shares during that period. The value of Fulton Bank's investment in Intel stands at approximately $729,000 as of the latest report.

Other institutional investors have also modified their positions regarding Intel. State Street Corp enhanced its stake by 2.8% in the third quarter, increasing its total holdings to 197,958,739 shares, worth over $4.64 billion. Similarly, Geode Capital Management LLC expanded its investment by 4.6%, acquiring an additional 4,103,553 shares, currently totaling 92,510,098 shares valued at around $2.16 billion.

Moreover, Primecap Management Co. raised its investment by 2.2% in the second quarter, now holding 77,822,587 shares with a value of approximately $2.41 billion. UBS Asset Management Americas LLC significantly increased its stake by 28.2% during the third quarter, owning 58,469,412 shares now valued at about $1.37 billion after buying an additional 12,865,308 shares. Van ECK Associates Corp also raised its position by 27.2%, owning 44,013,936 shares worth roughly $967 million after increasing their shares by 9,422,136.

Currently, institutional investors hold around 64.53% of Intel's stock, indicating significant interest among larger investment groups.

Market Analysts' Outlook

Several market research analysts have shared their insights on Intel's stock recently. Mizuho raised its target price for Intel shares from $22.00 to $23.00, maintaining a "neutral" rating. Deutsche Bank, however, revised its target down from $27.00 to $25.00, assigning a "hold" rating. Bank of America reaffirmed its stance with an "underperform" rating and a target price of $21.00.

Northland Securities cut their price target from $42.00 to $28.00 while keeping an "outperform" rating. Stifel Nicolaus revised its target price down to $25.00 from $28.00 and maintained a "hold" rating. Overall, six analysts have rated Intel stock as a sell, twenty-five analysts have a hold rating, and only one analyst has given it a buy rating. Currently, the consensus rating stands at "Hold," with a price target averaging $30.04 according to MarketBeat.

Intel Stock Overview

On a recent trading day, Intel shares opened at $19.88. The company boasts a fifty-day simple moving average of $22.12 and a two-hundred day average of $23.83. Intel's market capitalization is around $85.74 billion, with a price-to-earnings ratio of -5.34 and a beta of 1.07. The company’s liquidity measures present a current ratio of 1.31 and a quick ratio of 0.97, alongside a debt-to-equity ratio of 0.44. Intel’s stock performance over the past year shows a low of $18.51 and a high of $50.30.

Intel reported its quarterly earnings on October 31, and the chip manufacturer posted a loss of ($0.46) earnings per share. This result fell short of analysts' expectations by ($0.44). The company reported total revenues of $13.30 billion, surpassing predictions of $13.02 billion, although this represented a 6.3% decline compared to the same quarter last year. Analysts anticipate that Intel will post -0.87 earnings per share for the current fiscal year.

Recent Insider Transactions

In other developments, Intel’s Executive Vice President, Michelle Johnston Holthaus, recently sold 25,000 shares of the company’s stock on November 7. The average sale price was $26.00, leading to a total transaction amount of $650,000. Following this transaction, Holthaus holds 273,258 shares valued at around $7.1 million, marking a reduction of 8.38% in her ownership.

About Intel Corporation

Intel Corporation is a leading global technology company that designs, develops, manufactures, and sells a range of computing and related products and services. The organization operates through multiple segments including Client Computing Group, Data Center and AI, Network and Edge, Mobileye, and Intel Foundry Services. Their product portfolio contains CPU and chipset offerings, mobile and desktop processors, various semiconductor products, as well as memory and storage solutions, connectivity, and more.

Investment, Stocks, Intel