Bangor Savings Bank Reduces Intel Holdings by 17.3%

Bangor Savings Bank has reduced its stake in Intel Co. (NASDAQ:INTC – Free Report) by 17.3% during the fourth quarter, as stated in its latest filing with the Securities & Exchange Commission. After selling 1,836 shares, the bank now holds 8,766 shares of the semiconductor company's stock. The value of Bangor Savings Bank's holdings in Intel was approximately $176,000 at the close of the most recent reporting period.

Additionally, several other hedge funds have made adjustments to their positions in Intel. Neville Rodie & Shaw Inc. increased its stake by 23.9% during the fourth quarter, accumulating a total of 67,910 shares worth $1,361,000 after adding 13,095 shares. Likewise, Nordea Investment Management AB boosted its holdings in Intel by 6.0%, now owning 349,657 shares valued at $7,028,000 after purchasing an extra 19,895 shares. General Partner Inc. raised its stake by 6.5%, reaching 12,366 shares worth $248,000 after acquiring 750 additional shares. Versant Capital Management Inc. also grew its position by 12.1%, ending with 5,583 shares valued at $112,000 following a purchase of 603 shares. Lastly, Cacti Asset Management LLC increased its holdings by 6.0% to own 123,100 shares, worth $2,440,000 after acquiring an additional 7,000 shares last quarter. Overall, institutional investors, including hedge funds, hold 64.53% of Intel's stock.

Intel’s Stock Performance

On Wednesday, shares of INTC opened at $20.01. The company has a market capitalization of $86.30 billion and a price-to-earnings (PE) ratio of -5.38, with a beta of 1.07. Intel's stock has seen a 1-year low of $18.51 and a 1-year high of $50.30. The company's financials show a current ratio of 1.31, a quick ratio of 0.97, and a debt-to-equity ratio of 0.44. Its fifty-day and two-hundred-day simple moving averages are reported at $22.20 and $23.89, respectively.

Intel recently reported its earnings on October 31st, revealing an earnings per share (EPS) of ($0.46), which fell short of analysts' expectations of ($0.02) by $0.44. The company’s revenue for the quarter was $13.30 billion, surpassing the consensus estimate of $13.02 billion. However, Intel recorded a negative net margin of 29.42% and a negative return on equity of 1.71%. This revenue reflects a decline of 6.3% from the same quarter last year when it reported an EPS of $0.28. Analysts forecast Intel to post an EPS of -0.87 for the current year.

Insider Trading Activity

In related news, Intel's executive vice president, Michelle Johnston Holthaus, sold 25,000 shares of the company on November 7th at an average price of $26.00, resulting in a total transaction value of $650,000. Following this sale, Holthaus now directly owns 273,258 shares, valued at about $7,104,708. This transaction indicates an 8.38% reduction in Holthaus's position in Intel. The sale was disclosed through a filing made with the Securities & Exchange Commission. Currently, insiders own about 0.04% of Intel's stock.

Changes in Analyst Ratings

Numerous research analysts have recently provided updates on Intel shares. The Goldman Sachs Group lowered its price target on Intel from $22.00 to $21.00 and assigned a “sell” rating in a report dated October 17th. In contrast, Robert W. Baird raised its price target from $20.00 to $25.00, giving the stock a “neutral” rating in a note published on November 1st. Stifel Nicolaus maintained a “hold” rating but reduced its price objective to $25.00 from $28.00 in a report on October 25th. Deutsche Bank Aktiengesellschaft also lowered its target price on Intel from $27.00 to $25.00, categorizing it as a “hold” in a report released on October 3rd. Lastly, Bank of America reiterated an “underperform” rating with a price target fixed at $21.00 in a report dated December 3rd. In total, six analysts have issued sell ratings on Intel, twenty-five have given it hold ratings, with only one analyst suggesting a buy. According to MarketBeat, Intel shares currently have a consensus rating of "Hold" and an average price target of $30.04.

About Intel Corporation

Intel Corporation specializes in designing, developing, manufacturing, marketing, and selling computing and related products and services worldwide. Its operations are divided into various segments, including Client Computing Group, Data Center and AI, Network and Edge, Mobileye, and Intel Foundry Services. Intel's product portfolio includes central processing units and chipsets, system-on-chips (SoCs), multichip packages, both mobile and desktop processors, as well as hardware products like graphics processing units (GPUs), domain-specific accelerators, field-programmable gate arrays (FPGAs), memory and storage solutions, networking and connectivity products, and a range of other semiconductor items.

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