Bank of New York Mellon Corp Cuts Stock Holdings in Intel Corporation (NASDAQ:INTC)

Bank of New York Mellon Corp lowered its position in shares of Intel Corporation (NASDAQ:INTC - Free Report) by 2.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,875,917 shares of the chip maker's stock after selling 740,280 shares during the quarter. Bank of New York Mellon Corp owned 0.69% of Intel worth $678,482,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Vermillion Wealth Management Inc. acquired a new stake in shares of Intel in the 4th quarter valued at approximately $27,000. LFA Lugano Financial Advisors SA acquired a new position in shares of Intel during the 1st quarter worth about $30,000. Olde Wealth Management LLC bought a new stake in shares of Intel in the 1st quarter valued at about $31,000. Conquis Financial LLC acquired a new stake in Intel in the 4th quarter valued at about $32,000. Finally, Mizuho Securities Co. Ltd. bought a new position in Intel during the first quarter worth about $32,000. 64.53% of the stock is owned by institutional investors.

Intel Stock Down 2.2%

NASDAQ INTC traded down $0.49 on Monday, hitting $22.00. 80,616,506 shares of the company were exchanged, compared to its average volume of 86,351,705. Intel Corporation has a 12 month low of $17.67 and a 12 month high of $37.16. 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 company has a market cap of $95.96 billion, a PE ratio of -4.91 and a beta of 1.15. The stock has a fifty day moving average of $21.04 and a 200-day moving average of $21.21.

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Cantor Fitzgerald cut their price objective on Intel from $29.00 to $20.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Seaport Res Ptn upgraded shares of Intel to a "strong sell" rating in a research note on Wednesday, April 30th. Benchmark reaffirmed a "hold" rating on shares of Intel in a research report on Friday, April 25th. Sanford C. Bernstein reduced their price target on Intel from $25.00 to $21.00 and set a "market perform" rating for the company in a research note on Tuesday, April 22nd. Finally, UBS Group lowered their price objective on Intel from $22.00 to $21.00 and set a "neutral" rating on the stock in a research report on Friday, April 25th. Five investment analysts have rated the stock with a sell rating, twenty-six have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $21.76.

About Intel

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.