Free Trial

Bank of Nova Scotia Acquires 274,193 Shares of Intel Corporation (NASDAQ:INTC)

Intel logo with Computer and Technology background

Key Points

  • Bank of Nova Scotia has increased its position in Intel Corporation by 13.7%, now owning 2,281,050 shares valued at approximately $51.81 million.
  • Intel's recent earnings report showed a loss of $0.10 per share, missing analyst estimates, but the firm did report a revenue of $12.86 billion, exceeding expectations.
  • Current analyst ratings for Intel include six sell ratings, twenty-four hold ratings, and one buy rating, with a consensus price target of $22.17.
  • Five stocks to consider instead of Intel.

Bank of Nova Scotia increased its holdings in shares of Intel Corporation (NASDAQ:INTC - Free Report) by 13.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,281,050 shares of the chip maker's stock after buying an additional 274,193 shares during the quarter. Bank of Nova Scotia owned 0.05% of Intel worth $51,806,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in INTC. OVERSEA CHINESE BANKING Corp Ltd increased its position in shares of Intel by 80.1% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,013,798 shares of the chip maker's stock valued at $23,341,000 after acquiring an additional 450,888 shares during the last quarter. Headwater Capital Co Ltd acquired a new stake in shares of Intel in the first quarter valued at about $6,813,000. UNIVEST FINANCIAL Corp acquired a new stake in shares of Intel in the first quarter valued at about $214,000. Strategic Advocates LLC acquired a new stake in shares of Intel in the first quarter valued at about $416,000. Finally, Nicolet Advisory Services LLC acquired a new stake in shares of Intel in the first quarter valued at about $235,000. Institutional investors and hedge funds own 64.53% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on INTC shares. Wells Fargo & Company lowered their target price on Intel from $25.00 to $22.00 and set an "equal weight" rating on the stock in a research report on Friday, April 25th. Wedbush lowered their target price on Intel from $20.00 to $19.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 23rd. Rosenblatt Securities reaffirmed a "sell" rating and issued a $14.00 target price on shares of Intel in a research report on Friday, July 25th. Loop Capital initiated coverage on Intel in a report on Monday, July 21st. They set a "hold" rating and a $25.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Intel in a report on Wednesday, May 21st. They set a "hold" rating and a $23.00 price target for the company. Six research analysts have rated the stock with a sell rating, twenty-four have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Intel has an average rating of "Hold" and a consensus target price of $22.17.

Get Our Latest Stock Report on Intel

Intel Price Performance

INTC traded down $0.49 during trading on Friday, hitting $19.31. 86,281,416 shares of the stock traded hands, compared to its average volume of 82,517,544. Intel Corporation has a twelve month low of $17.67 and a twelve month high of $27.55. The company has a market cap of $84.52 billion, a price-to-earnings ratio of -4.05 and a beta of 1.22. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.24 and a quick ratio of 0.92. The business has a 50 day moving average price of $21.58 and a 200 day moving average price of $21.54.

Intel (NASDAQ:INTC - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The chip maker reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.11). The company had revenue of $12.86 billion for the quarter, compared to analyst estimates of $11.88 billion. Intel had a negative return on equity of 3.78% and a negative net margin of 38.64%. The firm's quarterly revenue was up .5% on a year-over-year basis. During the same quarter last year, the company posted $0.02 earnings per share. Equities research analysts forecast that Intel Corporation will post -0.11 earnings per share for the current fiscal year.

Intel Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Intel (NASDAQ:INTC)

Should You Invest $1,000 in Intel Right Now?

Before you consider Intel, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Intel wasn't on the list.

While Intel currently has a Reduce rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

7 Stocks That Could Be Bigger Than Tesla, Nvidia, and Google Cover

Looking for the next FAANG stock before everyone has heard about it? Enter your email address to see which stocks MarketBeat analysts think might become the next trillion dollar tech company.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

Palantir & AMD Earnings: Massive Options Setups Ahead
5 Stocks to BUY NOW in August 2025
The $2.5B Merger No One Is Talking About

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines