Commerce Bank Reduces Stock Position in Intel Corporation (NASDAQ:INTC)

Key Points

• Commerce Bank reduced its holdings in Intel Corporation by 12.3%, owning 145,086 shares worth approximately $3.3 million after selling 20,286 shares.
• Analysts have set a range of new price targets for Intel, with Stifel Nicolaus increasing their target from $21 to $24.50, while the average target price is now $22.17.
• Intel reported a loss of ($0.10) EPS for the most recent quarter, missing estimates, but revenue rose to $12.86 billion, exceeding expectations.

Commerce Bank trimmed its holdings in shares of Intel Corporation (NASDAQ:INTC - Free Report) by 12.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 145,086 shares of the chip maker's stock after selling 20,286 shares during the quarter. Commerce Bank's holdings in Intel were worth $3,295,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. N.E.W. Advisory Services LLC acquired a new stake in Intel during the 1st quarter worth approximately $25,000. Vermillion Wealth Management Inc. acquired a new position in shares of Intel in the 4th quarter worth approximately $27,000. MJT & Associates Financial Advisory Group Inc. bought a new stake in shares of Intel in the 1st quarter valued at $27,000. LFA Lugano Financial Advisors SA bought a new stake in shares of Intel in the 1st quarter valued at $30,000. Finally, Olde Wealth Management LLC acquired a new position in Intel during the first quarter worth $31,000. 64.53% of the stock is owned by institutional investors.

Intel Stock Performance

NASDAQ:INTC traded up $0.69 during mid-day trading on Tuesday, hitting $20.19. The stock had a trading volume of 96,935,951 shares, compared to its average volume of 81,943,752. The company's 50 day simple moving average is $21.57 and its 200 day simple moving average is $21.52. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.92 and a current ratio of 1.24. The stock has a market cap of $88.37 billion, a price-to-earnings ratio of -4.23 and a beta of 1.22. Intel Corporation has a twelve month low of $17.67 and a twelve month high of $27.55.

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

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Sanford C. Bernstein reduced their target price on shares of Intel from $25.00 to $21.00 and set a "market perform" rating for the company in a research note on Tuesday, April 22nd. Susquehanna cut their price objective on shares of Intel from $24.00 to $22.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Deutsche Bank Aktiengesellschaft began coverage on shares of Intel in a research report on Wednesday, May 21st. They issued a "hold" rating and a $23.00 price objective for the company. Cantor Fitzgerald cut their price objective on shares of Intel from $29.00 to $20.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Finally, Seaport Res Ptn upgraded shares of Intel to a "strong sell" rating in a research report on Wednesday, April 30th. Six equities research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $22.17.

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.