State of New Jersey Common Pension Fund D Sells 110,844 Shares of Intel Corporation $INTC

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Intel Corporation by 7.1%, selling 110,844 shares and now holds 1,455,883 shares worth approximately $33.06 million.
• Analysts have set varied price targets for Intel, with some firms lowering their targets significantly; the current consensus target price is $22.17 and the stock has an average rating of "Hold".
• Intel reported earnings of ($0.10) EPS for the quarter, missing estimates, with revenues of $12.86 billion, slightly higher compared to the same quarter last year.

State of New Jersey Common Pension Fund D lowered its position in Intel Corporation (NASDAQ:INTC - Free Report) by 7.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,455,883 shares of the chip maker's stock after selling 110,844 shares during the period. State of New Jersey Common Pension Fund D's holdings in Intel were worth $33,063,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in INTC. Nuveen LLC bought a new position in shares of Intel in the 1st quarter worth approximately $538,430,000. Two Sigma Advisers LP bought a new position in shares of Intel in the 4th quarter worth approximately $289,752,000. Two Sigma Investments LP bought a new position in shares of Intel in the 4th quarter worth approximately $237,457,000. Goldman Sachs Group Inc. raised its position in shares of Intel by 133.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 18,758,658 shares of the chip maker's stock worth $426,009,000 after acquiring an additional 10,719,274 shares in the last quarter. Finally, Neuberger Berman Group LLC raised its position in shares of Intel by 1,091.1% in the 1st quarter. Neuberger Berman Group LLC now owns 11,204,926 shares of the chip maker's stock worth $254,641,000 after acquiring an additional 10,264,175 shares in the last quarter. Institutional investors own 64.53% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Cantor Fitzgerald cut their price target on Intel from $29.00 to $20.00 and set a "neutral" rating on the stock in a research note on Monday, April 21st. Barclays restated a "reduce" rating on shares of Intel in a research note on Tuesday, April 22nd. Cfra Research upgraded Intel to a "hold" rating in a research note on Friday, April 25th. Mizuho upped their price target on Intel from $22.00 to $23.00 and gave the stock a "neutral" rating in a research note on Thursday, July 3rd. Finally, Sanford C. Bernstein cut their price target on Intel from $25.00 to $21.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 22nd. Six analysts have rated the stock with a sell rating, twenty-three have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Intel has a consensus rating of "Hold" and a consensus target price of $22.17.

Intel Stock Performance

Shares of INTC stock traded up $0.70 on Friday, reaching $24.56. The stock had a trading volume of 309,327,791 shares, compared to its average volume of 116,381,544. The stock has a market cap of $107.50 billion, a P/E ratio of -5.15 and a beta of 1.22. Intel Corporation has a 1 year low of $17.67 and a 1 year high of $27.55. 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 company has a 50 day simple moving average of $21.81 and a 200 day simple moving average of $21.57.

Intel (NASDAQ:INTC - Get Free Report) last released its quarterly earnings results 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 analysts' expectations of $11.88 billion. Intel had a negative return on equity of 3.78% and a negative net margin of 38.64%. The business's quarterly revenue was up .5% on a year-over-year basis. During the same quarter last year, the business earned $0.02 earnings per share. Equities research analysts expect that Intel Corporation will post -0.11 EPS for the current year.

Intel Company Profile

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.