Westpac Banking Corp Reduces Stock Holdings in Intel Corporation (NASDAQ:INTC)

Key Points

• Westpac Banking Corp reduced its stake in Intel Corporation by 40.7% in the first quarter, now holding 44,087 shares worth approximately $1,001,000.
• Multiple analysts have adjusted their price targets for Intel, with Susquehanna lowering it to $22.00 and UBS Group raising it to $25.00, while the consensus rating remains a "Hold."
• Intel reported a $0.10 earnings per share loss for the last quarter, missing estimates, despite a revenue increase of 0.5% year-over-year.

Westpac Banking Corp lessened its position in shares of Intel Corporation (NASDAQ:INTC - Free Report) by 40.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 44,087 shares of the chip maker's stock after selling 30,233 shares during the quarter. Westpac Banking Corp's holdings in Intel were worth $1,001,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Freestone Grove Partners LP purchased a new stake in Intel in the fourth quarter worth about $62,654,000. Toronto Dominion Bank increased its position in Intel by 286.8% in the fourth quarter. Toronto Dominion Bank now owns 10,529,354 shares of the chip maker's stock worth $211,114,000 after buying an additional 7,806,882 shares in the last quarter. 180 Wealth Advisors LLC increased its position in Intel by 124.9% in the first quarter. 180 Wealth Advisors LLC now owns 127,916 shares of the chip maker's stock worth $2,905,000 after buying an additional 71,049 shares in the last quarter. Alteri Wealth LLC purchased a new stake in Intel in the fourth quarter worth about $2,379,000. Finally, Gordian Capital Singapore Pte Ltd increased its position in Intel by 120.7% in the fourth quarter. Gordian Capital Singapore Pte Ltd now owns 64,000 shares of the chip maker's stock worth $1,282,000 after buying an additional 35,000 shares in the last quarter. Hedge funds and other institutional investors own 64.53% of the company's stock.

Intel Stock Up 2.9%

Shares of NASDAQ:INTC traded up $0.70 on Friday, reaching $24.56. The company had a trading volume of 309,327,791 shares, compared to its average volume of 103,883,248. Intel Corporation has a 52-week low of $17.67 and a 52-week high of $27.55. The firm's 50 day simple moving average is $21.81 and its 200-day simple moving average is $21.54. The firm has a market capitalization of $107.50 billion, a PE ratio of -5.15 and a beta of 1.22. The company has a current ratio of 1.24, a quick ratio of 0.92 and a debt-to-equity ratio of 0.42.

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 analysts' consensus estimates of $0.01 by ($0.11). Intel had a negative net margin of 38.64% and a negative return on equity of 3.78%. The company had revenue of $12.86 billion during the quarter, compared to analysts' expectations of $11.88 billion. During the same quarter in the prior year, the business posted $0.02 earnings per share. The company's revenue was up .5% compared to the same quarter last year. As a group, analysts expect that Intel Corporation will post -0.11 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

INTC has been the subject of a number of analyst reports. Cantor Fitzgerald reduced their price target on Intel from $29.00 to $20.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Stifel Nicolaus increased their target price on Intel from $21.00 to $24.50 and gave the stock a "hold" rating in a research report on Monday, July 21st. JPMorgan Chase & Co. increased their target price on Intel from $20.00 to $21.00 and gave the stock an "underweight" rating in a research report on Friday, July 25th. Morgan Stanley cut their target price on Intel from $25.00 to $23.00 and set an "equal weight" rating for the company in a research report on Friday, April 25th. Finally, Sanford C. Bernstein cut their target price on Intel from $25.00 to $21.00 and set a "market perform" rating for the company in a research report on Tuesday, April 22nd. Six analysts have rated the stock with a sell rating, twenty-three have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Intel currently has a consensus rating of "Hold" and a consensus 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.