Spinnaker Trust recently announced a 37.9% reduction in its holdings of Intel Co. (NASDAQ:INTC) stock during the first quarter, according to a 13F filing with the Securities and Exchange Commission. The institutional investor now owns just 57,292 shares of the tech company, having sold nearly 35,000 shares since his last filing. At current rates, Spinnaker Trust’s stake in Intel is valued at approximately $1.8 million; a number that would have been higher without their surrender.
Intel Corporation specializes in the design, development and manufacture of computer products worldwide. With a wide range of products segmented by platforms such as central processing units (CPUs), system-on-chip packages and more; it also provides services such as board and system acceleration as well as storage products.
Separately, Intel Corp – one of Intel’s major shareholders sold 38,500,000 shares on June 12 at an average price of $40.84 per share; raising an impressive total of $1,572,340,000 for the transaction alone! A CEO also takes prime seats next to the sale of Corp Intel; Mr. Patrick P. Gelsinger purchased 8,200 shares worth $249,000 at an average price per share of $30.41 on May 1, leaving him with 138,000 remaining shares worth approximately more than 4 millions of dollars.
Although the companies’ balance sheet discloses intermittent stock sales for reasons such as liquidation goals or investment rationalization strategies that increase portfolio returns while minimizing risk exposure – this amount sold by Corp Intel looks stunning – garnering widespread interest among investors and market analysts.
The trading activity undertaken by Spinnaker Trust and Corp Intel depicts two seemingly different strategies given their relative size to the shareholder base, but together they indicate market sentiments towards INTC. These recent developments may suggest that Intel Co. may be entering a new phase of growth where its contribution and valuation has not yet been digested by the market; interesting times indeed!
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Date: June 24, 2023
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Intel Corporation attracts hedge funds and institutional investors despite mixed ratings
Intel Corporation continues to attract hedge funds and institutional investors
Intel, the global technology company known for its line of computer and related products, has recently seen a number of hedge funds and institutional investors increase or decrease their stakes in the company. Avaii Wealth Management LLC purchased a new position in Intel during Q1 worth approximately $354,000, while Sunbelt Securities Inc. acquired a new stake worth approximately $896,000 during of the third trimester. Pacific Sage Partners LLC and Applied Capital LLC FL also purchased new stakes in Intel stock during the fourth quarter at a value of approximately $466,000 and $469,000 respectively. Finally, First Citizens Financial Corp bought a new stake worth about $215,000 during the last quarter.
Currently, 60.10% of Intel shares are held by hedge funds and other institutional investors demonstrating investor interest that clearly underscores operational uniqueness.
Several brokerages also commented on INTC, including Raymond James, who gave the stock an “outperform” rating while raising its price target from $33 to $35 in March 2017. More recently, Barclays raised its target prices on Intel from $27 to $30 in April. This year.
Despite this interest, several research analysts gave INTC a sell rating, such as JPMorgan Chase & Co., while nineteen others gave it a hold rating, with only five offering a buy rating.
Intel Corporation designs and develops the interactive technology needed for new innovations in how people interact with digital information globally through computing or communication devices.
INTC stock prices opened at $32.71 on Friday.
The company has had its ups and downs over the past few months – finally releasing its results on Thursday, April 27, where it posted ($0.04) in earnings per share for the first quarter, beating consensus estimates of ($0.04). $.16) by 12 cents with sales that topped $11.72 billion. compared to the same quarter last year.
For businessmen who want to invest their money in assistive technology, Intel Corporation might be the right stock for them given that it has enjoyed considerable liquidity and good financial results lately.
