Essex Financial Services Inc. Sells 1,076 Shares of Intel Co. (NASDAQ:INTC)

Essex Financial Services Inc. cut its holdings in shares of Intel Co. (NASDAQ:INTC) by 2.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,560 shares of the chip maker’s stock after selling 1,076 shares during the quarter. Essex Financial Services Inc.’s holdings in Intel were worth $2,440,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. New Millennium Group LLC raised its stake in shares of Intel by 87.2% in the 4th quarter. New Millennium Group LLC now owns 496 shares of the chip maker’s stock valued at $25,000 after buying an additional 231 shares in the last quarter. Legacy Financial Group LLC bought a new stake in shares of Intel during the third quarter valued at approximately $30,000. Raleigh Capital Management Inc. increased its stake in shares of Intel by 62.8% in the 3rd quarter. Raleigh Capital Management Inc. now owns 938 shares of the chip maker’s stock valued at $33,000 after buying an additional 362 shares during the period. Valued Wealth Advisors LLC bought a new stake in Intel during the 4th quarter worth about $36,000. Finally, Briaud Financial Planning Inc acquired a new position in Intel in the third quarter valued at approximately $40,000. Institutional investors own 64.53% of the company’s stock.

Intel Stock Performance

Shares of Intel stock traded up $0.04 on Wednesday, reaching $30.51. 29,803,413 shares of the company traded hands, compared to its average volume of 48,311,355. The company has a 50 day moving average of $40.35 and a 200 day moving average of $42.23. Intel Co. has a 52 week low of $26.85 and a 52 week high of $51.28. The firm has a market capitalization of $129.88 billion, a PE ratio of 31.40, a PEG ratio of 3.31 and a beta of 1.00. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.57 and a quick ratio of 1.14.

Intel Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Tuesday, May 7th will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend is Monday, May 6th. Intel’s dividend payout ratio is presently 52.08%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Citigroup reduced their price target on shares of Intel from $47.50 to $40.00 and set a “neutral” rating on the stock in a research report on Monday, April 15th. Barclays decreased their price target on shares of Intel from $44.00 to $40.00 and set an “equal weight” rating for the company in a research note on Friday, April 26th. Truist Financial lowered their target price on Intel from $45.00 to $33.00 and set a “hold” rating on the stock in a research report on Friday, April 26th. Bank of America dropped their target price on shares of Intel from $50.00 to $44.00 and set a “neutral” rating on the stock in a report on Friday, April 12th. Finally, JPMorgan Chase & Co. cut their target price on shares of Intel from $37.00 to $35.00 and set an “underweight” rating for the company in a research note on Friday, April 26th. Four equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Intel presently has a consensus rating of “Hold” and a consensus price target of $39.75.

Insiders Place Their Bets

In other news, CEO Patrick P. Gelsinger purchased 2,800 shares of the stock in a transaction on Thursday, February 1st. The shares were acquired at an average price of $42.74 per share, for a total transaction of $119,672.00. Following the completion of the transaction, the chief executive officer now directly owns 31,275 shares of the company’s stock, valued at approximately $1,336,693.50. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.04% of the company’s stock.

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.