Parnassus Investments LLC Decreases Holdings in Intel Co. (NASDAQ:INTC)

Parnassus Investments LLC lowered its holdings in Intel Co. (NASDAQ:INTC) by 88.6% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 2,642,083 shares of the chip maker’s stock after selling 20,481,555 shares during the quarter. Parnassus Investments LLC owned about 0.06% of Intel worth $61,983,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Guardian Capital Advisors LP lifted its holdings in shares of Intel by 2.1% in the 1st quarter. Guardian Capital Advisors LP now owns 16,030 shares of the chip maker’s stock worth $708,000 after purchasing an additional 328 shares during the last quarter. Key Financial Inc lifted its stake in Intel by 4.1% in the second quarter. Key Financial Inc now owns 8,685 shares of the chip maker’s stock valued at $269,000 after buying an additional 340 shares during the last quarter. W.G. Shaheen & Associates DBA Whitney & Co lifted its stake in Intel by 1.4% in the second quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 24,779 shares of the chip maker’s stock valued at $767,000 after buying an additional 348 shares during the last quarter. Cypress Asset Management Inc. TX grew its position in shares of Intel by 1.6% during the first quarter. Cypress Asset Management Inc. TX now owns 22,835 shares of the chip maker’s stock worth $1,015,000 after acquiring an additional 350 shares during the last quarter. Finally, Cidel Asset Management Inc. increased its holdings in shares of Intel by 0.6% in the 2nd quarter. Cidel Asset Management Inc. now owns 64,589 shares of the chip maker’s stock worth $2,000,000 after acquiring an additional 381 shares during the period. Institutional investors and hedge funds own 64.53% of the company’s stock.

Intel Trading Up 2.0 %

NASDAQ INTC opened at $24.84 on Tuesday. The firm’s 50 day moving average price is $22.80 and its two-hundred day moving average price is $26.26. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.97 and a current ratio of 1.31. Intel Co. has a twelve month low of $18.51 and a twelve month high of $51.28. The stock has a market cap of $107.13 billion, a price-to-earnings ratio of -6.68 and a beta of 1.03.

Intel (NASDAQ:INTC) last issued its quarterly earnings results on Thursday, October 31st. The chip maker reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.44). The business had revenue of $13.30 billion for the quarter, compared to analysts’ expectations of $13.02 billion. Intel had a negative net margin of 29.42% and a negative return on equity of 1.71%. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.28 EPS. Equities analysts anticipate that Intel Co. will post -0.83 EPS for the current year.

Insider Activity

In other Intel news, EVP Michelle Johnston Holthaus sold 25,000 shares of Intel stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $26.00, for a total transaction of $650,000.00. Following the completion of the sale, the executive vice president now owns 273,258 shares of the company’s stock, valued at $7,104,708. This trade represents a 8.38 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.04% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have commented on INTC shares. JPMorgan Chase & Co. decreased their target price on shares of Intel from $35.00 to $26.00 and set an “underweight” rating for the company in a research report on Friday, August 2nd. Morgan Stanley cut their target price on Intel from $36.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Bank of America cut Intel from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $35.00 to $23.00 in a research note on Friday, August 2nd. Barclays cut their price objective on shares of Intel from $40.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Finally, StockNews.com cut shares of Intel from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Six equities research analysts have rated the stock with a sell rating, twenty-five have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Intel presently has an average rating of “Hold” and a consensus target price of $30.12.

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.