SouthState Corp Sells 3,107 Shares of Intel Co. (NASDAQ:INTC)

SouthState Corp lessened its position in Intel Co. (NASDAQ:INTC) by 18.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,646 shares of the chip maker’s stock after selling 3,107 shares during the period. SouthState Corp’s holdings in Intel were worth $320,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in INTC. America First Investment Advisors LLC bought a new stake in shares of Intel during the 2nd quarter valued at about $25,000. Cyrus J. Lawrence LLC bought a new stake in shares of Intel during the 2nd quarter valued at about $27,000. Quest Partners LLC boosted its stake in shares of Intel by 7,370.6% during the 3rd quarter. Quest Partners LLC now owns 1,270 shares of the chip maker’s stock valued at $30,000 after purchasing an additional 1,253 shares in the last quarter. Spartan Fund Management Inc. bought a new stake in shares of Intel during the 2nd quarter valued at about $31,000. Finally, Financial Connections Group Inc. bought a new stake in shares of Intel during the 2nd quarter valued at about $32,000. Institutional investors own 64.53% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. TD Cowen raised shares of Intel to a “hold” rating in a research note on Monday, September 16th. Roth Mkm dropped their price objective on shares of Intel from $35.00 to $25.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Mizuho boosted their price objective on shares of Intel from $22.00 to $23.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Northland Securities dropped their price objective on shares of Intel from $42.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Finally, Benchmark reissued a “hold” rating on shares of Intel in a research note on Friday, November 1st. Six analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Intel currently has a consensus rating of “Hold” and a consensus target price of $30.12.

Insider Activity at Intel

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

Intel Stock Performance

Shares of NASDAQ INTC opened at $24.20 on Wednesday. The firm has a 50 day moving average of $22.91 and a 200 day moving average of $26.21. The company has a current ratio of 1.31, a quick ratio of 0.97 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $104.37 billion, a price-to-earnings ratio of -6.51 and a beta of 1.03. Intel Co. has a 12-month low of $18.51 and a 12-month high of $51.28.

Intel (NASDAQ:INTC) last announced its earnings results on Thursday, October 31st. The chip maker reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.44). The business had revenue of $13.30 billion for the quarter, compared to the consensus estimate 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 last year, the firm posted $0.28 earnings per share. On average, research analysts anticipate that Intel Co. will post -0.83 earnings per share 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.