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

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

Other hedge funds also recently bought and sold shares of the company. America First Investment Advisors LLC bought a new stake in Intel in the second quarter worth about $25,000. Cyrus J. Lawrence LLC bought a new position in Intel in the 2nd quarter valued at $27,000. Spartan Fund Management Inc. bought a new position in Intel in the 2nd quarter valued at $31,000. Financial Connections Group Inc. bought a new position in Intel in the 2nd quarter valued at $32,000. Finally, Triad Wealth Partners LLC bought a new position in Intel in the 2nd quarter valued at $33,000. Hedge funds and other institutional investors own 64.53% of the company’s stock.

Intel Trading Down 2.6 %

Shares of NASDAQ:INTC opened at $24.20 on Wednesday. Intel Co. has a 52-week low of $18.51 and a 52-week high of $51.28. The stock has a market cap of $104.37 billion, a price-to-earnings ratio of -6.51 and a beta of 1.03. The company has a quick ratio of 0.97, a current ratio of 1.31 and a debt-to-equity ratio of 0.44. The business has a 50-day moving average price of $22.91 and a 200-day moving average price of $26.21.

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

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. TD Cowen raised Intel to a “hold” rating in a research report on Monday, September 16th. Cantor Fitzgerald dropped their price target on Intel from $40.00 to $27.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Roth Mkm dropped their price target on Intel from $35.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Morgan Stanley dropped their price target on Intel from $36.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Finally, New Street Research downgraded Intel from a “buy” rating to a “neutral” rating in a research report on Friday, August 2nd. Six investment analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target 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.