Montecito Bank & Trust Lowers Stock Holdings in Intel Co. (NASDAQ:INTC)

Montecito Bank & Trust decreased its position in shares of Intel Co. (NASDAQ:INTC) by 2.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 36,732 shares of the chip maker’s stock after selling 1,040 shares during the quarter. Montecito Bank & Trust’s holdings in Intel were worth $2,198,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Callahan Advisors LLC increased its holdings in Intel by 0.7% in the 4th quarter. Callahan Advisors LLC now owns 307,803 shares of the chip maker’s stock valued at $18,422,000 after acquiring an additional 2,226 shares during the last quarter. MONECO Advisors LLC increased its holdings in Intel by 3.9% in the 4th quarter. MONECO Advisors LLC now owns 10,940 shares of the chip maker’s stock valued at $652,000 after acquiring an additional 407 shares during the last quarter. Northwest Quadrant Wealth Management LLC increased its holdings in Intel by 2.3% in the 4th quarter. Northwest Quadrant Wealth Management LLC now owns 12,867 shares of the chip maker’s stock valued at $767,000 after acquiring an additional 285 shares during the last quarter. RVW Wealth LLC bought a new stake in Intel in the 4th quarter valued at $202,000. Finally, First Citizens Financial Corp bought a new stake in Intel in the 4th quarter valued at $518,000. Institutional investors own 65.48% of the company’s stock.

INTC has been the topic of a number of research reports. KeyCorp reiterated a “hold” rating on shares of Intel in a report on Friday, October 25th. Cowen lifted their price target on shares of Intel from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Tuesday. Credit Suisse Group reiterated an “outperform” rating and issued a $65.00 price target (up from $58.00) on shares of Intel in a report on Friday, October 25th. They noted that the move was a valuation call. UBS Group set a $60.00 price target on shares of Intel and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Zacks Investment Research upgraded shares of Intel from a “hold” rating to a “strong-buy” rating and set a $59.00 price target on the stock in a report on Monday, October 28th. Seven analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $57.72.

In related news, VP Jennifer Balliet sold 6,833 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $24.25, for a total transaction of $165,700.25. Also, EVP Navin Shenoy sold 1,404 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $55.94, for a total transaction of $78,539.76. Following the transaction, the executive vice president now owns 58,168 shares in the company, valued at $3,253,917.92. The disclosure for this sale can be found here. Insiders have sold a total of 81,284 shares of company stock worth $4,517,194 over the last quarter. 0.02% of the stock is currently owned by insiders.

Shares of NASDAQ:INTC opened at $61.07 on Wednesday. The company has a market capitalization of $259.26 billion, a price-to-earnings ratio of 14.33, a PEG ratio of 1.69 and a beta of 0.91. Intel Co. has a 12 month low of $42.86 and a 12 month high of $61.25. The firm’s 50-day moving average is $58.72 and its 200 day moving average is $53.40. The company has a current ratio of 1.20, a quick ratio of 0.85 and a debt-to-equity ratio of 0.32.

Intel (NASDAQ:INTC) last issued its quarterly earnings results on Thursday, October 24th. The chip maker reported $1.42 EPS for the quarter, beating the consensus estimate of $1.24 by $0.18. The company had revenue of $19.19 billion for the quarter, compared to the consensus estimate of $18.07 billion. Intel had a net margin of 27.46% and a return on equity of 28.28%. The firm’s revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.40 EPS. As a group, equities analysts forecast that Intel Co. will post 4.61 EPS for the current fiscal year.

Intel declared that its Board of Directors has approved a stock repurchase plan on Thursday, October 24th that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the chip maker to purchase up to 8.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

About Intel

Intel Corporation offers computing, networking, data storage, and communication solutions worldwide. It operates through Client Computing Group, Data Center Group, Internet of Things Group, Non-Volatile Memory Solutions Group, Programmable Solutions Group, and All Other segments. The company offers microprocessors, and system-on-chip and multichip packaging products.

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Institutional Ownership by Quarter for Intel (NASDAQ:INTC)

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