Connor Clark & Lunn Investment Management Ltd. Cuts Holdings in Intel Co. (NASDAQ:INTC)

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in shares of Intel Co. (NASDAQ:INTC - Free Report) by 23.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,138,375 shares of the chip maker's stock after selling 642,353 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Intel were worth $50,166,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on INTC shares. Argus downgraded Intel from a "buy" rating to a "hold" rating in a report on Tuesday, August 6th. Stifel Nicolaus reissued a "hold" rating and issued a $25.00 price objective (down from $28.00) on shares of Intel in a research report on Friday, October 25th. Rosenblatt Securities reissued a "sell" rating and issued a $17.00 price target on shares of Intel in a report on Tuesday, October 29th. New Street Research cut shares of Intel from a "buy" rating to a "neutral" rating in a research report on Friday, August 2nd. Finally, Bank of America cut Intel from a "neutral" rating to an "underperform" rating and reduced their price objective for the company from $35.00 to $23.00 in a research report on Friday, August 2nd. Six research analysts have rated the stock with a sell rating, twenty-five have given a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $30.12.

Intel Stock Performance

NASDAQ:INTC traded down $0.19 during trading hours on Wednesday, reaching $24.01. The company had a trading volume of 48,673,434 shares, compared to its average volume of 60,015,391. Intel Co. has a 1-year low of $18.51 and a 1-year high of $51.28. The firm has a market cap of $103.56 billion, a PE ratio of -6.47 and a beta of 1.03. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.31 and a quick ratio of 0.97. The business's 50 day moving average price is $22.91 and its 200-day moving average price is $26.21.

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

Insider Buying and Selling

In other news, EVP Michelle Johnston Holthaus sold 25,000 shares of the firm's 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 transaction, the executive vice president now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.04% of the company's stock.

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.