VCI Wealth Management LLC has recently acquired a new stake in Intel Corporation (NASDAQ: INTC), purchasing 42,785 shares valued at approximately $1.44 million during the third quarter, as disclosed in a filing with the Securities and Exchange Commission (SEC). The move reflects ongoing interest from institutional investors in the tech giant.
A number of other hedge funds have also adjusted their positions in Intel. Bank of Nova Scotia increased its stake by 2.3% in the second quarter, now holding 2,332,433 shares worth around $52.25 million after buying an additional 51,383 shares. Norges Bank made a significant entry into Intel, acquiring shares valued at approximately $1.58 billion in the same quarter. Engineers Gate Manager LP made headlines by raising its stake in Intel by an impressive 91.8%, owning 765,091 shares worth $17.14 million following a purchase of 366,092 additional shares. Isthmus Partners LLC also doubled its holdings, now owning 247,660 shares valued at $5.55 million, while Vanguard Group Inc. increased its stake by 2.3%, bringing its total to approximately 385.9 million shares worth around $8.64 billion. Currently, institutional investors and hedge funds own 64.53% of Intel’s stock.
Analytical coverage of Intel has been active as well, with ratings varying among research firms. Sanford C. Bernstein maintained a “neutral” rating, while KeyCorp set a “sector weight” rating in its latest reports. Notably, Roth Capital increased its price target from $30.00 to $40.00, affirming a “neutral” perspective. Overall, Intel has received various ratings with two analysts recommending a buy, twenty-four suggesting a hold, and eight issuing a sell rating, leading to a consensus target price of $34.84.
Intel opened trading at $36.08 recently, sporting a market capitalization of $172.35 billion and a P/E ratio of 3,611.61. The company reported quarterly earnings on October 23, bringing $0.23 earnings per share, exceeding expectations with a revenue of $13.65 billion, up by 3% from the previous year. Analysts forecast a challenging near future with guidance pointing to an EPS of -0.11 for the current fiscal year.
Founded in 1968, Intel has been a pivotal player in the semiconductor industry, recognized for its development of the commercial microprocessor. Its product line includes widely used processors and high-performance offerings for data centers.
This new investment activity and updated analyst perspectives on Intel reflect ongoing investor confidence amid a dynamic technological landscape, suggesting that preparations for future growth might still be ahead for the company.