Forum Financial Management Increases Intel Holdings by 72.4%

Forum Financial Management LP significantly increased its stake in Intel Corporation (NASDAQ: INTC) by 72.4% during the third quarter of 2023. This acquisition, disclosed to the Securities and Exchange Commission, allowed the firm to hold a total of 98,370 shares of the semiconductor giant, valued at approximately $3,300,000 at the end of the quarter.

In addition to Forum Financial Management’s investment, several other institutional investors have adjusted their positions in Intel. Hemington Wealth Management raised its holdings by 96.9%, now owning 2,020 shares valued at $67,000 after acquiring an additional 994 shares during the quarter. Legacy Trust increased its position by 47.5%, holding 21,910 shares worth $735,000, following a purchase of 7,055 shares.

Sachetta LLC also expanded its stake by 43.4%, owning 2,975 shares now valued at $100,000 after acquiring 901 shares. Additionally, FengHe Fund Management Pte. Ltd. purchased a new position in Intel valued at approximately $39,062,000. Sumitomo Mitsui DS Asset Management Company Ltd. raised its stake by 2.8%, now holding 835,855 shares valued at $28,043,000 following the acquisition of 22,947 shares.

Market Activity and Analyst Ratings

Hedge funds and institutional investors currently own 64.53% of Intel’s stock. Following recent adjustments, analysts have offered various perspectives on the company’s stock. On October 24, 2023, JPMorgan Chase & Co. raised its price objective for Intel from $21.00 to $30.00, maintaining an “underweight” rating. In contrast, Truist Financial increased its price target from $21.00 to $39.00, assigning a “hold” rating.

Needham & Company LLC reiterated a “hold” rating, while Morgan Stanley lifted its price objective from $23.00 to $36.00, maintaining an “equal weight” rating. KeyCorp also reiterated a “sector weight” rating. Currently, four analysts have rated the stock as a Buy, twenty-four as Hold, and eight as Sell, leading to a consensus rating of “Reduce” with an average price target of $35.88, according to MarketBeat.

Recent Financial Performance

Shares of Intel opened at $45.55 on October 20, 2023. The company has experienced notable fluctuations, with a fifty-two week low of $17.67 and a high of $45.73. Intel has a market capitalization of $217.59 billion and a price-to-earnings ratio of 4,559.56. Recent earnings reports indicate a revenue of $13.65 billion for the quarter ending October 23, 2023, surpassing the consensus estimate of $13.10 billion.

The company reported earnings per share of $0.23, a significant improvement from a loss of ($0.46) per share during the same quarter the previous year. Intel’s revenue increased by 3.0% compared to the same quarter last year. Looking ahead, the firm has set its Q4 2025 guidance at $0.080 EPS, while analysts anticipate a full-year EPS of ($0.11).

Founded in 1968 by Robert Noyce and Gordon E. Moore and headquartered in Santa Clara, California, Intel Corporation is a leading designer and manufacturer of semiconductor products. The company has a historical legacy of introducing the first commercial microprocessor and driving the x86 architecture that underpins numerous personal computers and servers. Its product offerings include client and mobile processors marketed under the Intel Core and Pentium brands, as well as high-performance Xeon processors for data centers and cloud infrastructure.

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