Intel CEO Pat Gelsinger
Courtesy Intel Corporation
Two of
Intel
‘s top executives just bought up shares of the chip maker on the open market after the company issued disappointing guidance. They’ve done it before.
Intel
(ticker: INTC) CEO
Pat Gelsinger
paid $250,000 on Jan. 31 for 9,000 shares, an average price of $27.83 each. According to a form he filed with the Securities and Exchange Commission, Gelsinger made the purchase through a family trust. Apart from those just-purchased shares, Gelsinger also owns 30,124 Intel shares in a personal account, and 361,099 shares through other trusts.
Chief Financial Officer David Zinsner paid $251,000 on Jan. 31 for 9,050 shares, an average price of $27.78 each. He now owns 71,339 shares.
Intel didn’t make the executives available for comment, and the company also declined to comment on the stock purchases.
Intel stock tumbled Jan. 27 after the company issued disappointing fourth-quarter numbers, and provided guidance that fell short.
Early last May, Gelsinger and Zinsner also bought stock when Intel shares slid in the wake of a disappointing financial forecast. They each paid a quarter of a million dollars in those transactions, too, but they each only acquired 5,500 shares at a higher average share price: $44 and change.
Intel stock went on to lose half its market value in 2022, ending at $26.43, but shares are up 14% so far this year, after the post-outlook slump. Intel said on Feb. 1 Gelsinger was taking a pay cut, a day before he disclosed his stock purchase.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.
Credit: marketwatch.com