Intel
stock has surged this year, and CEO Pat Gelsinger recently bought up a large block of the chip maker’s shares on the open market.
Intel stock (ticker: INTC) has tacked on more than 40% so far in 2023, after dropping 49% in 2022. Earnings have been strong. In October, Gelsinger told Barron’s that Intel must remain engaged with China in the face of tensions between the country and the U.S.
Gelsinger paid $250,000 over Oct. 31 and Nov. 1 for a total of 6,775 Intel shares, an average price of $36.80 each. According to a form he filed with the Securities and Exchange Commission, Gelsinger made the purchases through a family trust that now owns 25,475 Intel shares.
On Oct. 31, Gelsinger received 6,779 Intel shares from the vesting of restricted stock units, but 3,362 shares were withheld as the tax liability, so his personal account received a net 3,417 shares and now holds 37,722 shares. He also controls 456,915 Intel shares through other trusts.
Intel didn’t respond to a request to make Gelsinger available for comment on the stock purchase. He last purchased Intel stock on the open market in late July and early August, paying $250,000 for 7,100 shares, an average price of $35.20 each.
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.
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