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Intel CEO Pat Gelsinger bought $250,000 of the chip giant’s shares.
Michael M. Santiago/Getty Images
Intel
stock hasn’t gotten a sustained lift from a strong earnings report at the end of April, but CEO Pat Gelsinger just scooped up shares of the chip company.
Intel’s (ticker: INTC) earnings beat expectations for the first quarter and management lifted its financial forecasts after the market closed April 27. Shares slipped in the days after, however, but Intel stock still sported a 15% year-to-date gain headed into Thursday’s trading.
Gelsinger paid $250,000 on May 1 for 8,200 Intel shares, an average price of $30.41 each. He made the purchase through a trust that now owns 136,465 shares, according to a form Gelsinger filed with the Securities and Exchange Commission. The same day, he received another 6,779 shares from restricted stock units, although 3,362 Intel shares were withheld as payment for taxes from the vesting of the RSUs, leaving him with 62,801 shares in a personal account. He also owns 113,269 shares through other trusts.
Intel didn’t make Gelsinger available for comment, and the company also declined to comment. He last purchased stock on the open market in late February, paying $250,000 for 9,700 shares, an average price of $25.68 each.
Barron’s has noted that in the wake of Intel’s first-quarter report, Wall Street remains concerned over the company’s investment in chip manufacturing.
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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