Insiders at chip giant Intel, including CEO Pat Gelsinger, bought a total of $2.5 million of stock on Monday.
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Intel insiders, including CEO Pat Gelsinger, disclosed they bought a total of $2.5 million of stock of the chip giant on Monday. Some insiders made their first open-market purchases of stock, and others bought for the first time in years.
Intel (ticker: INTC) stock has been lagging behind the broader stock market with a 3% loss for the year to date. For comparison, the S&P 500 index has risen 22% so far in 2021.
Intel didn’t make any of the stock buyers available for comment.
Intel CEO Gelsinger paid $500,000 for 10,000 shares, a per-share average price of $49.94. According to a form he filed with the Securities and Exchange Commission, Gelsinger now owns 219,750 shares. It’s Gelsinger’s first open-market purchase of Intel stock since he became CEO in February.
Director James J. Goetz led the buying, paying $1 million for 20,000 Intel shares, an average price per share of $49.76. A partner of venture-capital firm Sequoia Capital, and an Intel director since 2019, Goetz now owns 198,521 Intel shares. This is his first open-market purchase of Intel stock since November 2019 when he bought $5 million of shares.
Longtime director Frank Yeary paid $500,000 for 10,000 Intel shares, a per-share average price of $49.66. A managing member at private investment firm Darwin Capital Advisors LLC, Yeary made the purchase through a family trust that now owns 57,998 shares. Yeary also owns another 810 Intel shares in a personal account. This is Yeary’s first open-market purchase of Intel stock since October 2010 when he bought $290,000 of shares.
Risa Lavizzo-Mourey made her first open-market buy of Intel stock, paying $250,000 for 5,000 shares, an average per share of $49.50. A Robert Wood Johnson Foundation Professor Emerita, University of Pennsylvania, Lavizzo-Mourey joined Intel’s board in March 2018. She now owns 12,079 Intel shares.
Former HP (HP) CEO Dion Weisler paid $250,000 for 5,015 Intel shares, a per-share average price of $49.85. Weisler, an Intel director since June 2020, now owns 11,952 shares. He bought Intel stock earlier this year, paying $250,000 in May for 4,464 shares, an average per-share price of $56.
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.
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