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.
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