Intel’s (INTC) chief executive officer (CEO) Pat Gelsinger has been buying large chunks of stock in the chipmaker he runs on the open market.
The latest regulatory filings show that Gelsinger paid $250,000 U.S. between Oct. 31 and Nov. 1 to purchase 6,775 Intel shares at an average price of $36.80 U.S. each.
According to a form he filed with the U.S. Securities and Exchange Commission (SEC), Gelsinger made the purchases through a family trust that now owns a total of 25,475 Intel shares worth nearly $1 million U.S.
Gelsinger owns an additional 456,915 Intel shares worth $17.3 million U.S. through other trusts in his name.
Gelsinger last purchased Intel stock on the open market in late July and early August of this year, paying $250,000 U.S. for 7,100 shares at an average price of $35.20 U.S. each.
The latest stock purchases by Gelsinger come as rumors swirl that the microchip and semiconductor company is the leading candidate to receive billions of dollars in government funding for secure facilities producing microchips for U.S. military and intelligence applications, though no contract has been formally announced.
Intel’s stock has risen 34% over the last 12 months and currently trades at $37.95 U.S. per share.