Mechanics Financial Corp Cuts Stake in Alphabet Inc. (NASDAQ:GOOG)

Mechanics Financial Corp cut its position in Alphabet Inc. (NASDAQ:GOOG) by 0.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 8,465 shares of the information services provider’s stock after selling 75 shares during the period. Mechanics Financial Corp’s holdings in Alphabet were worth $1,415,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Accent Capital Management LLC raised its stake in shares of Alphabet by 210.4% in the third quarter. Accent Capital Management LLC now owns 92,754 shares of the information services provider’s stock worth $15,410,000 after purchasing an additional 62,874 shares during the last quarter. Atlanta Consulting Group Advisors LLC increased its holdings in Alphabet by 35.3% in the 3rd quarter. Atlanta Consulting Group Advisors LLC now owns 16,197 shares of the information services provider’s stock worth $2,708,000 after buying an additional 4,223 shares in the last quarter. Frazier Financial Advisors LLC raised its position in Alphabet by 8.4% in the 3rd quarter. Frazier Financial Advisors LLC now owns 1,376 shares of the information services provider’s stock worth $230,000 after buying an additional 107 shares during the last quarter. GoalVest Advisory LLC lifted its stake in Alphabet by 22.5% during the 3rd quarter. GoalVest Advisory LLC now owns 1,411 shares of the information services provider’s stock valued at $236,000 after acquiring an additional 259 shares during the period. Finally, Accredited Investors Inc. boosted its holdings in shares of Alphabet by 1.0% during the 3rd quarter. Accredited Investors Inc. now owns 29,246 shares of the information services provider’s stock valued at $4,890,000 after acquiring an additional 302 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total transaction of $109,420.08. Following the sale, the chief accounting officer now owns 32,017 shares in the company, valued at $5,136,807.48. This trade represents a 2.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $167.66, for a total transaction of $3,772,350.00. Following the transaction, the chief executive officer now owns 2,159,885 shares of the company’s stock, valued at approximately $362,126,319.10. This represents a 1.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 206,795 shares of company stock worth $34,471,141 over the last ninety days. Corporate insiders own 12.99% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on GOOG shares. Cantor Fitzgerald raised shares of Alphabet to a “hold” rating in a report on Thursday, September 5th. Pivotal Research boosted their target price on shares of Alphabet from $215.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Citigroup raised their price target on Alphabet from $212.00 to $216.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Canaccord Genuity Group lifted their price objective on Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, UBS Group increased their target price on Alphabet from $187.00 to $192.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, Alphabet presently has a consensus rating of “Moderate Buy” and an average target price of $200.56.

Alphabet Trading Down 2.0 %

Alphabet stock opened at $173.89 on Friday. The firm has a market capitalization of $2.13 trillion, a price-to-earnings ratio of 23.06, a P/E/G ratio of 1.22 and a beta of 1.04. Alphabet Inc. has a 12-month low of $129.40 and a 12-month high of $193.31. The firm has a 50 day moving average of $167.01 and a 200 day moving average of $171.70. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The firm had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $86.39 billion. During the same period in the prior year, the company posted $1.55 earnings per share. The company’s revenue for the quarter was up 15.1% compared to the same quarter last year. As a group, research analysts predict that Alphabet Inc. will post 7.99 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be issued a dividend of $0.20 per share. The ex-dividend date is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a yield of 0.46%. Alphabet’s dividend payout ratio is presently 10.61%.

Alphabet Profile

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.