Canal Capital Management LLC Raises Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Canal Capital Management LLC boosted its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 0.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 52,014 shares of the information services provider’s stock after buying an additional 198 shares during the period. Alphabet accounts for approximately 1.4% of Canal Capital Management LLC’s holdings, making the stock its 19th largest holding. Canal Capital Management LLC’s holdings in Alphabet were worth $8,626,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Christopher J. Hasenberg Inc boosted its stake in Alphabet by 75.0% in the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after buying an additional 60 shares during the last quarter. Kings Path Partners LLC acquired a new position in shares of Alphabet in the 2nd quarter valued at about $36,000. Denver PWM LLC acquired a new position in shares of Alphabet in the 2nd quarter valued at about $41,000. CarsonAllaria Wealth Management Ltd. lifted its stake in shares of Alphabet by 59.2% in the 1st quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider’s stock valued at $44,000 after purchasing an additional 109 shares in the last quarter. Finally, Quarry LP acquired a new position in shares of Alphabet in the 2nd quarter valued at about $53,000. 40.03% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Alphabet news, Director John L. Hennessy sold 800 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $163.03, for a total transaction of $130,424.00. Following the completion of the transaction, the director now owns 30,024 shares in the company, valued at approximately $4,894,812.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Frances Arnold sold 441 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $171.06, for a total value of $75,437.46. Following the sale, the director now owns 16,490 shares of the company’s stock, valued at approximately $2,820,779.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John L. Hennessy sold 800 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $163.03, for a total value of $130,424.00. Following the completion of the sale, the director now directly owns 30,024 shares in the company, valued at $4,894,812.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 209,552 shares of company stock worth $34,433,848. 11.55% of the stock is owned by company insiders.

Alphabet Trading Up 0.3 %

NASDAQ:GOOGL opened at $169.74 on Wednesday. Alphabet Inc. has a 12-month low of $127.90 and a 12-month high of $191.75. The firm has a market capitalization of $2.09 trillion, a P/E ratio of 22.51, a P/E/G ratio of 1.22 and a beta of 1.03. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95. The business has a 50 day simple moving average of $162.59 and a 200 day simple moving average of $169.31.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results 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 return on equity of 31.66% and a net margin of 27.74%. The company had revenue of $88.27 billion during the quarter, compared to analyst estimates of $72.85 billion. During the same quarter in the previous year, the firm posted $1.55 EPS. Equities research analysts predict that Alphabet Inc. will post 7.99 EPS 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 given 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 0.47%. Alphabet’s dividend payout ratio (DPR) is presently 10.61%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on GOOGL shares. Guggenheim raised their target price on Alphabet from $195.00 to $205.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Rosenblatt Securities reiterated a “neutral” rating and set a $181.00 target price on shares of Alphabet in a report on Wednesday, July 24th. Morgan Stanley raised their target price on Alphabet from $190.00 to $205.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Wedbush reiterated an “outperform” rating and set a $205.00 target price on shares of Alphabet in a report on Thursday, October 24th. Finally, KeyCorp raised their target price on Alphabet from $200.00 to $215.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $205.51.

About Alphabet

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.