Mechanics Financial Corp Has $4 Million Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Mechanics Financial Corp boosted its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 0.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,943 shares of the information services provider’s stock after purchasing an additional 195 shares during the quarter. Alphabet comprises approximately 2.1% of Mechanics Financial Corp’s investment portfolio, making the stock its 10th biggest position. Mechanics Financial Corp’s holdings in Alphabet were worth $3,997,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Alphabet by 0.8% during the first quarter. Vanguard Group Inc. now owns 497,874,324 shares of the information services provider’s stock worth $75,144,172,000 after buying an additional 4,064,073 shares in the last quarter. Norges Bank acquired a new stake in shares of Alphabet during the fourth quarter worth $15,441,917,000. Capital Research Global Investors raised its stake in Alphabet by 14.4% in the first quarter. Capital Research Global Investors now owns 57,803,291 shares of the information services provider’s stock valued at $8,724,251,000 after purchasing an additional 7,275,757 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Alphabet by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 49,472,478 shares of the information services provider’s stock valued at $9,011,412,000 after purchasing an additional 238,403 shares in the last quarter. Finally, Fisher Asset Management LLC raised its stake in Alphabet by 3.3% in the fourth quarter. Fisher Asset Management LLC now owns 45,178,075 shares of the information services provider’s stock valued at $6,310,925,000 after purchasing an additional 1,429,261 shares in the last quarter. 40.03% of the stock is owned by institutional investors.

Insider Transactions at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 2,835 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total value of $429,587.55. Following the completion of the sale, the chief accounting officer now owns 29,182 shares in the company, valued at $4,421,948.46. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $177.40, for a total value of $3,991,500.00. Following the completion of the transaction, the chief executive officer now owns 2,213,011 shares in the company, valued at approximately $392,588,151.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 2,835 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total value of $429,587.55. Following the transaction, the chief accounting officer now owns 29,182 shares of the company’s stock, valued at approximately $4,421,948.46. The disclosure for this sale can be found here. Insiders have sold a total of 179,367 shares of company stock worth $30,016,931 in the last ninety days. Insiders own 11.55% of the company’s stock.

Wall Street Analyst Weigh In

GOOGL has been the subject of a number of analyst reports. Mizuho boosted their price target on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Wolfe Research initiated coverage on Alphabet in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $240.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $210.00 price target on shares of Alphabet in a research note on Friday, August 30th. Jefferies Financial Group boosted their target price on Alphabet from $215.00 to $220.00 in a research note on Tuesday, July 9th. Finally, JMP Securities reissued a “market outperform” rating and set a $200.00 target price on shares of Alphabet in a research note on Tuesday, July 30th. Eight research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and an average target price of $201.76.

Alphabet Trading Up 1.8 %

Shares of GOOGL opened at $157.46 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. Alphabet Inc. has a 1-year low of $120.21 and a 1-year high of $191.75. The firm’s 50 day simple moving average is $167.46 and its 200 day simple moving average is $164.67. The company has a market capitalization of $1.94 trillion, a P/E ratio of 24.15, a P/E/G ratio of 1.13 and a beta of 1.04.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The business had revenue of $84.74 billion for the quarter, compared to analysts’ expectations of $70.60 billion. During the same quarter in the previous year, the business posted $1.44 earnings per share. Sell-side analysts forecast that Alphabet Inc. will post 7.64 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 9th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date of this dividend is Monday, September 9th. Alphabet’s dividend payout ratio (DPR) is 12.27%.

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.