Chemung Canal Trust Co. Purchases 1,326 Shares of Alphabet Inc. $GOOG

Chemung Canal Trust Co. increased its position in Alphabet Inc. (NASDAQ:GOOG) by 2.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 61,097 shares of the information services provider’s stock after buying an additional 1,326 shares during the quarter. Alphabet accounts for 2.3% of Chemung Canal Trust Co.’s portfolio, making the stock its 11th largest position. Chemung Canal Trust Co.’s holdings in Alphabet were worth $10,838,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Alphabet by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock worth $64,299,725,000 after purchasing an additional 9,687,855 shares during the period. Kingstone Capital Partners Texas LLC increased its stake in Alphabet by 580,897.4% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock worth $23,963,208,000 after purchasing an additional 135,064,454 shares during the period. JPMorgan Chase & Co. increased its stake in Alphabet by 9.9% in the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock worth $15,971,861,000 after purchasing an additional 9,243,959 shares during the period. Deutsche Bank AG increased its stake in Alphabet by 5.4% in the 1st quarter. Deutsche Bank AG now owns 21,345,784 shares of the information services provider’s stock worth $3,334,852,000 after purchasing an additional 1,098,996 shares during the period. Finally, Invesco Ltd. increased its stake in Alphabet by 2.2% in the 1st quarter. Invesco Ltd. now owns 20,380,073 shares of the information services provider’s stock worth $3,183,979,000 after purchasing an additional 440,526 shares during the period. Institutional investors own 27.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Citizens Jmp raised Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Thursday, June 26th. Raymond James Financial reaffirmed an “outperform” rating and issued a $210.00 price target (up from $185.00) on shares of Alphabet in a research note on Thursday, July 24th. UBS Group lifted their price target on Alphabet from $186.00 to $192.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 16th. BNP Paribas cut Alphabet from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 26th. Finally, JPMorgan Chase & Co. boosted their target price on Alphabet from $232.00 to $260.00 and gave the company an “overweight” rating in a research note on Wednesday, September 3rd. Five investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $235.33.

Insider Buying and Selling

In related news, Director Frances Arnold sold 103 shares of the company’s stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $243.13, for a total value of $25,042.39. Following the sale, the director directly owned 17,284 shares of the company’s stock, valued at $4,202,258.92. This represents a 0.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John L. Hennessy sold 600 shares of the company’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $249.44, for a total value of $149,664.00. Following the completion of the sale, the director directly owned 5,716 shares in the company, valued at approximately $1,425,799.04. The trade was a 9.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 276,738 shares of company stock valued at $59,135,475 over the last 90 days. 12.99% of the stock is currently owned by company insiders.

Alphabet Stock Performance

Shares of GOOG stock opened at $247.13 on Wednesday. The stock has a fifty day moving average of $224.07 and a 200 day moving average of $188.32. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $256.70. The firm has a market capitalization of $2.99 trillion, a price-to-earnings ratio of 26.32, a PEG ratio of 1.70 and a beta of 1.00. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.67 billion. During the same quarter last year, the firm posted $1.89 earnings per share. The firm’s revenue was up 13.8% on a year-over-year basis. As a group, research analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet’s dividend payout ratio is presently 8.95%.

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.