Marble Harbor Investment Counsel LLC Sells 404 Shares of Alphabet Inc. $GOOG

Marble Harbor Investment Counsel LLC decreased its position in Alphabet Inc. (NASDAQ:GOOG) by 1.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,664 shares of the information services provider’s stock after selling 404 shares during the period. Marble Harbor Investment Counsel LLC’s holdings in Alphabet were worth $3,666,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of GOOG. Vanguard Group Inc. grew its position in Alphabet by 2.4% in the first quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock valued at $64,299,725,000 after purchasing an additional 9,687,855 shares in the last quarter. Kingstone Capital Partners Texas LLC increased its position in shares of Alphabet by 580,897.4% during 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 last quarter. JPMorgan Chase & Co. raised its stake in shares of Alphabet by 9.9% during 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 in the last quarter. Deutsche Bank AG boosted its holdings in shares of Alphabet by 5.4% in the 1st quarter. Deutsche Bank AG now owns 21,345,784 shares of the information services provider’s stock valued at $3,334,852,000 after buying an additional 1,098,996 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of Alphabet by 2.2% in the first quarter. Invesco Ltd. now owns 20,380,073 shares of the information services provider’s stock valued at $3,183,979,000 after buying an additional 440,526 shares in the last quarter. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GOOG has been the subject of a number of recent analyst reports. Piper Sandler raised their price objective on Alphabet from $285.00 to $330.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. UBS Group reiterated a “neutral” rating on shares of Alphabet in a research report on Thursday, October 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Alphabet in a report on Wednesday, October 8th. Sanford C. Bernstein lifted their target price on Alphabet from $260.00 to $305.00 and gave the company an “outperform” rating in a research report on Thursday, October 30th. Finally, Raymond James Financial set a $275.00 target price on shares of Alphabet and gave the stock an “outperform” rating in a research note on Friday, October 24th. Six research analysts have rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, four have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and a consensus price target of $324.81.

Alphabet Stock Down 1.5%

Shares of Alphabet stock opened at $287.43 on Thursday. The firm has a market cap of $3.47 trillion, a price-to-earnings ratio of 28.35, a PEG ratio of 1.86 and a beta of 1.05. Alphabet Inc. has a one year low of $142.66 and a one year high of $292.36. The stock’s 50-day moving average is $256.07 and its 200 day moving average is $208.20. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

Alphabet (NASDAQ:GOOG) last released its earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The company had revenue of $102.35 billion for the quarter, compared to the consensus estimate of $99.90 billion. During the same quarter in the previous year, the company earned $2.12 EPS. Alphabet’s quarterly revenue was up 15.9% compared to the same quarter last year. Equities research analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 8th will be issued a $0.21 dividend. The ex-dividend date is Monday, December 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet’s dividend payout ratio is currently 8.28%.

Insider Activity at Alphabet

In other news, CAO Amie Thuener O’toole sold 2,778 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the transaction, the chief accounting officer directly owned 17,293 shares of the company’s stock, valued at $4,236,785. This represents a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider John Kent Walker sold 17,816 shares of the firm’s stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the sale, the insider owned 42,985 shares of the company’s stock, valued at $10,635,348.70. This trade represents a 29.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 221,796 shares of company stock valued at $53,983,001 over the last ninety days. Corporate insiders own 12.99% of the company’s stock.

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.