Chemung Canal Trust Co. Cuts Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Chemung Canal Trust Co. lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 9.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 59,771 shares of the information services provider's stock after selling 6,519 shares during the quarter. Alphabet makes up 2.1% of Chemung Canal Trust Co.'s holdings, making the stock its 15th biggest holding. Chemung Canal Trust Co.'s holdings in Alphabet were worth $9,338,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC increased its stake in shares of Alphabet by 2.8% in the fourth quarter. FMR LLC now owns 117,991,725 shares of the information services provider's stock valued at $22,470,344,000 after buying an additional 3,189,592 shares during the period. Geode Capital Management LLC boosted its holdings in Alphabet by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 104,777,092 shares of the information services provider's stock valued at $19,894,651,000 after acquiring an additional 1,219,606 shares during the last quarter. Capital International Investors increased its position in Alphabet by 6.7% during the 4th quarter. Capital International Investors now owns 91,236,069 shares of the information services provider's stock valued at $17,376,706,000 after purchasing an additional 5,758,244 shares during the period. Northern Trust Corp raised its holdings in Alphabet by 16.1% during the 4th quarter. Northern Trust Corp now owns 57,098,042 shares of the information services provider's stock worth $10,873,751,000 after purchasing an additional 7,917,625 shares during the last quarter. Finally, Capital Research Global Investors raised its holdings in Alphabet by 0.8% during the 4th quarter. Capital Research Global Investors now owns 39,148,500 shares of the information services provider's stock worth $7,455,571,000 after purchasing an additional 294,556 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Citizens Jmp upgraded shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 26th. Piper Sandler reiterated a "neutral" rating on shares of Alphabet in a report on Wednesday. Raymond James Financial restated an "outperform" rating on shares of Alphabet in a research report on Wednesday. Susquehanna reaffirmed a "positive" rating on shares of Alphabet in a research note on Friday, May 2nd. Finally, The Goldman Sachs Group reissued a "buy" rating and issued a $220.00 price target on shares of Alphabet in a research note on Monday, June 2nd. Three analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and six have given a strong buy rating to the stock. According to MarketBeat, Alphabet currently has a consensus rating of "Moderate Buy" and a consensus target price of $207.13.

Alphabet Stock Up 1.5%

GOOG traded up $2.61 during mid-day trading on Friday, reaching $181.31. 23,949,486 shares of the stock were exchanged, compared to its average volume of 21,402,385. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $208.70. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77. The stock has a market capitalization of $2.20 trillion, a PE ratio of 20.21, a price-to-earnings-growth ratio of 1.25 and a beta of 1.01. The company has a 50 day moving average price of $171.19 and a two-hundred day moving average price of $175.18.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.02 by $0.79. The business had revenue of $90.23 billion during the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The firm's quarterly revenue was up 12.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.89 EPS. As a group, research analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were issued a $0.21 dividend. The ex-dividend date of this dividend was Monday, June 9th. This is a positive change from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 0.46%. Alphabet's dividend payout ratio is currently 9.36%.

Insider Activity at Alphabet

In other Alphabet news, Director Kavitark Ram Shriram sold 9,000 shares of the company's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $1,575,000.00. Following the sale, the director directly owned 255,400 shares of the company's stock, valued at $44,695,000. This represents a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $105,000.00. Following the completion of the transaction, the director owned 6,813 shares of the company's stock, valued at $1,192,275. This represents a 8.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 215,643 shares of company stock valued at $36,330,928. 12.99% of the stock is owned by insiders.

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.