Hanson & Doremus Investment Management Sells 5,755 Shares of Alphabet Inc. $GOOG

Key Points

• Hanson & Doremus Investment Management sold 5,755 shares of Alphabet Inc., reducing its stake by 17.6% to 26,886 shares, making it the firm's 28th largest holding.
• Alphabet's recent earnings report showed a net margin of 31.12% with quarterly revenue growth of 13.8% year-over-year, beating analysts' revenue estimates significantly.
• The company declared a quarterly dividend of $0.21 per share, resulting in an annualized yield of 0.3% while maintaining a payout ratio of 8.95%.

Hanson & Doremus Investment Management reduced its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 17.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 26,886 shares of the information services provider's stock after selling 5,755 shares during the quarter. Alphabet makes up 0.6% of Hanson & Doremus Investment Management's portfolio, making the stock its 28th largest holding. Hanson & Doremus Investment Management's holdings in Alphabet were worth $4,769,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GOOG. Principia Wealth Advisory LLC lifted its holdings in shares of Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after acquiring an additional 85 shares during the period. MorganRosel Wealth Management LLC bought a new position in shares of Alphabet during the first quarter valued at $26,000. Goodman Advisory Group LLC bought a new position in shares of Alphabet during the first quarter valued at $32,000. Greykasell Wealth Strategies Inc. bought a new position in shares of Alphabet during the first quarter valued at $32,000. Finally, Elevate Wealth Advisory Inc. bought a new position in shares of Alphabet during the first quarter valued at $34,000. 27.26% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Citizens Jmp raised Alphabet from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 26th. JPMorgan Chase & Co. lifted their price objective on Alphabet from $232.00 to $260.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. Roth Capital reissued a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Lake Street Capital reissued a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, Phillip Securities lowered Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research note on Monday, September 8th. Four analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $230.35.

Insider Activity

In other Alphabet news, Director Frances Arnold sold 103 shares of the business's stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $243.13, for a total transaction of $25,042.39. Following the completion of the sale, the director directly owned 17,284 shares of the company's stock, valued at approximately $4,202,258.92. The trade was a 0.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the sale, the insider directly owned 42,999 shares of the company's stock, valued at $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 225,469 shares of company stock worth $46,586,752. Corporate insiders own 12.99% of the company's stock.

Alphabet Stock Performance

Shares of NASDAQ:GOOG opened at $243.55 on Wednesday. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $256.70. The firm has a market cap of $2.95 trillion, a PE ratio of 25.94, a price-to-earnings-growth ratio of 1.65 and a beta of 1.01. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The business has a fifty day moving average of $218.70 and a 200-day moving average of $185.47.

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

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were issued a dividend of $0.21 per share. 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 payout ratio is currently 8.95%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.