Wallace Capital Management Inc. Buys 237 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Wallace Capital Management Inc. increased its position in Alphabet Inc. (NASDAQ:GOOGL) by 7.8% in the third quarter, Holdings Channel.com reports. The fund owned 3,277 shares of the information services provider’s stock after acquiring an additional 237 shares during the quarter. Wallace Capital Management Inc.’s holdings in Alphabet were worth $543,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Christopher J. Hasenberg Inc increased its holdings in shares of Alphabet by 75.0% in the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after purchasing an additional 60 shares during the period. LMR Partners LLP purchased a new position in Alphabet during the third quarter worth about $32,000. Kings Path Partners LLC bought a new position in Alphabet in the 2nd quarter worth about $36,000. Denver PWM LLC purchased a new stake in shares of Alphabet in the 2nd quarter valued at about $41,000. Finally, Quarry LP bought a new stake in shares of Alphabet during the 2nd quarter valued at about $53,000. Institutional investors own 40.03% of the company’s stock.

Alphabet Trading Down 1.1 %

NASDAQ GOOGL opened at $189.82 on Friday. The stock’s 50 day moving average is $171.63 and its 200 day moving average is $170.67. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $2.32 trillion, a PE ratio of 25.18, a P/E/G ratio of 1.39 and a beta of 1.01. Alphabet Inc. has a twelve month low of $129.68 and a twelve month high of $195.61.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The firm had revenue of $88.27 billion for the quarter, compared to the consensus estimate of $72.85 billion. During the same period in the prior year, the firm earned $1.55 EPS. Research analysts forecast that Alphabet Inc. will post 8.01 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.42%. Alphabet’s dividend payout ratio is currently 10.61%.

Insider Buying and Selling

In related news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $160.63, for a total transaction of $3,614,175.00. Following the sale, the chief executive officer now directly owns 2,114,885 shares of the company’s stock, valued at approximately $339,713,977.55. This represents a 1.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frances Arnold sold 441 shares of Alphabet stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $171.06, for a total transaction of $75,437.46. Following the completion of the transaction, the director now directly owns 16,490 shares of the company’s stock, valued at $2,820,779.40. This trade represents a 2.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 198,623 shares of company stock worth $34,413,006 in the last 90 days. Insiders own 11.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Morgan Stanley raised their target price on shares of Alphabet from $190.00 to $205.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Scotiabank upgraded shares of Alphabet to a “strong-buy” rating in a research report on Friday, October 11th. Bank of America lifted their price objective on shares of Alphabet from $206.00 to $210.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Phillip Securities raised Alphabet to a “strong-buy” rating in a research note on Friday, November 1st. Finally, Robert W. Baird reaffirmed an “outperform” rating and set a $205.00 price target on shares of Alphabet in a research note on Tuesday, December 10th. Seven investment analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and a consensus price target of $206.08.

Alphabet Company 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.